Flavors Market - Global Industry Analysis

Flavors Market by Type (Natural, and Synthetic) By Application (Beverages, Bakery, Confectionery, Dairy, Savory & Snacks and Others Application): Global Application Perspective, Comprehensive Analysis and Forecast, 2020 – 2028

Published Date: 11-Jun-2021 Category: Food & Beverage Report Format : PDF Pages: 140 Report Code: ZMR-49 Status : Published

The global Flavors market accounted for USD 13.5 Billion in 2020 and is expected to reach USD 23.7 Billion by 2028, growing at a CAGR of around 7.3 % between 2021 and 2028.

Description

Market Overview      

The global Flavors market accounted for USD 13.5 Billion in 2020 and is expected to reach USD 23.7 Billion by 2028, growing at a CAGR of around 7.3 % between 2021 and 2028.    

Flavors are used in various products such as bakery, confectionery, meat, snacks, seafood, and poultry. By type, the flavors market is bifurcated into natural and synthetic flavors. Rise in disposable income and change in food habits are the factors that drive the growth of the flavors market. The beverages industry has a significant impact on the growth of the flavors market.

Increase in demand for ready-to-eat meals & fast foods is a key driver for the flavors industry across the globe. Moreover, innovative technologies, introduction of new flavors, and heavy inflow of investment in R&D activities are the other factors that supplement the growth of the flavors market. There is an upcoming trend of using natural flavors owing to rise in health awareness. Furthermore, high demand for flavors across European countries to produce commercialized clean label or green food products that are free of additives and other harmful chemicals has propelled the growth of the natural flavors market.

However, stringent government regulations and adverse effects of synthetic flavors on human health are expected to hamper the market growth. Innovation in flavors and their growth in demand across emerging economies are expected to open new avenues for the market players in the future.

Many companies with their promising R&D initiatives are expecting a positive response from the flavor industry. In August 2018, Campbell Soup introduced V8+ Hydrate, a new kind of beverages using sweet potatoes, thereby validating new trends across the flavors market. Experts believe that the introduction of the new product is aimed at responding to the consumer demands for healthy food products with enhanced nutritional value.

COVID-19 Impact Analysis:

The food & beverages industry is anticipated to experience differential impact of this rapid spreading COVID19 on each stage of its value chain through mediums of affected workforce at industrial level, raw material supply, trade & logistics, demand–supply volatility, and uncertain consumer demand at retail outlets. Products and inventory levels across the industry spectrum are expected to be impacted. Key players and vendors are facing challenges in raw material supply, owing to poor logistics, traffic control, and restrictions on public movement in affected countries across the globe, which leads to supply disruptions. Trade restrictions imposed by several countries across the globe to prevent further spread of coronavirus has significantly affected global logistics and transportation, which, in turn, has impacted the flavors market.

Growth Factors

There is an increase in the demand for health products, such as energy drinks, fruit-flavored drinks, and nuts since the last few years. Rise in health awareness among the population is the key factor that fuels the growth of health products, also known as green label products. Furthermore, increase in incidence of diseases, such as obesity, diabetes, and blood pressure drives the growth of the health-related food products among consumers. Many food companies, such as Coca-Cola or Pepsi, target audiences through their zero sugar products. Thus, there has been an increase in the per capita income of the global population to address the high costs of health and wellness products, which drives the growth of the market.

Many cases of adverse effects of manufactured food products have been reported, especially the flavors used in them. Thus, different governments across the globe have set up regulatory guidelines to regulate the flavor market. Such regulations, especially in Europe and North America, have led to decline in growth of the flavor industry, particularly synthetic flavors.

Report Scope:  

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Type Segment Analysis Preview  

The main types available in flavors market are natural flavors and synthetic flavors. Among them, the demand for natural flavors is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.

