Cibi e Bevande
Food Flavors Market to Garner $17.42 Bn, Globally, by 2027 at 4.6% CAGR: Allied Market Research
Rise in demand for RTE meal and fast foods, increase in use of health products, and surge in income levels drive the growth of the global food flavors market. Moreover, rapid technological advancements supplemented the market growth. However, increase in side effects of artificial flavors, stringent government regulations, and surge in health awareness among consumers hamper the market growth. On the contrary, untapped potential in unpenetrated and under-penetrated developing countries is expected to create lucrative opportunities for the market players in the coming years.
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By type, the artificial food flavors segment held the largest share in 2019, accounting for nearly two-thirds of the global food flavors market, owing to less processing time compared to natural flavors. However, the natural food flavors segment is expected to register the highest CAGR of 5.6% during the forecast period, due to their increased demand in the food & beverage industry and rise in demand for clean label products globally.
By end user, the savory & snacks segment is expected to reach the fastest CAGR of 6.3% during the study period, owing to their growing demand across developing countries. However, the beverages segment held the largest share in 2019, contributing to more than one-fourth of the global food flavors market, due to rise in awareness among the population regarding the side effects of carbonated drinks.
The market across Asia-Pacific , held the largest share in 2019, accounting for nearly one-third of the market. Moreover, the region is expected to manifest the highest CAGR of 6.0% during the forecast period, owing to change in taste for fast food & beverages in the region and rise consumption of dairy, bakery, and beverage products. The global food flavors market across North America held the second-highest share in 2019, contributing to more than one-fourth of the market.
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