Food Flavors Market Analysis | 2024-2030

“The Food Flavors Market value was US$ 19.3 billion in 2024 and is likely to grow at an impressive CAGR of 3.9% in the long run to reach US$ 24.28 billion in 2030.”

Market Dynamics

Introduction

Food Flavors are the essence of the taste, which turns ordinary products into brilliant meals and stimulates humanity’s desires. They include taste, aroma, and texture and design a complex panorama of the sensual appeasement that forms the food choice. Flavors are memories, and culture and can also influence mood and health from the juicy and matured tang of cheese to the crisp and sour taste of strawberries.

Therefore, the discourse of the book entails addressing issues such as taste sensation, the cultural significance of different flavors, and the art of combining them to create delicious dishes. In the range from natural ingredients to innovative technologies in cooking, the discovery of the taste world widens our perspectives on what we consume.

Recent Market JVs and Acquisitions

A huge number of strategic alliances including M&As, JVs, etc. have been performed over the past few years:

• In February 2022, Archer Daniels Midland Company acquired Comhan, one of the leading South African flavor distributors. ADM has worked together with the local business for several years, with the formal acquisition now giving new and current customers more direct access to ADM's extensive portfolio and network of experts.
• In July 2021, Ingredion Incorporated acquired PureCircle Limited, one of the world's leading producers and innovators of plant-based stevia sweeteners and flavors for the food and beverage industry.
• In May 2021, Synergy Flavors, Inc. acquired Innova Foods Pty Ltd., the leading savory flavor ingredient producer owned by Griffith Foods. The company made this acquisition to expand its business worldwide, accelerating the global food flavor market.
• In March 2021, Givaudan Taste & Wellbeing teamed up with the top market intelligence company Bellomy and introduced FlavorFindersTM, a novel segmentation tool with a research-based foundation and a pending patent for the North American market.

Recent Product Development

• In December 2023, Archer-Daniels-Midland Co., a global leader in human and animal nutrition, today announced it is adding to its flavors capabilities with an agreement to acquire Revela Foods, a Wisconsin-based developer and manufacturer of innovative dairy flavor ingredients and solutions.
• In October 2023, SET Flavors™ by Symrise help create unique taste, nutrition, and health solutions. They use superior separation technologies to access and enrich the characteristics of food essentials or valuable product side streams. The Selective Enrichment Technologies of the SET Flavors™ brand combine efficient processes and advanced technologies that enable Symrise and its partners to capture nature´s complexity, creating both signature and authentic taste profiles.
• In Feb 2021, Swiss flavor and fragrance company Givaudan revealed its newest artificial intelligence-driven tool that it has integrated into its flavors division, Givaudan Taste & Wellness. In a release, the company called the technology “game-changing,” saying that it allows for "wide-eyed thinking" and creative flavor insights.

Segments Analysis

By Labelling/Regulation Type

“Natural holds the largest share in the labeling/regulation segment of the food flavors market during the forecast period”.

• The market is segmented into Natural (Chocolate & Brown, Vanilla, Fruit & Nut, Dairy, Spices & Savory, Mint, and Other Flavors), Nature-identical and artificial (Chocolate & Brown, Vanilla, Fruit & Nut, Dairy, Spices & Savory, Mint, and Other Flavors).
• Natural Segment is expected to hold the largest share of the market during the forecast period.
• The level of demand has heightened due to the need for better and clearly labeled products from consumers. They are intoxicated with natural flavors believing they provide a richer sensation as well as tend to have comparatively healthier consequences. First of all, the market appreciates natural flavors and, therefore, these products are usually more expensive.
• However, artificial flavoring compounds continue to be relevant in the production process because they are cheap to produce as well as being of standard quality. For these reasons, these attributes are suitable for products created in large quantities or products categorized as cheap or affordable. Therefore, depending on the consumers, technology, and regulations the future trends will perform a balance between natural and artificial flavors.

By Type

“Vanilla segment is said to be dominating by type in the market for food flavors during the forecast period”.

• The market is segmented into Chocolate & Brown (Dark Chocolate, Milk Chocolate, White Chocolate, Caramel) Vanilla (Bourbon-Madagascar Vanilla, Mexican Vanilla, Tahitian Vanilla (Fruit & Nut, Citrus (Orange, Lime, Lemon, and Other Citrus Fruits) Tree Fruits, Tropical & Exotic Fruits, Berries, and Other Fruits) Dairy (Milk, Butter, Cream, Yogurt, Cheese, and Other Dairy Flavors), Spices & Savory (Essential Oils & Oleoresins, Vegetable Flavors, Meat Flavors, Other Spices & Savory, Mint), and Other Flavors.
• The vanilla segment is said to be dominating by source in the market during the forecast period.
• A favorite among consumers of different generations and nationalities, its mild, clean flavor is predictable for producers. But that is the strength of vanilla: of course, people like chocolate more, but people use vanilla more often. It also complements well with an unimaginable number of other spices, making it a natural platform for sweet notes incorporation in virtually all categories of foods and liquids, starting from pastries and ending up with fairies and liquors. It may be used in meat dishes and it will be just subtle in flavor but adds much to the dish.
• This versatility of vanilla is further supported by its affordability since it is relatively cheap. However, natural vanilla beans can be expensive or even impossible to get; for this reason, extracts whether natural or artificial are a significantly cheaper option to add to food compared to chocolate or other flavorings. This suggests affordability and makes it further a favorite choice of manufacturers across the product lines hence reaffirming the stronghold of vanilla as the most popular food flavor.

