The global food flavors market is expected to post a CAGR of over 5% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global food flavors market from 2019-2023. (Graphic: Business Wire)
All processed foods contain some amount of natural or artificial flavors. Hence, with the increase in demand for processed foods, the demand for different varieties of food flavors as additives is expected to increase. Different types of natural and artificial flavors are used to impart a characteristic taste, which makes it more appealing to consumers. Thus, such factors are expected to boost market growth during the forecast period.
As per Technavio, the technological advances in the food flavor industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global food flavors market 2019-2023research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Food Flavors Market: Technological Advances in Food Flavor Industry
Numerous local and global vendors in the food flavors market are adopting new technologies to produce improved varieties of natural and synthetic flavors. These vendors are increasingly engaging in several R&D activities to introduce innovation and technological advances. Such activities will increase the demand for food flavors. Manufacturers in the food industry have also developed certain advances in techniques for flavor recovery in liquid food processing to enhance the flavor profile of liquid food products.
Moreover, there is a growing interest among food manufacturers to develop multisensory technologies for flavor augmentation, which will help in improving the experience of consumers. Manufacturers are also seen inventing advanced technologies for the extraction of flavors to retain the flavor derived from natural ingredients, particularly fruits. Some of the popular technologies include supercritical carbon dioxide technology, solid-liquid extraction (SLE), high-power ultrasound, and supercritical fluid extraction (SEE). Such innovations and technological advances are emerging as a popular trend, which will help to accelerate the growth momentum of the market during the forecast period.
“Apart from the technological advances in the food flavor industry, the increasing number of M&A activities and premiumization in food and beverage industry are some other factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
Global Food Flavors Market: Segmentation Analysis
This market research report segments the global food flavors market by product (natural flavors and artificial flavors) and geographical regions (Europe, North America, APAC, South America, and MEA).
The European region led the market in 2018, followed by North America, APAC, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the growing demand for processed food in the region.
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Five Forces Analysis
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