Food Flavor Market to Increase in Demand

Nov 5th, 2020

Hannah Fink

Food and Flavor market is expected to reach $19.72 billion by year 2026.

Food and Flavor market is expected to reach $19.72 billion by year 2026.

The global food favors market was valued at $13.31 billion in 2018 and is expected to reach $19.72 billion by year 2026, at a CAGR of 5%, per GlobeNewswire.

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This industry is growing at a CAGR of 7% in Asia Pacific followed by Europe and North America, with 4.9% and 4.8% CAGR, respectively. Increase in demand for authentic and exotic flavorings is expected to drive the growth of food flavors.

As of 2018, natural flavors is the dominating segment in this industry, which holds 52.2% of the global share. Asia Pacific region is the chief revenue generating source for this product segment, followed by Europe and North American regions.

Beverages application type segment is expected to be the fastest growing segment during forecast period 2019-2026 with a CAGR of 5.7%

Nearly half of all participants in a 2023 Mintel survey associate “refreshing” flavors and fruit ingredients with familiarity, greatly influencing their beverage choices.

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Forty-six percent of consumers would be motivated to try a new flavor/ingredient in an alcoholic beverage from a brand they like, according to a recent report from T. Hasegawa.

Projections suggest that the global vegan market will reach a valuation of $18,324.3 million by 2034.

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Key drivers of this growth include the heightened awareness of the health advantages associated with plant-based diets, as consumers perceive vegan flavors as healthier alternatives.

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Strong, versatile, and gorgeously aromatic, petitgrain tends to be a standout ingredient in any flavor or fragrance composition. The story behind its production and the vital impact it has on local farming communities within Paraguay is similarly incredible.

Tamarind has lent its acidic, tangy-sweet flavor to Latin, Caribbean and Mexican cuisines for centuries.

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Fifty-five percent of consumers stated they “always/often” pay attention to labels when grocery shopping, with sugar content being a primary driver.

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Tailored solutions can enhance the overall product experience in terms of sweetness and mouthfeel while reducing sugar content.

Fusion-based flavor combinations are also gaining popularity in creating innovative food products.

Global Flavors Market to Grow at 5.7% CAGR from 2023 to 2030

Consumers have shifted their preferences in the food industry with reference to the growing acceptance of unique and exotic flavors.

Spate names the growing trends in alcoholic and non-alcoholic beverage categories and the driving factors behind consumer choices.

Top Alcohol and Non-Alcoholic Beverage Flavor Trends

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72% of consumers say they are curious to try new foods, flavors and dishes they find online to “see what the hype is about.'

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The trends are pinpointed through an in-depth analysis of information from four key areas: leading data partners, proprietary and secondary research, industry insights and customer data points.

Due to its growing popularity among foodies and culinary influencers on social media, experts agree that Ube is poised to take center stage as a flavor ingredient next year.

T. Hasegawa Names Ube as 2024 Flavor of the Year

Due to its growing popularity among foodies and culinary influencers on social media, experts agree that Ube is poised to take center stage as a flavor ingredient next year.

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