Application Segment Analysis Preview  

Beverages hold the maximum share in terms of value in the flavor market. Herbs, honey, superfruits, and spices are some of the healthy flavors that drive the flavor trends in the beverage industry. The growth of the beverage flavors product market is expected to decline in some regions during the forecast period due to rise in awareness among the population regarding the side effects of artificial flavors. Further, consumer preference for health drinks is projected to impede the growth of soft drinks and alcoholic beverages. In Asia-Pacific, beverage manufacturers mostly use natural flavors. In terms of value, Asia-Pacific is expected to retain the maximum market share in the beverage flavors product market. The consumers’ willingness to buy flavors that they never had before has led to increased innovation in the beverage sector. Technological advancements in production procedures and rise in demand for fruit-flavored drinks are expected to provide lucrative growth opportunities to the beverage flavors industry.

Key Market Players & Competitive Landscape

Major players in the Flavors market are 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.

 The global Flavors Market is segmented as follows:

By Type

  • Natural
  • Synthetic

By Application

  • Beverages
  • Bakery
  • Confectionery
  • Dairy
  • Savory & Snacks
  • Others

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

  • Chapter No. 1 Introduction
    • 1.1. Report Description
      • 1.1.1. Purpose of the Report
      • 1.1.2. USP & Key Offerings
    • 1.2. Key Benefits for Stakehulders
    • 1.3. Target Audience
    • 1.4. Report Scope
  • Chapter No. 2 Executive Summary
    • 2.1. Key Findings
      • 2.1.1. Top Investment Pockets
        • 2.1.1.1. Market Attractiveness Analysis, By Type
        • 2.1.1.2. Market Attractiveness Analysis, By Application
        • 2.1.1.3. Market Attractiveness Analysis, By Region
    • 2.2. Market Snapshot
    • 2.3. Global Flavors Market, 2016 – 2028 (USD Billion)
    • 2.4. Insights from Primary Respondents
  • Chapter No. 3 COVID 19 Impact Analysis
    • 3.1. Impact Assessment of COVID-19 Pandemic, By Region
      • 3.1.1. North America
      • 3.1.2. Europe
      • 3.1.3. Asia Pacific
      • 3.1.4. Latin America
      • 3.1.5. The Middle-East and Africa
    • 3.2. Quarterly Market Revenue and Forecast by Region 2020 & 2021
    • 3.3. Pre COVID-19 Market Revenue, By Region, 2016-2019 (USD Billion)
    • 3.4. Post COVID-19 Market Revenue, By Region, 2020-2028 (USD Billion)
    • 3.5. Key Strategies Undertaken by Companies to Tackle COVID-19
      • 3.5.1. Company Quarterly Revenue Analysis, 2019 & 2020
    • 3.6. Short Term Dynamics
    • 3.7. Long Term Dynamics
  • Chapter No. 4 Flavors Market – Type Segment Analysis
    • 4.1. Overview
      • 4.1.1. Market Revenue Share, By Type, 2020 & 2028
    • 4.2. Natural
      • 4.2.1. Market Size and Forecast, By Region (USD Billion)
      • 4.2.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.2.3. Key Market Trends, Growth Factors, & Opportunities
    • 4.3. Synthetic
      • 4.3.1. Market Size and Forecast, By Region (USD Billion)
      • 4.3.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.3.3. Key Market Trends, Growth Factors, & Opportunities
  • Chapter No. 5 Flavors Market – Application Segment Analysis
    • 5.1. Overview
      • 5.1.1. Market Revenue Share, By Application, 2020 & 2028
    • 5.2. Beverages
      • 5.2.1. Market Size and Forecast, By Region (USD Billion)
      • 5.2.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.2.3. Key Market Trends, Growth Factors, & Opportunities
    • 5.3. Bakery
      • 5.3.1. Market Size and Forecast, By Region (USD Billion)
      • 5.3.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.3.3. Key Market Trends, Growth Factors, & Opportunities
    • 5.4. Confectionery
      • 5.4.1. Market Size and Forecast, By Region (USD Billion)
      • 5.4.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.4.3. Key Market Trends, Growth Factors, & Opportunities
