Food Flavors Global Market Report 2024

The food flavors market size has grown strongly in recent years. It will grow from $13.63 billion in 2023 to $14.55 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The expansion observed in the historical period can be attributed to robust economic growth in emerging markets, a heightened consumer awareness of natural food flavors, and an increase in the demand for processed foods.

The food flavors market size is expected to see strong growth in the next few years. It will grow to $18.59 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The anticipated growth in the forecast period can be attributed to increasing government support, a rising demand for food products, and an increasing demand from the fast-food industry. Key trends expected in the forecast period encompass a growth in investments, product innovations, launches of innovative snack flavors, a focus on artificial intelligence for optimizing food and flavor formulation, technological advancements, and strategic partnerships and collaborations.

The food flavor market is poised for growth, driven by an increasing demand for ready-to-eat meals and fast food. Ready-to-eat food, designed for direct human consumption without cooking, has gained popularity due to economic growth, rising standards of living, and urbanization. The shift in purchasing power and preferences towards convenient packaged foods and fast food is evident in the Food and Beverage Report of 2021 by the Federal Communications Commission. The report highlights a 3.5% year-over-year increase in food and beverage manufacturing sales from $118.7 billion to $122.9 billion in 2020, indicating a surge in demand for ready-to-eat meals and fast food and, consequently, driving the growth of the food flavor market.

Government support is expected to play a pivotal role in propelling the food flavors market during the forecast period. Globally, governments are taking initiatives to support the food and beverage industry, emphasizing food security projects. An example is the Spanish government's commitment to contribute €151.5 million ($165.4 million) and lend an additional €85 million ($92 million) for various food security projects over the next three years through the AECID's Fund for the Promotion of Development (FONPRODE). This increased governmental support is anticipated to drive the food flavors market forward.

A key trend gaining momentum in the food flavor market is product innovations. Major companies are actively seeking to introduce new products with unique flavors to enhance their market positions and meet consumer demand. For instance, Flavorchem, a US-based manufacturer of flavor and color solutions, launched a range of citrus flavor enhancers in March 2022, specifically designed for the development of immunity-boosting products, leveraging the common association of citrus flavors with immune support.

Technological advancements are a focal point for companies in the food flavors market to strengthen their market positions. T. Hasegawa USA Inc., a US-based food flavors company, introduced HASEAROMA and ChefAroma flavor enhancer technologies in June 2023. HASEAROMA, a patented research and enhancement technology, creates authentic sweet and savory flavors, while ChefAroma offers a revolutionary technique for achieving rich, nuanced flavors true to culinary recipes in less time than traditional methods.

In May 2023, Nactorome, an Italy-based manufacturer of natural taste and color solutions, acquired Calaf Nuances, a Spain-based producer of food flavor solutions, as part of Nactarome’s long-term strategic plan to strengthen its position in the food flavor sector and create sustainable value for stakeholders. This acquisition reflects the ongoing consolidation and strategic moves within the food flavors market.

Major companies operating in the food flavors market report are International Flavors & Fragrances Inc., Givaudan, Kerry Group PLC, Sensient Technologies Corporation, Archer-Daniels-Midland Co,Takasago International Corporation, Ajinomoto Co., Inc., BASF SE, Symrise AG, Koninklijke DSM NV, Jining Nature Group, Nanchang Duomei Bio-Tech Co., Ltd., Gangyang Flavor-chemistry Co.,Ltd., Shandong Tianbo Food Ingredients Co., Ltd., Robin Chemicals Ltd., Agilex Flavors & Fragrances Pvt. Ltd., Create Flavors, Flavourworks, Nestle, Metarom, Aromatique Food SRL, FlavorSum, LLC, Meridian Flavors, Inc., T. Hasegawa USA Inc., Bell Flavors and Fragrances, Firmenich SA, ARSTE FI, Ars Technica, Ingredion Incorporated, First Choice Ingredients, Afribon, AJWA Group Food Industries.

Asia-Pacific was the largest region in the food flavors market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the food flavors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the food flavors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary types of food flavors encompass chocolate, brown, vanilla, fruit, nut, dairy, spices, savory, and other varieties. Chocolate flavoring represents a concentrated form of unsweetened chocolate flavor. These flavors can be derived from natural or synthetic sources, available in powder or liquid form, and are utilized across various applications, including dairy, bakery, confectionery, snacks, beverages, and other culinary uses.

The food flavors market research report is one of a series of new reports that provides food flavors market statistics, including food flavors industry global market size, regional shares, competitors with a food flavors market share, detailed food flavors market segments, market trends and opportunities, and any further data you may need to thrive in the food flavors industry. This food flavors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The food flavor market consists of sales of essential oils, fruits some vegetable flavors, and other types. Values in this market are ‘factory gate’ values, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.


The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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