Natural Flavors Market to Witness Vigorous Expansion by 2023 | Key Players: Givaudan, Firmenich, Symrise, WILD Flavors, Kerry, Mccormick & Robertet SA: Radiant Insights, Inc.
SAN FRANCISCO, June 4, 2019 /PRNewswire/ -- The global Natural Flavors Market is expected to display higher growth rate over the five seven years. Rapid surge in market of natural flavors is credited to the increasing demand from food & beverage industry, recent technological advancement in organic flavors manufacturing methodologies, and growing influence of latest health & wellness trends. Additionally, development of functional food products & ingredients, and increase in need for familiar & organic food flavors across different end-user industries similar to dairy and frozen food products, are complementing growth of the natural food colors industry, in recent years.
Growing consumer base and increasing per capita income among individuals, and improved products quality are some of the key factors driving market growth over the forecast period. Globally, natural flavors market is predicted to generate massive revenue over the next five years, providing numerous opportunities for industry participants to invest in research and development of natural flavors. Furthermore, strict laws and regulation regarding manufacturing processes, excessive use of synthetic flavors in food products, and growing concerns related to their side effects are driving market progress for natural flavors.
Changing food patterns is one of the critical factor responsible for the expansion of natural flavors market, in the recent years. Growing demand for convenience food, and need for maximizing limited leisure time, are expected to fuel market growth in the upcoming years. Increasing demand for demand for ethnic flavors and food in overseas market are estimated to expand reach of market. Rising per capita income and the changing food habits among general public, particularly in developing economies such as China, India and Brazil are further fostering market growth over the coming years.
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The natural flavors market is broadly categorized into four major segments based on the application type such as bakery & confectionery, alcoholic beverages, non-alcoholic beverages, and dairy & frozen Products. The non-alcoholic beverages is considered as one of the fastest growing segment in the market with substantial revenue generation in the last few years. Growing popularity of the non-alcoholic beverages segment is attributed to the rising disposable income and economic development across the globe. The bakery & confectionery segment has also witnessed substantial growth owing to the rising demand of product in sauces & salad dressings, chocolates, desserts and bakery products.
The natural flavors market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in implementation of latest technologies in food & beverages industry, surge in number of research & development activities and existence of well-established industrial infrastructure in the region. In European region, Germany, France, and United Kingdom are projected to witness steady growth.
Asia-Pacific region is estimated to hold a major share in the natural flavors market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with rising personal disposable income, increasing consummation of dairy and bakery products, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the natural flavors market are Givaudan S.A., International flavors & Fragrances Inc., Firmenich S.A., Symrise AG, Takasago International Corp., Sensient Technologies Corp., Kerry Group plc, Frutarom Industries Ltd., Robertet S.A., Archer Daniels Midland Co., Döhler GmbH, and Huabao International Holdings Ltd.
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Market Segmentation:
- Geographically, this report is segmented into several key Regions, with production, consumption, revenue (M USD), market share and growth rate of Natural Flavors in these regions, from 2012 to 2023 (forecast), covering
- North America (United States, Canada and Mexico)
- Europe (Germany, France, UK, Russia and Italy)
- Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
- South America (Brazil, Argentina, Columbia)
- Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
- Global Natural Flavors market competition by top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the top players including
- Givaudan
- Firmenich
- IFF
- Symrise
- Takasago
- WILD Flavors
- Mane
- Frutarom
- Sensient
- Robertet SA
- T. Hasegawa
- Kerry
- McCormick
- Synergy Flavor
- Prova
- On the basis of product, this report displays the production, revenue, price, market share and growth rate of each type, primarily split into
- Animal Flavors
- Plant Flavors
- On the basis on the end users/applications, this report focuses on the status and outlook for major applications/end users, consumption (sales), market share and growth rate of Natural Flavors for each application, including
- Beverage
- Savoury
- Dairy
- Confectionary
- Others
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