What Makes Food Flavors Market a Billion Dollar Industry?

Opportunities in the Food Flavor Market

(EMAILWIRE.COM, February 29, 2020 ) The report "Food Flavors Market by Type (Chocolate & Browns, Vanilla, Fruits & Nuts, Dairy, Spices), Application (Beverages, Dairy, Confectionery, Bakery, Meat, Savory & Snacks), Origin (Natural and Artificial), Form, and Region - Global Forecast to 2023" The Food Flavors Market Is Projected To Account for a Value of USD 17.1 Billion By 2023 High consumption of processed food products among consumers has encouraged manufacturers to opt for ingredients that enhance the taste and texture. Manufacturers are increasingly opting for a range of food flavors to cater to the increasing preferences and demands of customers. According to MarketsandMarkets, the food flavors market is projected to account for a value of USD 17.1 billion by 2023, recording a CAGR of 4.8%.

Market Dynamics

Consumer inclination toward clean-label and organic products drives the natural food flavors market

Marketing using a clean label is common in the natural flavors industry. With rising health awareness, consumers are moving towards natural food products. Natural flavors offer varied health benefits and are widely accepted by consumers who are ready to pay premium prices for natural foods. It has been observed that a majority of the population thoroughly checks the label of a product before buying it. This awareness among consumers has prompted manufacturers to undertake the replacement of synthetic flavors with natural flavors.

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Lower stability & limited availability of natural flavors has been restraining the market growth.

Conventionally, natural flavors, being perishable in nature, are unstable during processing, handling, and storage when compared to synthetic flavors. They are unstable to variations in pH, temperature, and light. Natural flavors are volatile to heat, and at higher temperatures, there is a possibility that the flavor will be lost. The dosages of natural flavorings used in frozen and baked products are higher to compensate its loss at low and high temperatures. This serves as a restraint for the natural flavors market.

Innovative raw material sources has been providing growth opportunities for food flavors.

The consumption of natural foods is becoming a trend, and the food industry strives to introduce new sources of flavors. Castoreum extract, a natural flavoring that is obtained from the anal glands of a beaver, is used as a natural flavor in beverage, confectionery, dairy, and desserts. Knowledge regarding the biogenesis of plant volatiles, their enzymes and genes, will pave the way for the production of innovative food flavors.

Compliance with quality and regulatory standards is a threat to this market.

The food flavors industry faces a legal obligation to abide by the norms and standards of various regulatory standards. These regulatory standards vary by country; however, they have a common goal of ensuring the safety of consumers. The regulations set by different countries also emphasize on the usage of flavors and proper labeling of food products. These stringent regulations can delay or prevent the launch of new products, increase the prices of any new product introduced in the market, and may lead to product recalls. Therefore, implementation of new regulations and modifications in the existing regulations negatively affect the growth of the market.

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The key players that are profiled in the report include Givaudan (Switzerland), International Flavors & Fragrances (US), Firmenich (Switzerland), Symrise (Germany), Frutarom (Israel), Sensient (US), MANE (France), Takasago (Japan), T.Hasegawa (Japan), and Robertet (France), Huabao International Holdings Limited (China), Kerry Group, Plc.(Ireland), Koninklijke DSM NV (Netherlands), BASF SE (Germany), Archer Deniels Midland (United States), Corbion NV (Netherlands).