According to the report, published by Zion Market Research, global demand for flavors was valued at USD 11.50 billion in 2015 and is expected to reach USD 15.60 billion in 2021, growing at a CAGR of 7.5% between 2016 and 2021. In terms of volume, the global flavors market stood at 587.0 million tons in 2015.
A flavor is a very important entity of the food industry. It is primarily utilized to enhance and accelerate the taste, smell, and color of the products. It is available in two categories i.e. natural and synthetic. However, natural flavors are in great demand due to the shifting preferences for natural flavors rather than the synthetic. Natural flavors are derived from fruits, vegetables, and other substances, while synthetic flavors are obtained from chemicals. It has many diverse applications such as food and beverages, oral care industry, the beer industry, etc.
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The major driving factor of global flavors market is growing demand for convenience food across the globe. Secondly, the demand for various flavors is increasing from the beverages industry which is expected to fuel the demand for flavors during the years to come. However, stringent rules and regulations imposed by regulatory bodies on flavors are likely to hinder the growth of the market. Furthermore, new raw material sources are projected to open new opportunities for flavor market in coming years.
The global flavors market is bifurcated in two types viz. natural and synthetic flavors. In 2015, natural flavors were in great demand across the globe and it accounted for 50% share of the entire market. Additionally, the dominance of the segment is expected to prolong the forecast period owing to rising demand towards heath concerns.
Beverages were the foremost application accounted for 25% share of the market and further, it is predicted to continue this trend due to growing demand for beer consumption across the globe. The beverage application is expected to grow at CAGR of 10.0% in near future. Moreover, emerging market is likely to grow the demand for dairy and savory & snacks within the forecast period.
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In 2015, North America dominated the market for flavors with 30.0% market share followed by Europe. This was mainly contributed by heavy consumption of beverages in this region due to the climatic condition in the region. Asia Pacific is likely to experience high growth over the period due to the growing demand for flavors used in sauces & seasonings especially in emerging economies such as China, India, Bangladesh and Sri Lanka. Moreover, Latin America, Middle East, and Africa also projected to have moderate growth for flavors market in coming years.
Some of the key player’s operatives in the global market of flavors include Givaudan, Firmenich SA, Kerry Group plc, Symrise AG, Wild Flavors Inc., Frutarom Industries Ltd., SunOpta, Inc, International Flavors and Fragrances Inc., Mane Fils SA, Archer Daniels Midland Company and Sensient Technologies Corporation. Among these major players, Givaudan is one of the dominating companies which accounts for a major chunk in global flavors market in 2015.
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