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Global Flavour Market – Industry Trends and Forecast to 2031

Food & Beverage

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Global Flavour Market – Industry Trends and Forecast to 2031

  • Food & Beverage
  • Upcoming Report
  • Apr 2024
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Flavour Market – Industry Trends and Forecast to 2031

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2023–2031
Diagram Market Size (Base Year) USD 16.23 USD Billion
Diagram Market Size (Forecast Year) USD 26.06 USD Billion
Diagram CAGR %

Major Markets Players

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Global Flavour Market, By Type (Chocolate & Browns, Vanilla, Fruit & Nut, Dairy, and Spices), Application (Beverages, Dairy, Confectionery, Bakery, Meat, and Savory and Snacks), Origin (Natural, Nature Identical, and Artificial) – Industry Trends and Forecast to 2031.

Flavour Market

Flavour Market Analysis and Size

The market is experiencing significant growth, driven by several key factors. The market is primarily fueled by the increasing demand for natural and clean-label flavors as consumers become more health-conscious and seek products with fewer artificial ingredients. The growing popularity of convenience foods and beverages, especially in emerging markets, boosts the demand for flavors. The market is characterized by high competition, with several key players dominating the industry. These companies invest heavily in research and development to introduce innovative flavors and cater to evolving consumer preferences. The market is also witnessing a trend toward customization, with companies offering personalized flavor solutions to food and beverage manufacturers.            

The global flavour market size was valued at USD 16.23 billion in 2023 and is projected to reach USD 26.06 billion by 2031, with a CAGR of 6.10% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation       

Report Metric

Details

Forecast Period

2024 to 2031

Base Year

2023

Historic Years

2022 (Customizable to 2016 - 2021)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Type (Chocolate & Browns, Vanilla, Fruit & Nut, Dairy, and Spices), Application (Beverages, Dairy, Confectionery, Bakery, Meat, and Savory and Snacks), Origin (Natural, Nature Identical, and Artificial) 

Countries Covered

U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America

Market Players Covered

DuPont (U.S.), ADM (U.S.), Kerry Group plc (Ireland), International Flavors & Fragrances, Inc. (U.S.), Firmenich SA (Switzerland), MANE (EN) (U.K.), Taiyo International (Japan), T.Hasegawa USA Inc (Japan), Synergy Flavors (U.S.), Sensient Technologies Corporation (U.S.), Bell Flavors & Fragrances (U.S.), Takasago International Corporation (Japan), Keva Flavours Pvt. Ltd. (India), Tate & Lyle (U.K.) Robertet, McCormick & Company, Inc. (U.K.), Huaian Wankang Flavours & Fragrances Ltd (China), TREATT PLC (U.K.), and China Flavors & Fragrances Co. Ltd. (China)

Market Opportunities

  • Innovation in Flavours     
  • Increasing Disposable Income

Market Definition

Flavour refers to the taste and smell of food or other substances. It is a combination of the senses of taste and smell, perceived primarily by the tongue's taste buds and the nose's olfactory receptors. Flavour is influenced by various factors, including the chemical composition of the food or substance and individual preferences and experiences.

Flavour Market Dynamics

Drivers

  • Growing Demand for Natural Flavors

The consumer shift towards healthier lifestyles and a preference for clean-label ingredients has significantly increased the demand for natural flavors in the food and beverage industry. Natural flavors are perceived as safer alternatives to artificial flavors, aligning with consumers' growing awareness of health and wellness. This trend is driven by concerns over the potential health risks associated with artificial additives, prompting consumers to seek products with simpler, more natural ingredient lists. As a result, food and beverage manufacturers are increasingly incorporating natural flavors into their products to meet consumer demands and differentiate their offerings, driving market growth.      

  • Expansion of Food and Beverage Industry

The food and beverage industry is experiencing substantial growth worldwide, driven by population growth, urbanization, and changing consumer preferences. This expansion creates a wealth of opportunities for flavor manufacturers to innovate and expand their market presence. As the industry continues to evolve, there is a growing demand for new and unique flavors to cater to diverse consumer tastes. In addition, introducing novel food and beverage products, such as plant-based alternatives and functional foods, is driving the need for innovative flavor solutions, resulting in market growth.

Opportunities

  • Innovation in Flavours 

Companies can enrich their product range and appeal to consumers looking for unique taste sensations by prioritizing the development of fresh and distinctive flavors. This approach allows companies to stay ahead of competitors and maintain a strong market position. In addition, product innovation can drive consumer engagement and loyalty, as consumers are more likely to gravitate toward brands that offer innovative and exciting flavor options. Innovation in flavor development presents a significant opportunity for companies to differentiate themselves in the market and meet the evolving needs of consumers.        

