The Indonesia food flavor market for the 18-34 years age group male population was valued at $153.1 million in 2023 and is projected to reach $267.5 million by 2035, registering a CAGR of 4.8% from 2024 to 2035.
Rising income levels among Indonesia's 18-34-year-old male population have led to increased spending on food and beverage products. With higher disposable income, individuals are more likely to experiment with flavored food options, driving demand for diverse and premium flavor offerings. This trend fuels the need for a broader variety of traditional and innovative flavors to cater to evolving tastes and preferences. According to the World Bank, Indonesia's gross national income (GNI) per capita reached $4,580 in 2022. Additionally, improved income levels enhance quality of life, further boosting demand for healthy and flavorful food products. The food flavor market benefits from these shifts in consumer behavior, as manufacturers strive to meet the growing demand for high-quality, flavorful offerings in line with Indonesia's increasingly affluent population.
However, stringent government regulations restrain market demand in the Indonesian food flavor market by imposing restrictions on certain ingredients or additives deemed harmful or unhealthy. These regulations limit the use of artificial flavors, preservatives, and additives, affecting the availability and formulation of various food products. Compliance with regulatory standards increases production costs and slows innovation in flavor development. Additionally, strict labeling requirements and extensive documentation processes create administrative burdens for food manufacturers, hindering market entry and expansion. While these regulations aim to protect public health and safety, excessive restrictions can stifle market growth and limit consumer choice in Indonesia's food flavor market.
Furthermore, according to the World Bank's economic report from October 2023, Indonesia's economic growth is driven by increased private consumption and favorable terms of trade. GDP growth is projected to reach 5.0 percent in 2023 and average 4.9 percent from 2024 to 2026. Additionally, emerging economies, largely untapped, present significant opportunities. Non-member nations of the Organization for Economic Co-operation and Development (OECD) make up more than 80% of the global population but consume less than 60% of the world’s food. This indicates substantial demand potential for food products in Indonesia. The incorporation of novel food ingredients by manufacturers is expected to propel the country's food flavors market during the forecast period.
The Indonesia food flavor market is segmented into flavor type and end user. On the basis of flavor type, the market is divided into fruit flavors, floral flavors, nutty flavors, spicy flavors, cola, mint, chocolate, vanilla, and others. By end user, the market is classified into beverages, tobacco products, dairy products, convenience foods, bakery & confectionary, and others.
The major players operating in the Indonesia food flavor market include Firmenich International SA, Givaudan SA, International Flavors & Fragrances Inc., Kerry Group Plc, PT. Delion Citra Dinamika, Robertet Group, S H Kelkar and Company Limited, Sensient Technologies Corporation, Symrise AG, Synergy Flavors, Inc.
KEY BENEFITS for STAKEHOLDERS
Rising income levels among Indonesia's 18-34-year-old male population have led to increased spending on food and beverage products. With higher disposable income, individuals are more likely to experiment with flavored food options, driving demand for diverse and premium flavor offerings. This trend fuels the need for a broader variety of traditional and innovative flavors to cater to evolving tastes and preferences. According to the World Bank, Indonesia's gross national income (GNI) per capita reached $4,580 in 2022. Additionally, improved income levels enhance quality of life, further boosting demand for healthy and flavorful food products. The food flavor market benefits from these shifts in consumer behavior, as manufacturers strive to meet the growing demand for high-quality, flavorful offerings in line with Indonesia's increasingly affluent population.
However, stringent government regulations restrain market demand in the Indonesian food flavor market by imposing restrictions on certain ingredients or additives deemed harmful or unhealthy. These regulations limit the use of artificial flavors, preservatives, and additives, affecting the availability and formulation of various food products. Compliance with regulatory standards increases production costs and slows innovation in flavor development. Additionally, strict labeling requirements and extensive documentation processes create administrative burdens for food manufacturers, hindering market entry and expansion. While these regulations aim to protect public health and safety, excessive restrictions can stifle market growth and limit consumer choice in Indonesia's food flavor market.
Furthermore, according to the World Bank's economic report from October 2023, Indonesia's economic growth is driven by increased private consumption and favorable terms of trade. GDP growth is projected to reach 5.0 percent in 2023 and average 4.9 percent from 2024 to 2026. Additionally, emerging economies, largely untapped, present significant opportunities. Non-member nations of the Organization for Economic Co-operation and Development (OECD) make up more than 80% of the global population but consume less than 60% of the world’s food. This indicates substantial demand potential for food products in Indonesia. The incorporation of novel food ingredients by manufacturers is expected to propel the country's food flavors market during the forecast period.
The Indonesia food flavor market is segmented into flavor type and end user. On the basis of flavor type, the market is divided into fruit flavors, floral flavors, nutty flavors, spicy flavors, cola, mint, chocolate, vanilla, and others. By end user, the market is classified into beverages, tobacco products, dairy products, convenience foods, bakery & confectionary, and others.
The major players operating in the Indonesia food flavor market include Firmenich International SA, Givaudan SA, International Flavors & Fragrances Inc., Kerry Group Plc, PT. Delion Citra Dinamika, Robertet Group, S H Kelkar and Company Limited, Sensient Technologies Corporation, Symrise AG, Synergy Flavors, Inc.
KEY BENEFITS for STAKEHOLDERS
- This report provides a quantitative analysis of the current trends, estimations, and dynamics from 2023 to 2035 to assist in identifying the prevailing market opportunities.
- Major countries in the region are mapped according to the individual market revenue.
- The country-wise Indonesia food flavors market conditions are comprehensively analyzed.
- This study evaluates the competitive landscape and the value chain analysis to understand the competitive environment across geographies.
- An in-depth analysis of each segment of the Indonesia food flavors market is provided to assist the prevailing market opportunities.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: INDONESIA FOOD FLAVORS MARKET, BY FLAVOR TYPE
CHAPTER 5: INDONESIA FOOD FLAVORS MARKET, BY END USER
CHAPTER 6: COMPETITION LANDSCAPE
CHAPTER 7: COMPANY PROFILES
Companies Mentioned
- Firmenich International SA
- Givaudan SA
- International Flavors & Fragrances Inc.
- Kerry Group Plc
- PT. Delion Citra Dinamika
- Robertet Group
- S H Kelkar and Company Limited
- Sensient Technologies Corporation
- Symrise AG
- Synergy Flavors, Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 185 |
| Published | May 2024 |
| Forecast Period | 2023 - 2035 |
| Estimated Market Value ( USD | $ 153.1 million |
| Forecasted Market Value ( USD | $ 267.5 million |
| Compound Annual Growth Rate | 4.8% |
| Regions Covered | Indonesia |
| No. of Companies Mentioned | 10 |
