The new report by Expert Market Research titled, ‘Global Flavour Ingredients Market Size, Share, Analysis, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global flavour ingredients market report, assessing the market based on its segments like types, product type, form, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 31.2 Billion
- Forecast CAGR (2023-2028): 6%
A key factor driving the global flavour ingredients market is the increasing opportunities in the food processing sector. Flavour ingredients are widely used in savories and snacks. They also find their uses in meat, dairy, and other confectionery products. The increasing demand from these end-use products leads to a constant rise in the demand for flavour ingredients. Availability of countless flavour ingredients with the specificity of each flavour is playing a major in boosting the industry. Additionally, unceasing research and development in the industry are further propelling the demand.
Flavour Ingredients Industry Definition and Major Segments
Flavour ingredients are a variety of liquid extracts, essences, and flavors that are generally used to improve the taste and scent of food products. These are generally prepared from essential oils, such as almond and lemon, vanilla, by expelling, concentrating, or distilling fresh fruits. Flavours are sometimes combinations of essential oils and synthetic organic compounds or wholly synthetic compounds with alcohol, glycerol, and propylene glycol as solvents.
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Based on ingredient type, the market is segmented into:
- Aroma Chemicals
- Essential Oils
- Plant Extract
- Functional Ingredients
By product type, the market is bifurcated into:
- Nature-Identical
- Artificial
- Natural
Basis form, the market can be divided into:
- Liquid
- Dry
By application, the industry is segmented into:
- Beverages
- Dairy and Frozen Desserts
- Savouries and Snacks
- Bakery and Confectionary Products
- Others
The regional markets for Flavour Ingredients include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Flavour Ingredients Market Trends
The market is expected to flourish as natural flavours are becoming more popular in the food business due to the numerous health benefits they provide. The food sector, particularly in Asian countries, is experiencing great expansion as a result of increased dairy output. Additionally, the meat processing industry is booming, propelling the market forward. Further, demand for bakery and confectionery products is also increasing, boosting the food flavor market worldwide. The expansion of the global food industry and the growing demand for convenience foods drive the for flavour ingredients. Demand for nature-identical flavours in beverages has boosted the nature-identical segment and is anticipated to lead the market in the forecast period. By region, Asia-Pacific holds a significant share in the flavour ingredient market owing to escalating demand from food processing industries, especially dairy, and dairy-based products, along with the exports of meat and meat products. However, Price volatility and vulnerability associated with raw material costs are projected to act as a restraint on the growth of the flavour ingredients market. Additionally, the growing need to adhere to stringent regulations for the quality standardizations imposed by authorities may be challenge to the market’s growth.
Key Market Players
The major players in the market are Givaudan, Firmenich SA, International Flavour Ingredients and Fragrances Inc., Symrise Group, Takasago International Corporation, Mane Group, Sensient Technologies Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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