Food Flavors Market Growing 3.6% CAGR to Reach USD 19.22 Billion by 2030 | Allied Market Research
Rising demand for new flavors from the food and beverage industry and continuous development is fueling the growth of the food flavoring market.
PORTLAND, OREGON, USA, Sept. 10, 2022 /EINPresswire.com/ — The global food flavoring market generated $12.71 billion in 2020 and is expected to reach $19.22 billion by 2030, registering a CAGR of 3.6%.
The report offers an in-depth analysis of the market size, emerging and current trends, future estimates, and key players. Rising demand for RTE and fast food meals, rising usage of health care products, rising income levels, and technological advancements are fueling the global food flavorings market. On the contrary, increasing side effects of artificial flavors, strict government rules and increased health awareness among consumers are hampering the growth of the market. On the contrary, opportunities in unpenetrated and underpenetrated emerging countries create lucrative market opportunities.
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Key players of global food flavoring market analyzed in the research include Frutarom Industries Ltd., Firmenich SA, Huabao International Holdings Limited, Givaudan International SA, Kerry Group, Plc., SH Kelkar and Company Limited., Robertet SA, Symrise AG, Sensient Technologies Corporation and Takasago International Corporation.
The pandemic has caused partial or complete shutdowns of food flavoring industries, which has negatively impacted the global food flavoring market.
Disrupted supply chains and a lack of sufficient labor affected the production process.
The report segments the global food flavoring market on the basis of type, end-user and region.
On the basis of type, the synthetic segment contributed the highest market share in 2020, attributing more than three-fifths of the total market share, and is expected to dominate the market during the forecast period. On the other hand, the natural segment is expected to show the fastest CAGR of 4.5% from 2021 to 2030.
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On the basis of end-user, the beverage segment contributed the highest market share in 2020, attributing nearly one-third of the total market share, and is expected to lead during the period of forecast. On the other hand, the savory and snacks segment is expected to show the fastest CAGR of 5.2% from 2021 to 2030.
Based on region, Asia-Pacific, followed by North America, contributed the highest share in 2020, holding almost a third of the total share, and is expected to lead during of the forecast period. The global food flavorings market in Asia-Pacific region is expected to register the fastest CAGR of 4.6% during the forecast period.
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