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11
Nov-2019
Must know facts regarding the Global Food Flavors Market
Global Food Flavors Market has been estimated at USD $24.1 Million in 2019 and is projected to reach USD $32.8 Billion by 2024
Food Flavors Market Introduction:
Any substance or food has a sensory impression called taste, which is determined by the senses of smell and taste. The same natural flavor is less expensive and is an excellent opportunity for manufacturers of characters. With the rise of the agri-food and catering industries, the sales of flavors have increased in the agri-food sector.
Growth:
Flavors occupy a prominent place in the food industry and are at the threshold of remarkable growth. The market can be described as technical, innovative and specialized. The growth of the flavoring market is derived from the change in the lifestyle of consumers, the increased demand for convenient food products and the development of the global beverage industry in terms of packaging safety and logistics, for example, cans.
However, commodity prices, bargaining power of suppliers and customers, pressure on prices and high barriers to entry imposed on manufacturers hinder the market growth. The expansion of small industries through the development of technical services centers and facilities in several regions offers opportunities for market growth. This growth strategy is crucial for small businesses, as it allows them to expand their technical capabilities through a precise research and development infrastructure provided by the leading players in the sector.
The food flavoring market is based on several factors, such as the growing demand for natural products with a clean label (due to the contamination of food and the harmful effects of contaminated food on the human body).
Artificial flavors are made of toxic chemicals. These products have adverse effects on the human body. Products should be developed, taking into account the health benefits and taste of the food product. The main factor that limits the market of food flavorings is the lack of stability and the higher cost. The aromas of natural ingredients are expensive due to their quality and the products used to prepare them.
Recent Developments:
October 2017: Firmenich launches a new range of solutions for natural flavors, "Protein Shield Flavors". The product finds its potential in drinks with high protein content.
February 2016: Symrise presents a new flavor, "Discover the Beef", to expand your experience in meat flavors. "Discover beef" is a combination of technology and culinary knowledge with many culinary applications.
June 18: Cobell Ltd. (United Kingdom), a subsidiary of Symrise, is opening a Center of Excellence in Beverages in Exeter, United Kingdom.
May 18: Firmenich expands its operations to California, United States, to offer its customers customized flavors and nutritional solutions, with a unique range of organic products.
July 18: Sensient acquires Mazza Innovation (Canada). Mazza Innovation operates through a plant extraction service in Delta, United Kingdom. This acquisition will combine Sensient's experience and Mazza's technology to extract plant sources using ecological extraction methods.
June 18: Givaudan completed the acquisition of 40.5% of the shares of Naturex (France) for US$ 146 per share and a total consideration of US$ 565 million.
June 18: Firmenich announces its partnership with Nelixia (Mexico) to develop the quality of its natural ingredients in Central America.
January 18: Firmenich and Blue Marble Biomaterials (USA) became partners to gain access to the necessary experience in GM biomimetics and fermentation.
Opportunities
Emerging markets and increasing purchasing power
An increase in the labor force and the predominance of dual-income nuclear families, particularly in urban areas, are trends that affect the lifestyles of existing consumers. The evolution of living standards has also contributed to the development of the prepared foods market. As a result, the food flavors market is considered to have high growth potential.
Sources of innovative raw materials
Consumption of natural foods is becoming a trend, and the food industry is striving to introduce new sources of flavor. Castoreum extract, a natural flavor obtained from the anal glands of a beaver, is used as a natural flavor in beverages, confectionery, dairy products and desserts. Knowledge about the biogenesis of volatile plant substances, their enzymes and their genes will pave the way for the production of innovative food flavors.
Challenges
Compliance with quality standards and regulations.
The food flavoring industry is legally required to comply with various regulatory standards that vary by country. However, their common goal is to ensure the safety of consumers. Regulations established by different countries also emphasize the use of flavorings and the proper labeling of food products. These stringent regulations may delay or prevent the launch of new products, increase the prices of any new product introduced on the market, and may result in recalls. As a result, the implementation of new regulations and changes to existing rules have a negative impact on market growth.
Key trends
Increased demand for natural ingredients
A significant number of consumers have begun to take an interest in purchasing sanitary brand products, which offer a wide range of naturally occurring ingredients, which stimulates the demand for natural flavors. As a result, the natural flavor market recorded the highest growth rate (USD 5.2 billion in 2018). In order to meet the growing demand for natural flavors, manufacturers offer products without artificial flavors and evolve. Sustained interest in foods with exotic or ethnic flavors is one of the critical factors in the demand for natural flavor blends. In recent years, artificial flavors, such as benzophenone, ethyl acrylate, pyridine and styrene, have been identified as carcinogens and are therefore replaced by natural flavors on the world market.
Regional analysis:
By region, Asia-Pacific was the largest market for food flavorings in 2017. This is due to higher consumption of beverages, confectionery, dairy products and bakery products in the region. Economic development and increased disposable income in countries such as China, India and Japan are leading to the consumption of processed and ready-to-eat food products, which is fueling the growth of the food flavoring industry. Besides, the strong demand for authentic and exotic food flavors from Asia in developed markets, such as America and Europe, is facilitating the growth of the food flavor market in the Asia Pacific.
Key Stakeholders:
- Manufacturers of food flavorings.
- Traders, exporters and importers.
- research organizations
- Manufacturers, suppliers, distributors and retailers of food flavorings.
- Producers, suppliers, distributors and retailers of food and beverages.
- Manufacturers, traders, distributors and traders of flavor extraction equipment.
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