Globally, the food flavours sector is witnessing significant growth as a result of high demand from the F&B industry, recent technological developments in the flavour manufacturing methods, and the ever-evolving consumer interest in health & wellness trends.
Furthermore, advancement in functional foods and ingredients, a substantial rise in the need for authentic & familiar food flavours throughout different F&B-related sectors like frozen food products or dairy are supplementing the rapid growth in the food flavours industry. Flavour manufacturers are anticipating higher potential growth opportunities in the future.
Rising income leading to increasing consumer base, and enhanced food quality are the major factors driving F&B market growth. Increased consumption of bakery and dairy products and endorsement of a variety of flavours into the F&B sector is expected to expand the flavour market share further in the future.
The food flavours are mostly categorized into 2 types; sourcing & manufacturing processes with natural & artificial flavours. Among these two, the artificial flavour segment is the fastest-growing industry with considerable high revenues over the last few years. The present trend of growing consumer tilt towards the natural food flavours with environmentally friendly properties makes us anticipate a rise in demand for natural flavours in the near future.
Various industries like dairy products, soft drinks industry, bakery sector, frozen food products, savoury, snacks & confectionery products are commonly using food flavours on a very large scale. Furthermore, the adoption of flavours is now rapidly expanding into the pet and animal foods category and manufacturers are anticipating huge demand from this category in the upcoming period.
Increased adoption of flavours in soft drinks can be attributed to the simple formulations when compared to other products. This distinct taste & and texture is attracting more consumers with the favourable response for more such flavour compositions in the future.
Botanic flavours like mint, ginger, Campari, hibiscus, are essential flavours as they mix completely with a variety of natural flavours and provide the perfect aroma to the various food products. The food flavours sector is seeing a huge demand in countries like Asia-Pacific, Europe, North America, Latin America & Africa. To be specific, North America has emerged as a major player in these recent years due to evolving food habits and the presence of eminent industry players.
Asia-Pacific region is expected to capture significant market share due to enormous growth potentials related to its size in the future. Asian countries like China, India, Singapore, etc., are already dominating the flavours industry with the increasing consumption of bakery and dairy products doubled with considerable investment by leading players, taking into account the opportunities that lie ahead in the future.
