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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.
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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.
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