Food Flavors Market Analysis 2023-2032: Forecast Market Size, Growth Driver And Leading Trend - By The Business Research Company
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, July 19, 2023 /PRNewswire/ -- As per the business research company's food flavors global market report 2023, the global food flavors market size is expected to grow from $12.8 billion in 2022 to $13.6 billion in 2023 at a compound annual growth rate (CAGR) of more than 6%. The food flavors market size is expected to grow to $17.3 billion in 2027 at a CAGR of more than 6%.
The increasing demand for food flavors from the fast-food industry is expected to support the growth of the food flavors market in the forecast period. A typical flavor enhancer for fast food meats is an amino acid called cysteine, which is produced by bacteria and microorganisms. The food flavor market is anticipated to see growth due to a rise in demand from the fast-food industry. For example, according to Yoonpak, a US-based manufacturer, supplying the food service industry, the fast-food restaurant sector is expected to expand at a rate of more than 10% year through 2027. Therefore, the increasing demand from the fast-food industry will drive the food flavors market going forward.
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Major players in the food flavors market are Firmenich SA, Sensient Technologies Corporation, Givaudan, Kerry Group, Archer Daniels Midland, Symrise AG, Koninklijke DSM N.V., Bell Flavors and Fragrances, Huabao International Holdings Limited, Robertet Group, International Flavors and Fragrances, McCormick & Company, Flavorchem, Treatt PLC, and Takasago International Corporation.
Food flavors manufacturers are focusing on launching innovative snack food flavors to strengthen their product portfolio. For example, in March 2023, Kate's Real Food, a US-based company that provides a variety of food flavors, introduced new mini 24-pack mini snack bars and new almond butter and peanut butter variety packs. The mini bars have the same soft and chewy texture, 3–4 grams of protein, and less than 150 calories per serving as Kate's full-sized bars, while packing the same mouthwatering flavor. The 24-packs come in a variety of flavors that are popular with customers, including Lemon Coconut, Oatmeal Cranberry & Almond, Dark Chocolate Cherry & Almond and Peanut Butter Dark Chocolate.
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The global food flavors market is segmented -
1) By Type: Chocolate And Brown, Vanilla, Fruit And Nut, Dairy, Spices And Savory, Other Types
2) By Origin: Natural, Natural Identical, Synthetic
3) By Form: Powder, Liquid
4) By Application: Dairy, Bakery, Confectionery, Snack, Beverage, Other Applications
According to the food flavors market analysis, the top opportunities in the food flavors market segmented by form will arise in the liquid segment, which will gain $2.6 billion of global annual sales by 2027. The food flavors market size will gain the most in China at $1.1 billion.
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