Food Flavors Market to Reach $20.12 Billion by 2028; Rising Adoption of Packaged Foods and Beverages to Foster Market Progress

The global food flavors market size is expected to exhibit strong growth by reaching USD 20.12 billion by 2028. Fortune Business Insights™ in its report titled “Food Flavors Market Size, Share & COVID-19 Impact Analysis, By Type (Natural and Synthetic), By Application (Bakery, Beverages, Confectionery, Dairy, Convenience Food, Snacks, and Others), and Regional Forecast, 2021 – 2028” observes that the market size stood at USD 14.30 billion in 2020 and is projected to exhibit a CAGR of 4.64% during 2021 and 2028. Rising adoption of packaged edibles and beverages and consumers’ inclination towards clean-label and organic ingredients are likely to propel the growth of the market.

Givaudan SA Sets Up Manufacturing Facility in Pune, India to Expand Market Reach

Givaudan SA set up its manufacturing facility in Pune, India, in February 2019 to satisfy consumer demand in the eatables, beverage, and healthcare segment. The manufacturing plant is built with an investment of USD 59 million and presents a huge growth opportunity in Asia-Pacific. The facility is approximately 40,000 square meters long and is designed specifically to produce taste and flavor products to satisfy consumers’ demands. Givaudan SA intends to create over 200 jobs at the facility. The company aims to deliver an extensive range of applications and expand its market reach through this development.

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Robust Demand for Floral and Botanical Flavors to Facilitate Market Growth

The rising consumer preferences towards floral and botanical flavors are expected to boost food flavors’ demand. The incorporation of floral flavors enhances food products’ aroma and attracts several consumers. They are utilized by baked goods to improve the aroma and taste of edibles. Blackberry-rose marshmallows, lemon-violent granola, honey-lavender gelato, and lemon-lavender cookies are examples of products that utilize flavoring substances to improve their taste and smell. Furthermore, the rising awareness among consumers regarding the benefits of organic flavors is likely to propel the industry's growth. Organic flavors retain the flavor and taste of the product and improve the product’s quality. The risks associated with synthetic flavoring are expected to propel natural flavoring substances’ demand. In addition, natural flavoring substances also act as a preservative, which, in turn, may boost the product’s shelf-life. These factors may drive the market growth.

Manufacturers Acquire Crucial Players to Expand Market Reach Globally

The prominent companies operating in the market devise acquisition strategies to expand their reach globally. For example, Synergy Flavors acquired Innova Foods, a leading savory flavor manufacturer, in May 2021. It is owned by Griffith Foods and may allow Synergy to expand its reach globally and reach a wider audience. Further, the launch of novel products may help manufacturers grasp the consumers’ attention, boost sales, and improve their brand image. In addition, the adoption of research and development may allow companies to develop better products and incorporate flavors. This strategy may enable the company to establish a remarkable market position.

Industry Development

• July 2021: Synergy Flavors Inc. announced its “Inspiring Fruits” line of depictable food flavors, natural flavors, and fruit essences for food and beverages.

LIST OF KEY COMPANIES PROFILED:

• Givaudan SA (Vernier, Switzerland)


• International Flavors and Fragrances (New York, U.S.)


• Symrise AG (Holzminden, Germany)


• Sensient Technologies Corp (Wisconsin, U.S.)


• Firmenich (Geneva, Switzerland)  


• Archer-Daniels-Midland Co. (Illinois, U.S.)


• Kerry Group Plc (Tarlee, Ireland)


• Corbion NV (Amsterdam, Netherlands)


• Koninklijke DSM NV (Herleen, Netherlands)


• BASF SE (Ludwigshafen, Germany)

Further Report Findings

• The market in Asia Pacific stood at USD 5.02 million in 2020 and is projected to gain the largest portion of the global food flavors market share. The rising adoption of processed eating goods and beverages among consumers is likely to boost food flavors’ adoption. Further, several employed individuals and a huge population are likely to boost the adoption of healthy eatables and drinks.


• Moreover, the increasing investments in India, Japan, and China are likely to boost market growth. In addition, the rising adoption of is expected to boost these flavors’ demand. These factors may boost the growth of the industry.


• According to type analysis, the natural food flavoring segment leads the market share. The influence of regional cuisines and the rising adoption of natural flavors are expected to boost market progress.

Report Scope & Segmentation