Food Flavors Market is Projected to Reach USD 15.1 Billion by 2020

Date: 2015-09-05

“Flavors are used in a wide range of products that include bakery, snacks, confectionery, meat, poultry, and seafood. The food flavors market, by origin includes natural and synthetic flavors. The food flavors market is driven by changing consumer trends and food preferences. The food & beverage (F&B) processing industry also influences the food flavors market. F&B manufacturers widely use synthetic flavors to provide products with the desired taste. However, synthetic flavors may result in adverse reactions when exposed to sensitive consumers. FDA regulates the concentration range of synthetic flavors in food products, and has banned synthetics that are harmful upon consumption. The awareness among consumers about the risks associated with the intake of synthetic food additives affects the food flavors market. 

The total market for global food flavors market has been analyzed based on current proceedings in the food industry at the commercial level. The top-down approach employed in this study gives a brief snapshot of the overall food flavors industry. The analysis describes the growing demand for food flavors, its health benefits, process of making different flavors, and end product evaluation, as per various factors including types of flavors and its applications.

The impact of different market factors, such as drivers, inhibitors, and opportunities, is also illustrated in the report. It presents a competitive landscape covering different strategies and developments such as mergers & acquisitions, expansions, and agreements, undertaken by leading food flavors companies in the past few years.

The food flavors market, in terms of value, is projected to reach USD 15.1 billion by 2020, at a CAGR of ~5.4% from 2015 to 2020. In 2014, the global consumption of food flavors recorded 1,355.0 KT, and is projected to grow at a CAGR of ~2.8% during the forecast period from 2015 to 2020. Among all regions, North America dominated the food flavors market in 2014.  

Leading players in the food flavors market include Symrise AG (Germany), Wild Flavors GmbH (U.S.), Frutarom Industries Ltd. (Israel), International Flavors and Fragrances Inc. (U.S.), Sensient Technologies Corporation (U.S.), Takasago International Corporation (Japan), Givaudan SA (Switzerland), and Kerry Group PLC (Ireland). 

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