    • 5.5. Dairy
      • 5.5.1. Market Size and Forecast, By Region (USD Billion)
      • 5.5.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.5.3. Key Market Trends, Growth Factors, & Opportunities
    • 5.6. Savory & Snacks
      • 5.6.1. Market Size and Forecast, By Region (USD Billion)
      • 5.6.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.6.3. Key Market Trends, Growth Factors, & Opportunities
    • 5.7. Savory & Snacks
      • 5.7.1. Market Size and Forecast, By Region (USD Billion)
      • 5.7.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.7.3. Key Market Trends, Growth Factors, & Opportunities
    • 6.1. Overview
      • 6.1.1. Global Market Revenue Share, By Region, 2020 & 2028
      • 6.1.2. Global Market Revenue, By Region, 2016 – 2028 (USD Billion)
    • 6.2. North America
      • 6.2.1. North America Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 6.2.2. North America Market Revenue, By Type, 2016 – 2028
      • 6.2.3. North America Market Revenue, By Application, 2016 – 2028
      • 6.2.5. U.S.
        • 6.2.5.1. U.S. Market Revenue, By Type, 2016 – 2028
        • 6.2.5.2. U.S. Market Revenue, By Application, 2016 – 2028
      • 6.2.6. Canada
        • 6.2.6.1. Canada Market Revenue, By Type, 2016 – 2028
        • 6.2.6.2. Canada Market Revenue, By Application, 2016 – 2028
      • 6.2.7. Mexico
        • 6.2.7.1. Mexico Market Revenue, By Type, 2016 – 2028
        • 6.2.7.2. Mexico Market Revenue, By Application, 2016 – 2028
    • 6.3. Europe
      • 6.3.1. Europe Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 6.3.2. Europe Market Revenue, By Type, 2016 – 2028
      • 6.3.3. Europe Market Revenue, By Application, 2016 – 2028
      • 6.3.5. Germany
        • 6.3.5.1. Germany Market Revenue, By Type, 2016 – 2028
        • 6.3.5.2. Germany Market Revenue, By Application, 2016 – 2028
      • 6.3.6. France
        • 6.3.6.1. France Market Revenue, By Type, 2016 – 2028
        • 6.3.6.2. France Market Revenue, By Application, 2016 – 2028
      • 6.3.7. U.K.
        • 6.3.7.1. U.K. Market Revenue, By Type, 2016 – 2028
        • 6.3.7.2. U.K. Market Revenue, By Application, 2016 – 2028
      • 6.3.8. Italy
        • 6.3.8.1. Italy Market Revenue, By Type, 2016 – 2028
        • 6.3.8.2. Italy Market Revenue, By Application, 2016 – 2028
      • 6.3.9. Spain
        • 6.3.9.1. Spain Market Revenue, By Type, 2016 – 2028
        • 6.3.9.2. Spain Market Revenue, By Application, 2016 – 2028
      • 6.3.10. Rest of Europe
        • 6.3.10.1. Rest of Europe Market Revenue, By Type, 2016 – 2028
        • 6.3.10.2. Rest of Europe Market Revenue, By Application, 2016 – 2028
    • 6.4. Asia Pacific
      • 6.4.1. Asia Pacific Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 6.4.2. Asia Pacific Market Revenue, By Type, 2016 – 2028
      • 6.4.3. Asia Pacific Market Revenue, By Application, 2016 – 2028
      • 6.4.5. China
        • 6.4.5.1. China Market Revenue, By Type, 2016 – 2028
        • 6.4.5.2. China Market Revenue, By Application, 2016 – 2028
      • 6.4.6. Japan
        • 6.4.6.1. Japan Market Revenue, By Type, 2016 – 2028
        • 6.4.6.2. Japan Market Revenue, By Application, 2016 – 2028
      • 6.4.7. India
        • 6.4.7.1. India Market Revenue, By Type, 2016 – 2028
        • 6.4.7.2. India Market Revenue, By Application, 2016 – 2028
      • 6.4.8. South Korea
        • 6.4.8.1. South Korea Market Revenue, By Type, 2016 – 2028
        • 6.4.8.2. South Korea Market Revenue, By Application, 2016 – 2028
      • 6.4.9. South-East Asia
        • 6.4.9.1. South-East Asia Market Revenue, By Type, 2016 – 2028
        • 6.4.9.2. South-East Asia Market Revenue, By Application, 2016 – 2028
      • 6.4.10. Rest of Asia Pacific
        • 6.4.10.1. Rest of Asia Pacific Market Revenue, By Type, 2016 – 2028
        • 6.4.10.2. Rest of Asia Pacific Market Revenue, By Application, 2016 – 2028
    • 6.5. Latin America
