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Food Flavor Market Size worth $21.3 billion by 2027, at a CAGR of 3.5 %

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Food Flavor Market Size worth $21.3 billion by 2027, at a CAGR of 3.5 %

December 12
11:08 2022
Food Flavor Market Size worth $21.3 billion by 2027, at a CAGR of 3.5 %
MarketsandMarkets™
North America is the largest market for food flavors owing to the growing demand for processed and functional food products influenced by the hectic lifestyle and changing eating habits of the consumers in this region. The growth could be attributed to its ever-expanding food & beverage processing industry and the increasing popularity of functional foods.

The Food Flavors Market is projected to reach USD 21.3 billion by 2027, growing at a CAGR of 3.5 % from 2022 to 2027 according to a new report by MarketsandMarkets™.

The food flavors market is growing rapidly with the increasingly new launches of customized flavor blends by global manufacturers. The manufacturers are exploring new revenue streams by offering products customized to consumer preferences. In March 2022, Blue Pacific Flavors launched an alcohol-inspired flavors platform which is a collection of various natural flavors. Through this platform, the company aims to recreate the tastes of alcoholic beverages and spirits without the use of alcohol, which is inspired by alcohol, and replicates the popular flavors of alcoholic beverages and spirits, without the use of alcohol. The product was introduced by considering the consumer preference for no or low-alcohol beverages. In June 2022, Givaudan and Manus Bio, a leading bio manufacturer of natural products, launched an advanced ingredient named “BioNootkatone,” which offers a natural and reviving citrus flavor. Launching this novel ingredient will help Givaudan meet the growing demand for sustainable, natural, clean-label citrus flavor without the cost and supply volatility of traditional citrus extracts. In March 2022, the company also launched a new flavor named NaNino+, combining plant-based ingredients and natural flavoring. It acts as a substitute for nitrite in processed meat, ensuring safe meat production with additional health benefits. These customized flavor blends are being increasingly used to enhance the food & beverage product appearance and flavor.

 Food Flavor Market

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A shift in demand for natural and sustainable flavors

The consumer demand for international flavors has been sparked by aggressive marketing tactics, globalization, and market liberalization. Consumers want to experience a variety of flavors and cuisines that claim to be “natural” and “safe” without expending excessive time and effort. As a result, there is a greater demand for natural flavors, which has led to the introduction of new flavor-infused goods. Many consumers express interest in unexpected flavors presented in well-known forms and are willing to test new flavors accompanied by detailed label descriptions. According to the International Food Information Council’s (IFIC) June 2021 survey, 64% of adults in the US claim that they tend to prioritize foods made with clean ingredients, and 63% of adults report that the ingredients in a food or beverage have a moderate influence on their purchasing decision. The report further reveals that 48% of consumers seek

foods that contain natural flavors. Based on the IFIC’s 2021 Food and Health Survey, 20% of American consumers also report routinely purchasing foods and beverages that claim clean ingredients on the food label. The demand for natural flavors is rising as customers increasingly choose meals and beverages with natural tastes and product formulations for health advantages, from blueberry-flavored protein drinks to chocolate- and rose-flavored teas.

Technological advancements in the flavor industry

Technological advancements such as use of artificial intelligence to understand the consumer’s perception of flavors and invention of new extraction technologies are creating lucrative growth opportunities. The extraction of flavors is a complicated task. Supercritical carbon dioxide is used to extract flavors and is a harmonized technique adopted by manufacturers. Lycopene, beta-carotenoids, vanilla, essential oils, and several other flavors, are extracted using SLE technology. Solid-liquid extraction (SLE) is an advanced technology that extracts 90% of the natural flavor. In September 2020, Ireland-based Kerry Group introduced an advanced citrus extraction technology brand called ‘New! Citrus Extract’ that provides all the citrus products with all their characteristics and is labelled as ‘Natural Extract.’ The portfolio is developed with a non-thermal liquid/ liquid extraction process that produces highly concentrated extracts.

Harmful health impacts of synthetic flavors

Artificial flavors are chemical concoctions added to food to enhance its natural flavors. They taste and smell similar to natural flavors. Modern food flavors are receiving more attention as concerns about their safety, and potential health implications grow. Discussions about the impact on children’s behavior and development are particularly prevalent. A few scientific studies have suggested an association between food colors and childhood attention deficit hyperactivity disorder (ADHD). The consumption of artificial food flavors also carries additional health hazards, such as food allergies and hypersensitivity, increasing asthmatic symptoms, nausea, vomiting, and gastrointestinal pain. The detrimental health impacts of synthetic flavors in foods are restraining the expansion of the food flavors market.

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North America dominated the food flavors market in 2021

North America is the largest market for food flavors owing to the growing demand for processed and functional food products influenced by the hectic lifestyle and changing eating habits of the consumers in this region. The growth could be attributed to its ever-expanding food & beverage processing industry and the increasing popularity of functional foods. North America harbors some of the leading food and beverage manufacturing companies, such as ADM, Sensient, and Synergy Flavors, continuously upgrading their product portfolios to maintain their position as key players in the food flavors market, boosting the growth of the same. Presence of companies such as ADM (US), International Flavors & Fragrances Inc. (US), Sensient Technologies Corporation (US), Synergy Flavors, Inc. (US) in the North American region contributes to the dominant position of the region.

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About MarketsandMarkets™

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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

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