By Form Type

“Liquid & Gel segment is said to be holding the largest share of the market during the forecast period”.

• The market is segmented into Liquid & Gel, Dry.
• Liquid & Gel segment is said to be holding the largest share of the market during the forecast period.
• Liquid & Gel flavors sell favorably well on the market because they act qualitatively and distribute evenly. It has been rumored that dry spices produce clumps and distribute them unevenly in food products such as liquids and gels; thus, they mix into food products such as beverages and bakery products uniformly and delightfully. They also blend with other wet ingredients easily to develop tropical flavors and do not affect the mouthfeel in any way, which is ideal.
• Also, liquid and gel flavors provide the highest stability and better shelf life for the final product. Since their molecules do not easily bond with water, grains do not clump into lumps and do not spoil easily; grains can surround and preserve odorous compounds to guarantee delayed taste-bud degradation. When dosed accurately it is easier to quantify the amount of flavor put in each product, and this means that products manufactured in large quantities will have similar flavors. Therefore, they are inserted in all types of food products other than beverages and dairy products, strengthening the position of these types of manufacturers.

By Application Type

“Beverage segment is said to be holding the largest share in the market during the forecast period”.

• The market is segmented into Food (Dairy Products, Confectionery Products, Supplements & Sports Nutrition, Bakery Products, Meat & Seafood products, Savory & Snacks, Pet Foods, Cereals, Soups, Sauces, Dressings & Condiments), and Beverage (Juices & Juice Concentrates, Functional Drinks, Alcoholic Drinks, Carbonates Soft Drinks, Powdered Drinks, and Other Drinks (flavored water, iced tea, etc.)).
• The beverage segment is said to be holding the largest share of the market during the forecast period.
• Beverage is turned in as a dominant application as most of the products have a high turnover in the market and varieties of flavors. Flavors do not stop at breakfast cereals and nuts or at the regular lunch soda, for beverages are one fluid food that starts the day early and ends late. The fact of maintaining the same degree of taste, coupled with the constant appearance of new tastes, corresponding to the changing consumer tastes, ensures market leadership.
• Beverages are everyday necessities particularly at workplaces, home, or schools, implying that people will always need different beverages. It also means that this consumption is continuous, pushing the manufacturers to strive for even better solutions for the final flavors. Therefore, since beverages are consumed at nearly all points of the day, they are even more dominant in the food flavor market than sweet snacks.

Regional Analysis

“Europe is the largest, whereas Asia-Pacific is the fastest growing market for food flavors during the forecast period”.

• In terms of regions, Europe is the largest, whereas Asia-Pacific is the fastest-growing market for food flavors during the forecast period.
• Europe takes the largest market share due to the enhanced Food and beverage market. To date, there are large companies that have shaped popularity and thus a high demand for familiar and quality products. Moreover, the rules and regulations set by Europe if followed make the manufacturers come up with natural and new flavors in their products.
• On the other hand, Asia-Pacific is proving to be the most promising region concerning the growth rate of the food flavor market. These are a result of constant population growth and subsequent improvement of disposable income thus creating a high demand for processed and convenience foods. The consumers in this region are becoming richer and demanding new and different types of flavors which may include international flavors. Even though the Asian Pacific flavor market can be considered younger in comparison with the European one, there are rather great perspectives for its development. Despite all this, the role of Asia-Pacific may be considered more prospective in the future because its preferences are quite diverse and constantly changing.

Key Players

The market is highly consolidated across the region. Most of the major players compete in some of the governing factors including price, service offerings, regional presence, etc. The following are the key players in the Food Flavors Market:

Here is the list of the Top Players (Based on Dominance)

• Givaudan SA
• International Flavors and Fragrances
• Symrise AG
• Sensient Technologies Corp
• Firmenich
• Archer-Daniels-Midland Co.
• Kerry Group Plc
• Corbion NV
• Koninklijke DSM NV
• BASF SE

Note: The above list does not necessarily include all the top players in the market.

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Report Features

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s food flavors market realities and future market possibilities for the forecast period. 
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

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• Detailed profiling of additional market players (up to three players)
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• Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances

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