Allied Market Research recently published a report, "Food Flavors Market by Type (Natural and Artificial) and End User (Beverages, Dairy & Frozen Products, Bakery & Confectionery, Savory & Snacks, and Animal &Pet Food): Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, the global food flavors industry was pegged at $14.62 billion in 2019, and is anticipated to reach $17.42 billion by 2027, growing at a CAGR of 4.6% from 2020 to 2027.
Prime determinants of the market
Rise in demand for RTE meal and fast foods, increase in use of health products, and surge in income levels drive the growth of the global food flavors market. Moreover, rapid technological advancements supplemented the market growth. However, increase in side effects of artificial flavors, stringent government regulations, and surge in health awareness among consumers hamper the market growth. On the contrary, untapped potential in unpenetrated and under-penetrated developing countries is expected to create lucrative opportunities for the market players in the coming years.
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The artificial food flavors segment dominated the market
By type, the artificial food flavors segment held the largest share in 2019, accounting for nearly two-thirds of the global food flavors market, owing to less processing time compared to natural flavors. However, the natural food flavors segment is expected to register the highest CAGR of 5.6% during the forecast period, due to their increased demand in the food & beverage industry and rise in demand for clean label products globally.
The savory & snacks segment to portray the highest CAGR through 2027
By end user, the savory & snacks segment is expected to reach the fastest CAGR of 6.3% during the study period, owing to their growing demand across developing countries. However, the beverages segment held the largest share in 2019, contributing to more than one-fourth of the global food flavors market, due to rise in awareness among the population regarding the side effects of carbonated drinks.
Asia-Pacific, followed by North America, held the largest share
The market across Asia-Pacific, held the largest share in 2019, accounting for nearly one-third of the market. Moreover, the region is expected to manifest the highest CAGR of 6.0% during the forecast period, owing to change in taste for fast food & beverages in the region and rise consumption of dairy, bakery, and beverage products. The global food flavors market across North America held the second-highest share in 2019, contributing to more than one-fourth of the market.
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