      • 6.5.1. Latin America Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 6.5.2. Latin America Market Revenue, By Type, 2016 – 2028
      • 6.5.3. Latin America Market Revenue, By Application, 2016 – 2028
      • 6.5.5. Brazil
        • 6.5.5.1. Brazil Market Revenue, By Type, 2016 – 2028
        • 6.5.5.2. Brazil Market Revenue, By Application, 2016 – 2028
      • 6.5.6. Argentina
        • 6.5.6.1. Argentina Market Revenue, By Type, 2016 – 2028
        • 6.5.6.2. Argentina Market Revenue, By Application, 2016 – 2028
      • 6.5.7. Rest of Latin America
        • 6.5.7.1. Rest of Latin America Market Revenue, By Type, 2016 – 2028
        • 6.5.7.2. Rest of Latin America Market Revenue, By Application, 2016 – 2028
    • 6.6. The Middle-East and Africa
      • 6.6.1. The Middle-East and Africa Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 6.6.2. The Middle-East and Africa Market Revenue, By Type, 2016 – 2028
      • 6.6.3. The Middle-East and Africa Market Revenue, By Application, 2016 – 2028
      • 6.6.5. GCC Countries
        • 6.6.5.1. GCC Countries Market Revenue, By Type, 2016 – 2028
        • 6.6.5.2. GCC Countries Market Revenue, By Application, 2016 – 2028
      • 6.6.6. South Africa
        • 6.6.6.1. South Africa Market Revenue, By Type, 2016 – 2028
        • 6.6.6.2. South Africa Market Revenue, By Application, 2016 – 2028
      • 6.6.7. Rest of Middle-East Africa
        • 6.6.7.1. Rest of Middle-East Africa Market Revenue, By Type, 2016 – 2028
        • 6.6.7.2. Rest of Middle-East Africa Market Revenue, By Application, 2016 – 2028
  • Chapter No. 7: Flavors Market – Application Analysis
    • 7.1. Introduction
    • 7.2. Market Drivers
      • 7.2.1. Driving Factor 1 Analysis
      • 7.2.2. Driving Factor 2 Analysis
    • 7.3. Market Restraints
      • 7.3.1. Restraining Factor Analysis
    • 7.4. Market Opportunities
      • 7.4.1. Market Opportunity Analysis
    • 7.5. Porter’s Five Forces Analysis
    • 7.6. PEST Analysis
    • 7.7. Regulatory Landscape
    • 7.8. Type Landscape
    • 7.9. Regional Market Trends
      • 7.9.1. North America
      • 7.9.2. Europe
      • 7.9.3. Asia Pacific
      • 7.9.4. Latin America
      • 7.9.5. The Middle-East and Africa
    • 7.10. Pricing Analysis
    • 7.11. Value Chain Analysis
    • 7.12. Downstream Buyers
    • 7.13. Distributors/Traders List
  • Chapter No. 8: Competitive Landscape
    • 8.1. Company Market Share Analysis – 2019
      • 8.1.1. Global Flavors Market: Company Market Share, 2019
      • 8.1.2. Global Flavors Market, Company Market Revenue, 2016 – 2019 (USD Billion)
      • 8.1.3. Global Flavors Market, Company Y-o-Y Growth, 2017 – 2019 (%)
      • 8.1.4. Global Flavors Market: Radar Determinant Chart, 2019
    • 8.2. Strategic Developments
      • 8.2.1. Acquisitions & Mergers
      • 8.2.2. New Product Launch
      • 8.2.3. Regional Expansion
    • 8.3. Company Strategic Developments – Heat Map Analysis
  • Chapter No. 9: Company Profiles
    • 9.1. Givaudan
      • 9.1.1. Company Overview
      • 9.1.2. Key Executives
      • 9.1.3. Product Portfolio
      • 9.1.4. Financial Overview
      • 9.1.5. Operating Business Segments
      • 9.1.6. Business Performance
      • 9.1.7. Recent Developments
    • 9.2. Firmenich SA
    • 9.3. Kerry Group plc
    • 9.4. Symrise AG
    • 9.5. Wild Flavors Inc
    • 9.6. Frutarom Industries Ltd
    • 9.7. SunOpta
    • 9.8. International Flavors and Fragrances Inc
    • 9.9. Mane Fils SA
    • 9.10. Archer Daniels Midland Company
  • Chapter No. 10: Marketing Strategy Analysis
    • 10.1. Marketing Channel
    • 10.2. Direct Marketing
    • 10.3. Indirect Marketing
    • 10.4. Marketing Channel Development Trends
    • 10.5. Economic/Pulitical Environmental Change
  • Chapter No. 11: Research Methodology
    • 11.1. Research Methodology
    • 11.2. Phase I - Secondary Research
    • 11.3. Phase II - Data Modeling
      • 11.3.1. Company Share Analysis Model
      • 11.3.2. Revenue Based Modeling
    • 11.4. Phase III - Primary Research
    • 11.5. Research Limitations
      • 11.5.1. Assumptions

