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Flavor Enhancer Market - Forecasts from 2023 to 2028

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    Report

  • 152 Pages
  • December 2023
  • Region: Global
  • Knowledge Sourcing Intelligence LLP
  • ID: 5649156

The flavor enhancer market is estimated to grow at a CAGR of 5.17% to reach US$16.032 billion by 2028 from US$11.268 billion in 2021.

Flavor enhancers are often used to improve the taste and texture of the food item. The demand for flavor enhancers is increasing in the market, owing to the increased global expansion of the processed food sector. Furthermore, the increased demand among consumers for exotic food and beverages and the rising market for fusion-based food flavors are also increasing, giving the flavor enhancer market an opportunity to grow. Some of these flavor enhancers are also used for health benefits purposes and various companies are adding new products in their portfolio. Many health-conscious people are consuming flavor enhancers due to these properties as well. Hence, in the projected period flavor enhancer industry is expected to grow at a significant pace due to these developments.

Increasing consumption of processed food

There is a sharp increase in the consumption of processed food among the younger generations and that is indirectly affecting the increased demand for flavor enhancers. These flavor enhancers provide a unique taste to food and beverages. Additionally, with an increasing trend and promotion of healthy lifestyles among people the demand for natural flavor enhancers is expected to experience a rise in the projected period.

The increasing demand for clean-label products can also be attributed as one of the reasons for the natural flavor enhancer market growth. The increasing demand for clear transparent labeling and increased focus on plant-based products is also aiding the flavor enhancer market growth. Flavor enhancer manufacturers also produce seasonal flavors and with the increased number of health-conscious people, the manufacturer has started paying more attention to the manufacturing of flavors made from fruits and vegetables. Hence, in the projected period the market for natural flavor enhancers is expected to grow.

Growth in revenue generated by bread manufacturers

According to the government of Canada George Weston Ltd and Grupo Bimbo SAB de CV are two of the largest baked goods producers in the country. The sales in 2021 were US$783.0 million and US$ 787.0 million in 2021. Bread is considered as an ultra-processed food. The increased consumption of bread in countries such as Canada, the United States, and many parts of Europe. Hence, in the coming years such are expected to increase the market demand for flavor enhancers in the projected period.

North America is anticipated to be the fastest growing market

The two main drivers of the flavor enhancer market's expansion in the North American region are rising personal disposable income and rising demand for low-fat, low-salt, and low-carbohydrate goods. Flavor enhancer market development factors include changing lifestyles, westernization, growing knowledge of the availability of naturally occurring and synthetically created flavor enhancers in emerging economies, and increased health consciousness among the populace.

It is projected that the flavor enhancer market in the United States will grow steadily.

Trends in the flavor enhancer industry follow those in the processed food industry, which includes a rising preference for high-end, all-natural, and health-conscious food options.

According to the US Department of Agriculture, with a 40% market share ($70 million in total items), the US is the main provider of flavor enhancers. In the United States, odoriferous compounds accounted for more than US$40 million in flavor-improving goods, while vegetable saps and hop extracts, which are frequently utilized by major brewers in Brazil, accounted for US$22 million.

Furthermore, in September 2021, the first collection in its new spice blends series, "Blends of the Americas," was made available by Olam Food Ingredients, a global pioneer in natural and sustainable ingredients and solutions. The 17 ready-to-use dry mixes provide food producers, food service providers, and retailers with an easy, clean-label method of developing dependable and genuine flavors.

Market Key Developments

  • In May 2022,Givaudan launched NaNino+ a patent-pending synergistic combination of plant-based and natural flavoring that can help in replacing the nitrite in processed food. With the increasing scrutiny around nitrites and increasing consumer demand for healthier alternatives, such products can be proved helpful for processed meat manufacturers.
  • In March 2022,Flavorchem created an exclusive collection of six true-to-fruit citrus flavors in response to customer desire for authenticity and worldwide appeal. The market's top trends for citrus flavors served as inspiration for the introduction of our Citrus Vacation Flavour Collection.
  • In January 2022,Vegan Boost, a new line of all-natural flavor boosters created by International Taste Solutions (I.T.S.), imitates the decadent qualities of conventional baked goods in dairy- and egg-free substitutes. The introduction is timed to coincide with Veganuary and takes advantage of consumers' increased interest in plant-based diets.

