New report added on food flavors market driven by trends like growth in consumer awareness regarding food safety and diseases caused by consuming harmful synthetic flavors.
The food flavors market is estimated at USD 13.56 billion in 2018 and is projected to reach USD 17.10 billion by 2023, at a CAGR of 4.8% from 2018 to 2023. Emerging economies such as Brazil and Argentina play an important role in supplying food flavors. The demand for food flavors is increasing in the emerging economies of South America due to the growth of the processed food industry. These regulatory standards vary by country; however, they have a common goal of ensuring the safety of consumers.
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The major restraining factor for the food flavors market is the availability of natural flavors. Another factor could be the stability of natural flavors, which changes with fluctuations in atmospheric or processing conditions such as pH, temperature, and light. The fruits &nuts segment is projected to grow at the highest CAGR. Food processing industry is growing in developed as well as emerging economies.
Asia Pacific accounted for the largest share of the food flavors market in 2018. This market is driven by increased awareness about natural food flavor products among consumers and inclination toward the health benefits provided by natural food flavors. South America is projected to be the fastest-growing market between 2018 and 2023. Emerging economies such as Brazil and Argentina play an important role in supplying food flavors.
South America is projected to be the fastest-growing market between 2018 and 2023. Improvements in the food export and import industry have opened new opportunities for the food &beverage industry, leading to the growth of the food flavors market in this region. Emerging economies such as Brazil and Argentina play an important role in supplying food flavors.
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The food flavors market is contributing significantly to the GDP of emerging countries, owing to which the governments of these countries are also launching favorable policies for market growth. Based on application, the beverages segment is projected to be the fastest-growing during the forecast period. Beverages such as energy drinks are in demand due to their health benefits. Consumption of beverages is increasing in developing economies due to the increase in disposable income in these countries.
Break-up of Primaries:
- By Company Type: Tier 1 – 28%, Tier 2 – 33%, and Tier 3- 39%
- By Designation: C-level Executives–49%, Director-level –21%, and Others* – 30%
- By Region: Asia Pacific- 35%, North America – 25%,Europe – 25%, South America- 5%, and RoW – 10%
The leading market players for food flavors in the Asia Pacific region are Givaudan (Switzerland), International Flavors and Fragrances (US), Frutarom (Israel), Sensient (US), Grupo Saporiti (Argentina), Citromaxflavors (US), andDohler (Germany). The food flavors industry faces a legal obligation to abide by the norms and standards of various regulatory standards. These regulatory standards vary by country; however, they have a common goal of ensuring the safety of consumers.
More Details on Food Flavors Market by Type (Chocolate & Browns, Vanilla, Fruits & Nuts, Dairy, Spices), Application (Beverages, Dairy, Confectionery, Bakery, Meat, Savory & Snacks), Origin (Natural and Artificial), Form, and Region – Global Forecast to 2023 Now at http://www.rnrmarketresearch.com/contacts/inquire-before-buying?rname=154286 .
The report segments the food flavors market based on type, application, form, origin, and region. In terms of insights, this research report has focused on various levels of analyses—competitive landscape, end-use analysis, and company profiles—which together comprise and discuss the basic views on the emerging & high-growth segments of the food flavors market.
Reasons to buy this report:
The food flavors market, on the basis of application, is segmented into the beverages, dairy, confectionery, bakery, meat, and snacks & savory. The beverages segment accounted for the largest share in 2018, followed by snacks & savory products. Beverages such as carbonated, non-carbonated, and health drinks accounted for a larger share of the food flavors market.
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