Australia and New Zealand Food Flavors and Enhancers Market Report and Forecast 2024-2032

Australia and New Zealand Food Flavors and Enhancers Market Outlook

The Australia and New Zealand food flavors and enhancers market size attained a value of approximately USD 180.23 million in 2023. The market is further projected to grow at a CAGR of 5% in the forecast period of 2024-2032, reaching a value of around USD 280.12 million by 2032.

Key Trends in the Market

Food flavors and enhancers are ingredients that are used to improve the taste, flavor, and visual appeal of food and beverage products. While food flavors aid in providing an additional flavor to a food or beverage product, food enhancers enhance the natural flavor of the food or beverage without adding any new flavor.

• Increasing consumer interest in experimenting with new flavors and innovations in foods and beverages is a key trend in the Australia and New Zealand food flavors and enhancers market. Supported by consumer interest, manufacturers are creating new flavor combinations, thereby enhancing the market demand in the region.

• Rising demand for non-alcoholic, sports nutrition, and functional beverages in Australia and New Zealand is anticipated to provide new opportunities to the food flavors and enhancers market. Natural extracts and exotic flavors are being increasingly incorporated into beverages to mask functional ingredients and appeal to new consumers.

• Growing public awareness regarding food ingredients and increasing health-consciousness are leading to a greater demand for clean label food flavors. Development of natural flavors from organic sources for clean labelled products is likely to bolster the Australia and New Zealand food flavors and enhancers market demand further.

Market Analysis

Based on type, the market is divided into food flavor and flavor enhancers, with food flavor further classified by type into natural flavor, synthetic flavor, and nature identical flavoring. On the basis of application, the Australia and New Zealand food flavors and enhancers market segmentation is dairy, bakery and confectionary, savoury snack, soups, pastas, and noodles, meat, and beverage, among others. By region, the market is categorised into Australia and New Zealand.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Australia and New Zealand food flavors and enhancers market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• International Flavors & Fragrances Inc. 

• Kerry Group plc 

• Givaudan International SA 

• Sensient Technologies Corporation 

• Firmenich SA 

• Takasago International Corporation 

• Cargill, Incorporated

• Symrise Group 

• The Product Makers (TPM)

• Key Food Solutions

• Others

Market Share by Type

Food flavors account for a sizable portion of the Australia and New Zealand food flavors and enhancers market share, fuelled by their growing usage across a wide range of food and beverage products. With the increasing consumer preference for flavorful foods and beverages, use of food flavors can improve their taste, leading to a higher demand from consumers. The growing preference for healthy foods and functional foods is also boosting the demand for food flavors to make these foods more palatable and mask any unpleasant tastes of functional ingredients. Among food flavors, rising consumer preference for natural foods and flavors is boosting the demand for natural flavors.

Market Share by Region

The significantly larger population and size of Australia as compared to New Zealand has aided Australia in occupying a greater share of the food flavors and enhancers market in the region. The food and beverage industry in Australia is also considerably larger, leading to a higher demand for food flavors and enhancers. Increasing disposable income and rising preference for flavorful foods and beverages in the country are contributing to the overall Australia and New Zealand food flavors and enhancers market growth. The well-established presence of key market players in Australia is enabling easier supply chains for food flavors and enhancers, facilitating usage by various food and beverage manufacturers.

Competitive Landscape

International Flavors & Fragrances Inc. is an American corporation founded in 1889 that specialises in the production of various flavors, cosmetic actives, and fragrances. With headquarters in New York in the United States, the company is a global leader in sensorial experiences, biosciences, health, food, and beverage.

Kerry Group plc, founded in 1972 and based in Tralee, Ireland, is a taste and nutrition ingredients and science company with a focus on sustainability. The vast product portfolio of the company includes taste ingredients, nutrition ingredients, functional ingredients, food solutions, beverage solutions, foodservice, and animal applications.

Givaudan International SA, a flavors and fragrances specialist, was established in 1895 and is currently headquartered in Geneva, Switzerland. The focus areas of the company are taste and wellbeing, and fragrance and beauty, providing customers with solutions that are clean label, natural, and organic ingredients and products.

Other market players include Sensient Technologies Corporation, Firmenich SA, Takasago International Corporation, Cargill, Incorporated, Symrise Group, The Product Makers (TPM), and Key Food Solutions, among others.

Key Highlights of the Report