Flavor and Flavor Enhancers Market

Flavor and Flavor Enhancers Market Size Analysis

According to a recent survey conducted by ChemView Consulting, the Global Flavor and Flavor Enhancers  Market grew at a CAGR of 4.3% between 2017-2021 and is estimated to be US$ 10,341.9 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 4.5% and is expected to reach a valuation of US$ 16,060.7 Mn by 2032 end.

Throughout the projected period, the market for Flavors and Flavor enhancers is anticipated to grow significantly as consumer preference for mouth-watering products increases. The demand for processed food items has increased due to the rise in the consumption of quick meals and changes in consumer lifestyles.

Market Dynamic

THE RISE IN DEMAND FOR THE FOOD & BEVERAGE INDUSTRY WILL BOOST THE MARKET FOR FROZEN FOOD

The food and beverage market is one of the most important markets in the world. This industry is a major shareholder of the food additives market, which means that it makes products such as flavoring and ingredients for beverages. The need for taste and flavors in these industries is high, especially when we talk about carbonated beverages. Typically, these kinds of beverages contain flavor enhancers that are artificial additives. There are no natural food extracts in many beverages, which means that they need more flavor enhancers to make them taste good. Demand from this industry leads to high growth in the Flavor Enhancer Market.

Another driver of this market is sensory food items. Modern foods and consumption by people are by their flavor and aroma. The modernized food habits of consumers are boosting overall demand in this market today.

STRINGENT GOVERNMENT RULE HAMPERS THE MARKET GROWTH

The regulatory bodies have many rules regarding the use of these additives. The use of artificial flavors is also restricted in some regions. These are some of the factors that pose a challenge to the growth rate of the market. Frozen foods, soups, and other food items should contain only the prescribed quantity of food flavors.

In some, the region’s usage of artificial flavors has high restrictions. Today, many challenges are hindering overall growth in the forecast period.

THE RISING DEMAND FOR ORGANIC FLAVOR ENHANCERS BY  CONSUMERS WILL CREATE MORE OPPORTUNITIES FOR THE MARKET

The organic flavor enhancer market is growing at a rapid pace, and it’s not just because of new products. The global demand for healthy food is becoming more important, which is causing many flavored choose organic flavored foods and products.

This means that the organic flavor enhancer market will have high demand from many regions. This will lead to more supply in the next few years.

Another factor responsible for the high expansion rate and growth rate of this market is technological developments. These technologies are rapidly growing, which means that there are more opportunities for investment in these areas. This will lead to higher extraction and manufacturing capabilities in the next few years.

COVID-19 Impact

The global pandemic has changed the dynamics of business. In this period many industries are facing numerous challenges and opportunities. From both the consumer and health end many issues need to be addressed. Supply chain disruptions are one of the crucial challenges in this period. There is a restriction for many firms from 2020. These restrictions decrease the production and supply of the products. The flavor enhancer market is witnessing low demand in this period.

However, in 2022 business activities across the world are surging. It is creating a positive impact on the market. A new variety of snacks and condiments will create a positive Flavor Enhancer Market Outlook for 2020 & 2022

Market Segments Covered in Report

By Type :

• Artificial flavor enhancer
• Natural flavor enhancer

By Ingredients :

• Hydrolyzed vegetable proteins
• Acidulate
• Yeast extract
• Glutamate

By Form :

• Powder
• Liquid

By Application :

• Meat products
• Confectionary and bakery
• Snacks
• Beverages
• Frozen desserts and dairy products

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

Why did Meat & Fish Products expect to expand the fastest during the forecast period?

Flavor enhancers are used to enhance the taste and aroma of food products, especially those that have been pre-processed. Growing demand for good taste, aroma, and palatability in convenience foods has contributed to the growing demand for flavor enhancers on the global market. Changing lifestyles and food habits have grown the demand for flavor enhancers in the market. Powders such as meat and seafood have driven up the demand for flavor enhancers in the market.

RTE foods such as ready-to-eat (RTE) foods have also become a significant part of the market, which calls for the use of taste enhancers such as glutamates. Additionally, it aids in preserving the traditional and ethnic tastes of the food and aids in improving metabolism.

Why is the utility segment expected to have the largest revenue share during the forecast period?

Glutamates have grown in popularity in food goods, and it is anticipated that this market will account for 45.0% of total sales. The food processing industry is using glutamates to a large extent due to their calming properties. Along with this, glutamate also can enhance the taste of the traditional Umami flavor of Japan.

The increased demand for instant noodles, hotpots, and soups has significantly raised sales of glutamates in the market. Glutamates are rich in flavor and serve as the best seasoning. These flavor enhancers are the best option in the quick-service restaurant business due to their high-quality and cost-friendly properties.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• In 2021, the North American market held a sizeable revenue share of 23.4 %. In the U.S., there has been a growing demand for ready-to-cook foods, which has led to increased interest in flavor enhancers across the country. Growing demand for the use of sports drinks and beverages has elevated demand for flavor enhancers in the beverage industry.
• In recent years, Asia Pacific consumers have been increasingly turning away from synthetic and animal-based food products and derivatives, as they are not only considered unhealthy but also contribute to deforestation. The Chinese government has repeatedly emphasized the importance of food safety for the nation, prompting regulatory authorities to revamp existing food safety standards to incorporate stringent quality control checks and inspections.

Competition Analysis

Strategic partnerships help businesses meet consumer demand, boost production, and improve sales and market share. End customers will be able to take advantage of products that are organic by nature thanks to new products and technology. The outcome of a strategic partnership may enable the business to boost output.

Some of the key developments that have taken place in the Flavor and Flavor Enhancers Market include:

• In February 2021, The PRiMX battery brand was introduced by SAMSUNG SDI Co., Ltd. It offers consumers quality, performance, and a proven advantage, which translates to user ease thanks to the company’s exclusive technology. The brand has trademark protection in Korea and Europe and will shortly get US registration.
• In July 2021, Panasonic and Span.IO, Inc. (US) recently inked a new contract to construct a home energy storage system. This technology will probably be added to Panasonic’s EverVolt, along with the Span smart panel, giving users of the EverVolt a new degree of control over their battery backup power and simple energy management for their homes.

A list of some of the key suppliers present in the market are:

• Cargill Inc.
• Tate & Lyle Plc.
• Associated British Foods Plc.
• Corbion N.V
• Sensient Technologies
• Firmenich SA
• Givaudan
• Takasago International Corporation
• Mane SA
• International Flavors & Fragrances Inc. (IFF)
• Quest Nutrition LLC
• Danisco A/S

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.