The global
food flavors market is expected to grow by USD 2.75 billion as per
Technavio. This marks a significant market slowdown compared to the 2019 growth
estimates due to the impact of the COVID-19 pandemic in the first half of 2020.
However, steady growth is expected to continue throughout the forecast period,
and the market is expected to grow at a CAGR of over 4%.
The market is driven by the premiumization in the food and beverage
industry. In addition, the increasing demand for food flavors in processed
foods is anticipated to boost the growth of the food flavors market.
The growing health consciousness among consumers has increased the
demand for premium food products with new flavors. This is encouraging players
in the market to offer different varieties of premium flavors for a wide range
of food products and thus expand their customer base. For example, Mane, a France-based
manufacturer of premium high-performing natural flavors, is offering new
premium natural flavors such as Amarena, Burnt Sugar, Crema Fiorentina, and
Mascarpone. Similarly, Germany-based Symrise offers a wide range of exotic and
premium flavors, which are available in liquid, powder, and seasoning forms.
Therefore, the ongoing premiumization in the F&B industry is expected to
fuel the growth of the global food flavors market during the forecast period.
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Major Five Food Flavors Companies:
Archer Daniels Midland Co.
Archer Daniels Midland Co. operates its business through segments such
as Ag Services and Oilseeds, Carbohydrate Solutions, Nutrition, and Other. The
company offers natural food flavors under its portfolio, WILD Flavors.
BASF SE
BASF SE operates its business through segments such as Chemicals,
Materials, Industrial Solutions, Surface Technologies, Nutrition & Care,
Agricultural Solutions, and Other. The company offers flavors for the food and
beverage industry under its portfolios, Divergan, and omega-3.
Firmenich SA
Firmenich SA operates its business through segments such as Perfumery,
Flavors, and Ingredients. The company provides a wide range of food flavors
under its TasteGEM portfolio for different kinds of products such as dairy,
confectionery, soups, and noodles.
Givaudan SA
Givaudan SA operates its business through segments such as Fragrance and
Flavour. The company produces different types of food flavors for various
categories, which include sweet goods, savory, snacks, and dairy. Some of the
food flavors offered by the company include citrus and vanilla.
Kerry Group Plc
Kerry Group Plc operates its business through segments such as Taste
& Nutrition and Consumer Foods. The company offers different varieties of
flavors such as sweet flavors and their extracts, savory extracts, and
distillates.
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