According to the report, global flavors market was valued at USD 11.50 billion in 2015 and is expected to reach USD 15.60 billion in 2021, growing at a CAGR of 7.5% between 2016 and 2021. In terms of volume, the global flavors market stood at 587.0 million tons in 2015.
Flavor is the sensory outline of food, which is especially determined by taste and smell. Its main function is to make food tastier and more tempting. The different flavors are made up of chemicals which are added to foodstuff for enhancing or maintaining the taste of the food for a longer time. In addition, it also used to add color, flavor and the look of the food. It has a wide range of application such as food & beverages, bakery, pharmaceuticals, oral care industry and others.
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The global flavors market is mainly driven by rapid growth in demand for convenience food across the globe. Secondly, changing lifestyle and eating habits is also expected to propel the demand for flavor market in near future. However, growing concerns towards health issues coupled with stringent rules and regulations are likely to impede the growth of the global flavors market. Nonetheless, emerging economies are likely to open new opportunities to the major players of the market.
The natural and synthetic flavors are the key types of global flavors market. Among these two, the natural flavor dominated the global flavors market in 2015. It accounted over 50% shares of the overall market in 2015. Furthermore, the shifting preference of customer towards natural flavors is expected to maintain the dominance of natural flavor in the market in near future.
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Based on the various applications, the global flavors market is segmented into the bakery, beverages, confectionery, dairy, savory & snacks and others applications. Among all applications, beverages were the leading application segment, which accounted for 34.0% share of total volume consumption in 2015. Moreover, the dairy and savory & snacks are important outlets that are expected to have the promising market in the coming years due to strong demand for flavors from emerging countries such as China, India, and Brazil.
The report covers forecast and analysis for the flavors market trends on a global, regional and country level. The study provides historic data of 2015 along with the forecast from 2016 to 2021 based on both volumes (million tons) and revenue (USD million). The study includes drivers and restraints for the flavors market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the flavors market on a global level.
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In order to give the users of this report a comprehensive view of the flavors market, we have included a detailed competitive scenario and product portfolio of key vendors. To understand the competitive landscape in the market, an analysis of Porter’s Five Forces model for the flavors market has also been included in the study. The study encompasses a market attractiveness analysis, wherein application segments are benchmarked based on their market size, growth rate, and general attractiveness.
The report provides company market share analysis in order to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new product launch, agreements, partnerships, collaborations & joint ventures, research& development, product and regional expansion of major participants involved in the market on the global and regional basis. Moreover, the study covers price trend analysis, the product portfolio of various companies along with patent analysis (2011-2016) bifurcated into a patent trend, patent share by company and patent analysis according to the region.
The study provides a decisive view on the flavors market share by segmenting the market based on products and applications. All the application segments have been analyzed based on present and future trends and the market is estimated from 2015 to 2021. The type of flavors included in the study is natural and synthetic. Key application segments covered under this study includes beverages, bakery, confectionery, dairy, savory & snacks and other applications. The regional segmentation includes the current and forecast demand for North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa with its further bifurcation into major countries including U.S. Germany, France, UK, China, Japan, India, and Brazil. This segmentation includes demand for flavors based on individual types and applications in all the regions and countries.
The report also includes detailed profiles of end players such as Givaudan, Firmenich SA, Kerry Group plc, Symrise AG, Wild Flavors Inc., Frutarom Industries Ltd., SunOpta, Inc, International Flavors and Fragrances Inc., Mane Fils SA, Archer Daniels Midland Company and Sensient Technologies Corporation. The detailed description of players includes parameters such as company overview, financial overview, business strategies and recent developments of the company.
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