Table Of Figures

List of Figures    

FIG NO. 1.    Market Attractiveness Analysis, By Type
FIG NO. 2.    Market Attractiveness Analysis, By Application
FIG NO. 3.    Market Attractiveness Analysis, By Region
FIG NO. 4.    Global Flavors Market Revenue, 2016 – 2028 (USD Billion)
FIG NO. 5.    Impact of COVID-19 Pandemic in North America Countries
FIG NO. 6.    Market Revenue Share, By Type, 2020 & 2028 
FIG NO. 7.    Global Flavors Market for Natural, Revenue (USD Billion) 2016 – 2028
FIG NO. 8.    Comparative Revenue Analysis of Flavors Market for Natural, By Country, 2020 & 2028
FIG NO. 9.    Global Flavors Market for Synthetic, Revenue (USD Billion) 2016 – 2028
FIG NO. 10.    Comparative Revenue Analysis of Flavors Market for Synthetic, By Country, 2020 & 2028
FIG NO. 11.    Market Revenue Share, By Application, 2020 & 2028
FIG NO. 12.    Global Flavors Market for Beverages, Revenue (USD Billion) 2016 – 2028
FIG NO. 13.    Comparative Revenue Analysis of Flavors Market for Beverages, By Country, 2020 & 2028 
FIG NO. 14.    Global Flavors Market for Bakery, Revenue (USD Billion) 2016 – 2028
FIG NO. 15.    Comparative Revenue Analysis of Flavors Market for Bakery, By Country, 2020 & 2028
FIG NO. 16.    Global Flavors Market for Confectionery, Revenue (USD Billion) 2016 – 2028 
FIG NO. 17.    Comparative Revenue Analysis of Flavors Market for Confectionery, By Country, 2020 & 2028
FIG NO. 18.    Global Flavors Market for Dairy, Revenue (USD Billion) 2016 – 2028
FIG NO. 19.    Comparative Revenue Analysis of Flavors Market for Dairy, By Country, 2020 & 2028
FIG NO. 20.    Global Flavors Market for Savory & Snacks, Revenue (USD Billion) 2016 – 2028
FIG NO. 21.    Comparative Revenue Analysis of Flavors Market for Savory & Snacks, By Country, 2020 & 2028
FIG NO. 22.    Global Flavors Market for Others, Revenue (USD Billion) 2016 – 2028
FIG NO. 23.    Comparative Revenue Analysis of Flavors Market for Others, By Country, 2020 & 2028
FIG NO. 24.    Global Flavors Market Revenue Share, By Region, 2020 & 2028
FIG NO. 25.    North America Flavors Market Revenue, 2016 - 2028 (USD Billion)
FIG NO. 26.    Porter’s Five Forces Analysis for Global Flavors Market
FIG NO. 27.    PEST Analysis for Global Flavors Market
FIG NO. 28.    Pricing Analysis for Global Flavors Market
FIG NO. 29.    Value Chain Analysis for Global Flavors Market
FIG NO. 30.    Company Share Analysis, 2019
FIG NO. 31.    Radar Determinant Chart, 2019
FIG NO. 32.    Company Strategic Developments – Heat Map Analysis
FIG NO. 33.    Givaudan Business Segment Revenue Share, 2020 (%)
FIG NO. 34.    Givaudan Geographical Segment Revenue Share, 2020 (%)
FIG NO. 35.    Market Channels
FIG NO. 36.    Marketing Channel Development Trend
FIG NO. 37.    Growth in World Gross Product, 2008-2018
FIG NO. 38.    Research Methodology – Detailed View
FIG NO. 39.    Research Methodology
 


