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Global Food Flavours Market to Grow at a CAGR of 4.56% during 2021-2026, Aided by the Rising Demand for Natural Flavours

According to a new report by EMR titled, ‘Global Food Flavours Market and Forecast 2021-2026’, the market attained a value of about USD 12.7 billion in 2020. The industry is further expected to grow at a CAGR of 4.56% during the forecast period of 2021-2026 to reach a value of nearly USD 16.6 billion by 2026.

The global food flavours industry is being driven by the use of natural flavours owing to awareness regarding clean-label products and healthy eating habits. Natural sweeteners like honey are increasingly being used over sugar due to a number of health benefits. Demand for food flavours in bakery products is also increasing rapidly, thereby aiding the market growth of the industry. Fruit flavours like blackberry, banana, and apple, among others, are being consumed, thus, augmenting the market growth. As the disposable incomes of people rise, the spending capacity also improves, which enables the industry to innovate and experiment. Introduction of new flavours to satiate the demand for new flavours is providing impetus to the market growth. However, with the outbreak of COVID-19, the appetite for comforting and familiar food flavours like bubblegum and vanilla has expanded, thus, invigorating the market growth.

The market is further expected to exhibit healthy growth over the forecast period owing to expansion strategies employed by various key players, such as Kerry Group, PLC (OTCMKTS: KRYAY) and Firmenich SA. The latter company, Firmenich SA, recently announced its expansion to the Asia Pacific region in 2019. The expansion is aimed at setting up a new manufacturing plant in China to address the demand for unique food flavours from the diversified customer base. In addition, the expansion also aims at building a manufacturing unit operating at its prime without releasing toxins in either the water bodies or in the air. Such an initiative is anticipated to augment the market share of the company in the Asia Pacific region, owing to the inherently rising pollution levels in the region. Thus, with the introduction of local flavours that are rich in quality and good for health, the market is expected to be augmented by such projects by the market leaders.

Market Analysis by Market by Type, End User, and Region:

  • On the basis of market type, the market is categorised into natural flavours and artificial flavours.
  • Based on end user, the market is segmented into beverages, dairy and frozen products, bakery and confectionery, savoury and snacks, and animal and pet food.
  • The major regional markets for food flavours are North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.

Key Findings of the Report:

  • The food flavours industry is being driven by the increasing consumption of packed and processed foods owing to the fast-paced lifestyle.
  • As people are becoming more health-conscious, the demand for organic and natural flavours like green tea and ginseng are rising, further propelling the food flavours industry.
  • The rising demand for flavours in food to add aroma, boost stamina, and enhance focus, together with the improved standard of living, is augmenting the market growth.
  • Innovations in the pet food industry to introduce chocolaty and nutty flavours is anticipated to further invigorate the food flavours industry.

Key Offerings of the Report:

  • The EMr report gives an overview of the global food flavours industry for the periods (2016-2020) and (2021-2026).
  • The report also offers historical (2016-2020) and forecast (2021-2026) markets for the types, end users, and regions of food flavours.
  • The EMR report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global food flavours market are Firmenich SA, Frutarom, Givaudan Group, Sensient Technologies Corporation, Kerry Group, PLC, and Robertet SA, among others. The comprehensice report by EMR looks into the market share, capacity, and latest developments like mergers and acquisiotions, plant turnarounds, and capacity expansion of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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