According to an analysis by research company Reports and Data, the value for food flavors market was USD19.3bn in 2022 and is expected to reach USD25.4bn in 2032 growing at a CAGR of 4.8% during the forecast period. The global increase in demand for foods and drinks with distinctive flavors is the main factor driving the market revenue growth.
The rising consumer desire for natural tastes is one of the main drivers boosting the market for food flavors. Food flavors are additives that are used during food preparation in order to alter or enhance the taste and smell of the food product. These additives are sued in small proportions and are not expected to be consumed alone. Certain flavorings derived from fruits, spices and herbs are used to obtain tastes like sweet, sour and salty.
Flavors are extracted from naturally occurring plant and animal-based raw materials through the physical, microbiological and enzymatic processes. Fractional distillation and chemical manipulation processes are used for synthesis of artificial flavor. These are extensively used in this industry to enhance the aroma, taste, texture and color of products.
Increasing demand for foodstuffs coupled with expansion in this sector is expected to propel the market growth of this industry. In addition, changing lifestyle, rising disposable income and changes in preference of taste is expected to increase the demand for flavors in the food industry. In order to maintain the market share, the key manufacturers are adopting strategies like expansion, new product launch, mergers & acquisitions and new flavor launch.
Since decades most of the key manufacturers are adopting the strategy of new flavor launch to keep their customers interested in the brand and increase customer retention. Introduction of new flavorings induces curiosity in potential customers and increase the customer base of any company. Key factors like changing taste preferences, growing awareness on consumption of sugar, demand for healthy consumables and increase in innovation and R&D activities coupled with the efforts taken by manufacturers for creative advertisement strategies is expected to boost this industry.
However, expensive flavor extraction process and high prices of raw materials is expected to hamper the growth of food flavors market during the forecast period.
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