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Flavors Market Overview
The global flavors market is a high-volume and continually growing market. The increased demand for enhanced food tastes drives the flavor market growth. Market Research Future (MRFR) states that the global flavors market is expected to grow to USD 1.005 BN by 2030 from USD 0.5 BN in 2022, registering a 10.5% CAGR over the assessment period (2023-2030).
Flavors are additives added to food items and beverages to increase their palatability and appeal. Also, they aid in enhancing the product’s flavor and taste. Increasing application areas, such as tobacco, cosmetic & personal care, and pharmaceuticals, substantiate the flavors market revenues.
There is a definite trend towards innovative flavors made of all plant-based ingredients and contain zero calories. There is a huge demand for plant-based functional beverages designed to be simple, clean, and delicious with minimal ingredients, boost energy and provide a refreshing, unique taste. Growing concerns over using artificial flavors is another trend driving the market.
Manufacturers offer a range of flavors, including black cherry, pineapple, mango, and passion fruit, which are popular in the energy drink market. The growing preference for plant-based products and the emergence of the vegan movement are the key drivers for natural flavors demand. The growing health consciousness of customers is generating greater demand for natural flavors.
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Global Flavors Market – Competitive Landscape
The flavors market is extremely fragmented, and the market landscape is dotted with small local producers, especially in Asia-Pacific, Middle East & Africa, and South Africa. Due to their small profit margin, the local producers’ close relationship with customers has been the dominant power in the market. However, vendors in the developed regions rely on product innovation and marketing to increase their market share.
Major Players
Leading flavors market players include Firmeninch International SA, Sensient Technologies, Hasegawa, Archer Daniels Midland, Kerry Group, Flavoroma Flavors and Fragrances, Taiyo International, Zymus International Ltd., Axxence Aromatic GmbH, Blue Pacific Flavours, Gold Coast Ingredients, and Unique Flavours and Fragrances USA Inc., among others.
Global Flavors Market – Segments
The report is segmented into product types, applications, and regions. The product type segment is sub-segmented into natural and synthetic. The application segment is sub-segmented into tobacco, food & beverages, cosmetic & personal care, pharmaceuticals, and others. By regions, the flavors market is segmented into North America, Europe, Asia-Pacific, and the rest of the world.
Global Flavors Market – Regional Analysis
Europe dominates the global flavors market due to the large culinary flavor consumption and the increasing per capita income. Other factors driving the market are the efficiency of supply chains and the presence of innovative flavor manufacturers, making sourcing raw materials efficient. Besides, the constantly expanding demand for organic products contributes to the expansion of natural food flavors.
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Industry/ Innovation/ Related News:
July 11, 2023 — Yerbaé Brands Corp. (Yerbaé), a plant-based energy beverage company, launched two new flavors, Lemonade and Yuzu Lime. These refreshing new flavors are available in Sprouts Farmers Market stores nationwide. The company has worked hard to create these delicious, refreshing, healthy, and tasteful beverages.
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