Table Of Tables

List of Tables    

TABLE NO. 1. Global Flavors Market: Snapshot
TABLE NO. 2. Quarterly Flavors Market Revenue by Region, 2020
TABLE NO. 3. Quarterly Flavors Market Revenue Forecast by Region, 2021
TABLE NO. 4. Pre COVID-19 Market Revenue, By Region, 2016-2019 (USD Billion) 
TABLE NO. 5. Post COVID-19 Market Revenue, By Region, 2020-2028 (USD Billion) 
TABLE NO. 6. Global Flavors Market for Natural, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 7. Global Flavors Market for Synthetic, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 8:    Global Flavors Market for Beverages, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 9:    Global Flavors Market for Bakery, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 10. Global Flavors Market for Confectionery, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 11. Global Flavors Market for Dairy, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 12. Global Flavors Market for Savory & Snacks, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 13. Global Flavors Market for Others, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 14. Global Flavors Market Revenue, By Region, 2016 – 2028 (USD Billion)
TABLE NO. 15. North America Flavors Market Revenue, By Country, 2016 – 2028 (USD Billion)
TABLE NO. 16. North America Flavors Market Revenue, By Type, 2016 – 2028 (USD Billion)
TABLE NO. 17. North America Flavors Market Revenue, By Application, 2016 – 2028 (USD Billion)
TABLE NO. 18. U.S. Flavors Market Revenue, By Type, 2016 – 2028 (USD Billion)
TABLE NO. 19. U.S. Flavors Market Revenue, By Application, 2016 – 2028 (USD Billion)
TABLE NO. 20. Canada Flavors Market Revenue, By Type, 2016 – 2028 (USD Billion)
TABLE NO. 21. Canada Flavors Market Revenue, By Application, 2016 – 2028 (USD Billion)
TABLE NO. 22. Mexico Flavors Market Revenue, By Type, 2016 – 2028 (USD Billion)
TABLE NO. 23. Mexico Flavors Market Revenue, By Application, 2016 – 2028 (USD Billion)
TABLE NO. 24. Drivers for the Flavors Market: Impact Analysis 
TABLE NO. 25. Restraints for the Flavors Market: Impact Analysis
TABLE NO. 26. Major Buyers of Flavors
TABLE NO. 27. Distributors/Traders List of Flavors
TABLE NO. 28. Global Flavors Market, Company Market Revenue, 2016 – 2019 (USD Billion)
TABLE NO. 29:    Global Flavors Market, Company Y-o-Y Growth, 2017 – 2019 (USD Billion)   
 

Methodology

This report is based on in-depth qualitative and quantitative analyses of the global Flavors market. Zion Research has collected and analyzed key data belong to the global Flavors market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.

The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.

Various parameters have been taken into account while estimating market size. The revenue generated by the leading industry participants in from the sales of Flavors across the world has been calculated through primary and secondary research.

Zion Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc. 

For this study, Zion Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in validation of findings from secondary research and to understand key trends in the Flavors industry. Primary research makes up the major source of data collection and validation.   