Segmentation:

By Type

  • Acidulants
  • Glutamates
  • Nucleotides
  • Others

By Form

  • Liquid
  • Powder
  • Others

By Source

  • Natural
  • Synthetic

By Application

  • Natural Animal Feed
  • Food and Beverages
  • Pet Food

By Geography

  • North America
  • USA
  • Canada
  • Mexico
  • South America
  • Brazil
  • Argentina
  • Others
  • Europe
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Others
  • Middle East and Africa
  • Saudi Arabia
  • South Africa
  • Others
  • Asia Pacific
  • China
  • Japan
  • Australia
  • India
  • Others
Frequently Asked Questions about the Flavor Enhancer Market

What is the estimated value of the Flavor Enhancer Market?

The Flavor Enhancer Market was estimated to be valued at $11.27 Billion in 2021.

What is the growth rate of the Flavor Enhancer Market?

The growth rate of the Flavor Enhancer Market is 5.1%, with an estimated value of $16.03 Billion by 2028.

What is the forecasted size of the Flavor Enhancer Market?

The Flavor Enhancer Market is estimated to be worth $16.03 Billion by 2028.

Who are the key companies in the Flavor Enhancer Market?

Key companies in the Flavor Enhancer Market include Bell Flavors & Fragrances, Firmenich S.A.I.C. y F. (Firmenich SA), Lycored, Caldic B.V., Givaudan SA, International Flavors & Fragrances Inc., Ajinomoto Group, Corbion NV, Archer Daniels Midland Company and Angel Yeast Co..

Table of Contents

1. INTRODUCTION
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.5. Currency
1.6. Assumptions
1.7. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Data
2.2. Assumptions
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. FLAVOR ENHANCER MARKET BY TYPE
5.1. Introduction
5.2. Acidulants
5.3. Glutamates
5.4. Nucleotides
5.5. Others
6. FLAVOR ENHANCER MARKET BY FORM
6.1. Introduction
6.2. Liquid
6.3. Powder
6.4. Others
7. FLAVOR ENHANCER MARKET BY SOURCE
7.1. Introduction
7.2. Natural
7.3. Synthetic
8. FLAVOR ENHANCER MARKET BY APPLICATION
8.1. Introduction
8.2. Natural Animal Feed
8.3. Food and Beverages
8.4. Pet Food
9. FLAVOR ENHANCER MARKET BY GEOGRAPHY
9.1. Introduction
9.2. North America
9.2.1. USA
9.2.2. Canada
9.2.3. Mexico
9.3. South America
9.3.1. Brazil
9.3.2. Argentina
9.3.3. Others
9.4. Europe
9.4.1. Germany
9.4.2. United Kingdom
9.4.3. France
9.4.4. Italy
9.4.5. Spain
9.4.6. Others
9.5. Middle East and Africa
9.5.1. Saudi Arabia
9.5.2. South Africa
9.5.3. Others
9.6. Asia Pacific
9.6.1. China
9.6.2. Japan
9.6.3. Australia
9.6.4. India
9.6.5. Others
10. COMPETITIVE ENVIRONMENT AND ANALYSIS
10.1. Major Players and Strategy Analysis
10.2. Market Share Analysis
10.3. Mergers, Acquisitions, Agreements, and Collaborations
11. COMPANY PROFILES
11.1. Bell Flavors & Fragrances
11.2. Firmenich S.A.I.C. y F. (Firmenich SA)
11.3. Lycored
11.4. Caldic B.V.
11.5. Givaudan SA
11.6. International Flavors & Fragrances Inc.
11.7. Ajinomoto Group
11.8. Corbion NV
11.9. Archer Daniels Midland Company
11.10. Angel Yeast Co.

Companies Mentioned

  • Bell Flavors & Fragrances
  • Firmenich S.A.I.C. y F. (Firmenich SA)
  • Lycored
  • Caldic B.V.
  • Givaudan SA
  • International Flavors & Fragrances Inc.
  • Ajinomoto Group
  • Corbion NV
  • Archer Daniels Midland Company
  • Angel Yeast Co.

Methodology

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