The global flavoring agents market size is expected to reach USD 23.06 billion by 2028 according to a new study by Polaris Market Research. The report “Flavoring Agents Market Share, Size, Trends, Industry Analysis Report, By Type (Natural Flavor, Artificial Flavor), By Application (Beverages, Bakery, Dairy, Savory & convenience foods, Confectionery, Meat, Others), By Region; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Due to the consumption of packaged and prepared foods, both in advanced and developing regions, the global flavoring agents is likely to see significant market growth throughout the forecast period. Flavoring agents are being used to improve the quality of food, especially in products that have lost their natural flavor over time.
Flavoring additives are complex mixtures obtained from plants or artificial processes that are used to change the flavor of a product. Flavoring additives improve the product’s taste, which helps to stimulate appetite. Furthermore, the substance is widely used in the food processing industry, where natural flavor deterioration is visible over the period.
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The major drivers for the market are rising disposable income and increased interest in different opportunities and foreign cuisines as a result of global travel. Furthermore, modern lives have led to an increase in processed food demand. Manufacturing companies of pet food, drinks, dairy & frozen foods, e-cigarettes, bakery & confectionaries, pharmaceuticals, canned foods, and vapor machines all use these flavoring agents.
Because of the health benefits of natural flavors, strict rules and regulations governing product labeling have pushed food and beverage producers to use them. Furthermore, as people become more health-conscious, natural flavoring agents are becoming more widely accepted in the food and beverage industry. Flavoring agents are also in high market demand from producers of sports, carbonated, energy, and alcoholic beverages around the world.
High production costs and the strict laws governing food additives, the market demand for flavoring agents is expected to be stifled. Because of the effect of flavoring agents on public health, the European Flavor and Fragrance Association has enacted laws limiting the use of flavoring agents in various forms of food items such as dairy, beverage, bakery, snacks, and convenience foods.
Asia Pacific is anticipated to witness substantially growth in the coming years. The Indian government has announced 51% foreign direct investment in multi-brand retail and 100% foreign direct investment in food manufacturing and singular retail. This would improve distribution networks and jobs in the region, impact the growth of beverage flavoring systems, and leading to the development of the FMCG industry. In the Asian region, the demand for sports drinks, packaged juices, and energy drinks is allowed to spur up demand for flavoring agents.
Market participants such as Givaudan SA, Takasago, International Flavors & Fragrances Inc., Sensient, Kerry, Mane, Symrise AG, Wild, Haubao, Hasegawa, Firmenich, and Robertet some of the key players operating in the market for flavoring agents.
Polaris Market Research has segmented the flavoring agents market report based on type, application, and region:
Flavoring Agents, Type Outlook (Revenue – USD Billion, 2016 – 2028)
- Natural flavor
- Artificial flavor
Flavoring Agents, Application (Revenue – USD Billion, 2016 – 2028)
- Savory & Convenience Foods
- Meat Others
Flavoring Agents, Regional Outlook (Revenue – USD Billion, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa