According to a recent report by Global Market Insights, Inc., food flavors & enhancers market share is projected to exceed USD 13.5 billion by 2027.
Growing consumer inclination towards improved taste profile with additional benefits such as low sugar, low calories, gluten-free and high nutritional content has substantially impelled the demand for enhanced food flavoring agents and enhancers across food industry. Not only this, increasing health consciousness among people due to lifestyle disorders and growing prevalence of chronic health diseases is also supporting the usage of food additives further.
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Considering the rising demand for food flavors and enhancers, several manufacturers are finding new techniques of product development to meet the increasing consumer demand. Citing an instance, in 2020, Firmenich created world’s first flavor using Artificial Intelligence which is a lightly grilled beef taste designed to be used in plant-based meat substitutes. According to the company, this technological breakthrough will offer customers with uniquely developed taste and nutrition solutions, with exceptional speed-to-market. Such advancements are opening new growth opportunities for the food flavors & enhancers market.
Heightened popularity of artificial flavors
Artificial flavors have been conventionally used on a large scale in food products over several years owing to the numerous advantages associated with these additives such as relatively lower cost, ability to blend easily with other traditional flavors, ease of manufacturing and processing, etc. In addition, ease of obtaining high level of purity and consistency in artificial flavors is fueling their adoption further. Considering these factors, artificial flavor segment in food flavors & enhancers market had recorded a valuation of more than USD 1.67 billion in 2020 and is projected to observe a significant CAGR of 4.9% through 2027.
Increasing consumption of sauces and dressings
Adoption of flavors and enhancers to produce sauces and dressings has increased significantly from past few years and is anticipated to surge in coming years. This can be credited to the elevating demand for low-fat substitutes in food products. Besides, changing consumer preferences and desire to relish multispecialty international cuisines along with the growing awareness about healthy and nutritious dietary intake among global populace is positively influencing the adoption of natural, plant-based flavors for manufacturing sauces and dressings. Rising demand for various sauces like tomato sauce, chili sauce, mayonnaise, soy sauce, barbecue sauce, mustard sauce especially for Asian cuisine is expected to foster the food flavors & enhancers market demand further in coming years.
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Rising demand for bakery and confectionery products in Europe
Heightened popularity of sweets among European population and rising trend of consumption of bakery and confectionery products on special occasions and festivals has instigated the demand for flavors & enhancers in the region. On account of increasing product demand in the region, food flavors & enhancers market in Europe is estimated to register a substantial valuation of over USD 3.8 billion by 2027.
Strategic initiatives by market players
Key players operating in food flavors & enhancers market such as Archer Daniels Midland (ADM), Givaudan, Dupont, International Flavors & Fragrances, MANE, Firmenich, Symrise, Kerry Group, Synergy Flavors, Bell Flavors and Fragrances, Keva Flavours, Sensient Technologies, etc., are inclined on developing novel products to enhance their product portfolio and gain a competitive edge in the market. For instance, in 2019, Archer Daniels Midland Company acquired Florida Chemical Company to further strengthen its capabilities for manufacturing high-value flavor ingredients across the range of citrus ingredients for fragrance, flavor and consumer products.
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