Primary Research

We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:

  • Provides firsthand information on market size, market trends, growth trends, competitive landscape, outlook, etc.
  • Helps in validating and strengthening the secondary research findings
  • Further, develops the analysis team’s expertise and market understanding
  • Primary research involves e-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies

Participants who typically participate in such a process include, but are not limited to:

  • Industry participants: CEOs, VPs, marketing/product managers, market intelligence managers and national sales managers
  • Purchasing managers, technical personnel, distributors and resellers
  • Outside experts: Investment bankers, valuation experts and research analysts specializing in specific markets

Key opinion leaders specializing in different areas corresponding to different industry verticals

Secondary Research

Secondary research sources that are typically referred to include, but are not limited to:

  • Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
  • IDC and other relevant magazines
  • Internal and external proprietary databases, and relevant patent and regulatory databases
  • National government documents, statistical databases and market reports

News articles, press releases and webcasts specific to companies operating in the market

Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Flavors market.

Models

Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:

  • Demographic data: Population split by segments
  • Macroeconomic indicators: GDP, PPP, Per Capita Income, etc.
  • Industry indicators: Expenditure, technology stage and infrastructure, sector growth and facilities
  • Data is then cross-checked by an expert panel.

Free Analysis

Flavor is the sensory outline of food, which is specially determined by taste and smell. Its main function is to make food tastier and more tempting. The different flavors are made up of chemicals which are added to foodstuff for enhancing or maintaining the taste of the food for a longer time. In addition, it also used to add color, flavor and the look to the food. It has a wide range of application such as food & beverages, bakery, pharmaceuticals, oral care industry and others.

The global flavors market is mainly driven by rapid growth in demand for convenience food across the globe. Secondly, changing lifestyle and eating habits is also expected to propel the demand for flavor market in near future. However, growing concerns towards health issues coupled with stringent rules and regulations are likely to impede the growth of the global flavors market. Nonetheless, emerging economies are likely to open new opportunities to the major players of the market.

Global Flavors Market

The natural and synthetic flavors are the key types of global flavors market. Among these two, the natural flavor dominated the globe flavors market in 2015. It accounted over 50% shares of the overall market in 2015. Furthermore, the shifting preference of customer towards natural flavors is expected to maintain the dominance of natural flavor in the market in near future.

Based on the various applications, the global flavors market is segmented into bakery, beverages, confectionery, dairy, savory & snacks and others applications. Among all applications, beverages were the leading application segment, which accounted for 34.0% share of total volume consumption in 2015. Moreover, the dairy and savory & snacks are important outlets that are expected to have the promising market in the coming years due to strong demand for flavors from emerging countries such as China, India, and Brazil.

Based on geography, North America dominated the global flavors market in 2015. It accounted for over 30.0% shares of the global flavors market. North America was followed by Europe in 2015. In addition, Asia Pacific is expected to be the fastest growing regional markets owing to the mounting demand for flavors in emerging economies such as China, India, Bangladesh and Sri Lanka. Food flavoring companies are also targeting to increase the scope of their business in the region over the future years. Demand for sauces & seasonings of different flavors is expected to increase the market growth in Latin America, Middle East & Africa over the coming years.

Some of the key players 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.

Givaudan is one of the dominating companies in the flavors market. Recently, the Givaudan Company launched the new manufacturing site in Nigeria to expand its business capacity. Firmenich SA is another leading company which accounts for a major chunk in the market. The major players are striving hard to expand its business through new product launch and expansion.

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FrequentlyAsked Questions

The global Flavors Market was valued at USD 13.5 billion in 2020.

The global Flavors Market is expected to reach USD 23.7 billion by 2028, growing at a CAGR of 7.3% between 2021 to 2028.

Some of the key factors driving the global Flavors Market growth are surge in demand for RTE meal and fast foods, Increase in use of health products, and Technological strides.

North America has been leading the worldwide flavors market and is predicted to continue its domination in the years to come, states the market study. The flavors market growth across the region can be attributed to excessive beverage intake in the region as a result of climatic conditions.

Major players in the Flavors market are 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.

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