Australia Food Flavor and Enhancer Market- Growth, Trends, Forecast for the period (2020 - 2025)

Australia Food Flavor and Enhancer market is projected to grow at a CAGR of 4.37% during the forecast period (2020 - 2025).

• Owing to the fast-paced lifestyle of the generation, consumers are increasingly inclining towards convenience food products, including instant soups, sauces, noodles, baked goods, and other ready meals, owing to their instant nature i.e. lesser preparation time and easy handling.
• However, despite the need to rely on comfort foods, consumers are reluctant to compromise on flavor. Younger age groups in precise, are the primary consumer base constantly willing to discover varied culinary traditions, in the interest of their taste buds.

Key Market Trends

Increasing Inclination Towards Clean-Label Claim

Consumers today are resourceful to identify the product formulation and the quality of ingredients used by the manufacturer. As the consumers learn more about their food and ingredients used during processing, they shape the products they want to find on the shelf.​ An interest in the development of new natural flavors has been observed, for their use in the food industry, which is due to the strong consumer demand for more natural products. The health-enhancing properties of natural flavors, combined with the organic properties in natural products, are also increasing their adoption. Nonetheless, major food companies such as Kellogg’s, General Mills, Nestle, Campbell, Kraft, etc. have assured to restrict the use of artificial additives and flavors from their product formulations, portraying promising future of clean label flavors in the forecast period.

Dairy is the Fastest Growing Segment

Growing demand for specialty dairy products such as feta cheese has increased the need for dairy-derived flavors as these flavors offer the ability to the manufacturers to reduce the manufacturing cost. They can be used as a substitute for specialty dairy ingredients which are expensive and difficult to source.​ Customers prioritize taste and flavor and dairy-derived flavors offer distinct flavor profiles such as creamy, buttery, cheesy along with reducing the volume of dairy ingredient and provide similar aroma and taste profile and hence increasing the profitability margin of the final product.

Competitive Landscape

The Australia food flavors and enhancers market is consolidated with the major share held by major players, such as Givaudan, IFF, Symrise, Takasago, and Sensient Technologies, etc.​ Companies have been expanding their facilities, in terms of, innovation centers to procure new flavors from regional sources to introduce new flavor ingredient lines. With the growing number of health-conscious and religious consumers players are developing natural, kosher, and halal offerings to grab the attention of these customers.

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