The food flavors market is projected to reach USD 21.3 billion by 2027 growing at a CAGR of 3.5% from 2022 to 2027. Convenience is a prime concern for present-day consumers who frequently lack time to make wholesome food and beverages at home due to cultural upheavals and dynamic lifestyle changes. Hesitant to forgo nutrition, they seek ready-made substitutes that can save time without jeopardizing their health objectives. However, there is much loss of natural food flavors as convenience foods undergo extensive processing. To compensate for this loss, manufacturers are widely employing food flavors, both natural and artificial, to improve the overall aroma of food and beverages, hence fueling the expansion of the food flavor market. At the same time, constant innovations, increased investment in R&D, and a surging demand for variety in foods and beverages have led to extensive use of flavors by producers. Flavors can be created synthetically or can be derived naturally from fruits, botanical extracts, meat, spices, herbs, and essential oils.
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Adoption of cannabis as a natural ingredient for flavor development
Terpenes and cannabinoids like tetrahydrocannabinol (THC) and cannabidiol (CBD) have enormous potential for applications in medicine and health. Additionally, cannabis-derived chemicals have unique characteristics that can impart distinctive flavors to meals and beverages. Studies are being conducted to prove that cannabis can improve taste response and increase food sensory attractiveness. Moreover, combining cannabis with botanicals, such as ginseng, ashwagandha, and citrus fruits, not only creates novel flavor profiles but also improves the effects of cannabis on focus, sleep, and stress relief. The adaptation of cannabis as a flavor ingredient may create opportunities for the food flavor market to grow exponentially.
Compliance with quality and regulatory standards
The food flavor manufacturers are to abide by the various regulatory standards set by the national and international food safety bodies. However, the stringent regulations vary with every country, which may cause confusion, prevent the introduction of new products, increase product prices, and may lead to product recalls, thus challenging the growth of the market.
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North America dominated the food flavors market in 2021, and the market is projected to grow with a CAGR of 3.39% during the forecast period (2022-2027)
North America provides many expansion opportunities to the market owing to the presence of a large number of food processing units and increased demand for convenience and functional foods influenced by the dynamic lifestyle and changing eating habits of the region. The United States harbors the greatest number of food and beverage manufacturing plants on the continent. USDA reports imply that food and beverage processing facilities accounted for 15.8% of total shipments and 14.7% of all U.S. manufacturing plant employment, in 2019. With a share of shipments of 24% in 2019, the food processing sector was dominated by the meat processing industry. Hence, there is a potential for the growth of the savory flavor market in this country. Besides, the rising concern among consumers regarding the health and environmental impacts of synthetic food ingredients has resulted in an increased demand for natural ingredients, which is further boosting the growth of the food flavor market. Additionally, Mexico has a wide consumer base for soft drinks and is widely employing fruit and botanical extracts to provide more flavor varieties to customers.
The key players in the food flavor market include Givaudan (Switzerland), International Flavors and Fragrances (IFF) (US), Symrise (Germany), Firmenich (Switzerland), and Mane (France).
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