  • Increasing Disposable Income

With rising purchasing power, consumers are increasingly inclined to invest in premium and flavored food and beverage items. This trend is driven by a desire for higher-quality products and a more indulgent consumption experience. Flavor manufacturers can capitalize on this trend by offering premium and innovative flavor solutions that cater to the preferences of affluent consumers. Targeting this demographic allows companies to expand their customer base and drive revenue growth in emerging markets.

Restraints/Challenges

  • Stringent Regulations      

Regulatory bodies, such as the Food and Drug Administration (FDA) in the United States and the European Food Safety Authority (EFSA) in Europe, set strict guidelines regarding the types and quantities of flavoring substances that can be used in food and beverage products. These regulations are intended to ensure consumer safety and prevent the use of harmful or potentially allergenic ingredients. However, compliance with these regulations can be complex and costly for flavor manufacturers, particularly when formulating products for international markets. The presence of stringent regulations governing the use of flavoring substances is a major challenge for the market.        

  • Health Concerns

There is a growing demand for natural and clean-label products, including flavors with consumers become more health-conscious. Artificial flavors are often perceived as less healthy or natural than their natural counterparts, leading consumers to seek products with simpler and more natural ingredient lists. This trend is driving the food and beverage industry to reformulate products to remove artificial additives and incorporate natural flavors, posing a challenge for flavor manufacturers that rely heavily on artificial ingredients.

This flavour market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the flavour market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

  • In January 2023, Symrise AG invested in Ignite Venture Studio, a platform focusing on B2C startup ventures in the personal care sector. This investment is aimed at fostering product innovations in fragrance and cosmetic ingredients
  • In December 2022, Symrise partnered with Norwest Ingredients for a thorough sustainability assessment of peppermint and spearmint raw materials

Flavour Market Scope

The market is segmented on the basis of type, origin, and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

  • Chocolate & Browns
  • Vanilla
  • Fruit & Nut
  • Dairy
  • Spices

Origin

  • Natural
  • Nature Identical
  • Artificial

Application

  • Beverages
  • Dairy
  • Confectionery
  • Bakery
  • Meat
  • Savory and Snacks

Flavour Market Regional Analysis/Insights

The market is analyzed and market size insights and trends are provided by country, type, origin, and application as referenced above.

The countries covered in the market are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America.

Asia-Pacific is expected to dominate and be the fastest growing region due to increasing consumer interest in nutrient-rich and flavorful products. Traditional household cooking in the region has long relied on natural herbs and spices. Changing consumer preferences, with a focus on new and exotic tastes, have further fueled this market. In India factors such as urbanization, a growing middle-class population, and increased awareness of international cuisines have led to a higher demand for diverse and innovative flavors in the food and beverage industry.

The country section of the report also provides individual market-impacting factors and changes in market regulation that affect the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, Porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of regional brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Flavour Market Share Analysis

The market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in R&D, new market initiatives, regional presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus on the market.

Some of the major market players operating in the market are:

  • DuPont (U.S.)
  • ADM (U.S.)
  • Kerry Group plc (Ireland)
  • International Flavors & Fragrances, Inc. (U.S.)
  • Firmenich SA (Switzerland)
  • MANE (EN) (U.K.)
  • Taiyo International (Japan)
  • T.Hasegawa USA Inc (Japan)
  • Synergy Flavors (U.S.)
  • Sensient Technologies Corporation (U.S.)
  • Bell Flavors & Fragrances (U.S.)
  • Takasago International Corporation (Japan)
  • Keva Flavours Pvt. Ltd. (India)
  • Tate & Lyle (U.K.)
  • Robertet, McCormick & Company, Inc. (U.K.)
  • Huaian Wankang Flavours & Fragrances Ltd (China)
  • Treatt Plc (U.K.)
  • China Flavors & Fragrances Co. Ltd. (China)


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FREQUENTLY ASK QUESTIONS

The flavour market size will be worth USD 26.06 billion by 2031.
The growth rate of the flavour market is 6.10% by 2031.
Growing Demand for Natural Flavors & Expansion of Food and Beverage Industry are the growth drivers of the flavour market.
Type, origin, and application are the factors on which the flavour market research is based.
Major companies in the flavour market are DuPont (U.S.), ADM (U.S.), Kerry Group plc (Ireland), International Flavors & Fragrances, Inc. (U.S.), Firmenich SA (Switzerland), MANE (EN) (U.K.), Taiyo International (Japan), T.Hasegawa USA Inc (Japan), Synergy Flavors (U.S.), Sensient Technologies Corporation (U.S.), Bell Flavors & Fragrances (U.S.), Takasago International Corporation (Japan), Keva Flavours Pvt. Ltd. (India), Tate & Lyle (U.K.) Robertet, McCormick & Company, Inc. (U.K.), Huaian Wankang Flavours & Fragrances Ltd (China), TREATT PLC (U.K.), and China Flavors & Fragrances Co. Ltd. (China).
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