A report by PR Newswire indicates that the global market for food flavors is expected to be valued at $20 billion by 2032, growing at CAGR of 4.9%.
Food flavors are increasingly being used in the food and beverage industry to meet consumer demand for new and function foods. Because of this demand, citrus flavors, with their purported health benefits and sensory taste profile, have become one of the best solutions in the flavor industry.
- Market growth drivers include regions such as Asia Pacific, the Middle East and Africa experiencing rising discretionary income.
- Key market players focusing on acquisitions and mergers to expand their product portfolios.
- The market for food flavors is expected to expand at CAGRs of 5.3% and 4.3% Latin America, the Middle East and Africa.
- Market volume share of East Asia and Oceania is 15.7% and 2.2%, respectively, in 2022.
- The European food flavors market is currently pegged at 292,855 tons.
- Growing consumer preference for healthy and nutritious beverages is driving the sales of food flavors across global markets.
- Based on type, the dairy-derived segment is expected to expand at a value CAGR of 5.9%.
- By end use, the beverages segment holds the highest market share, and the nutraceutical segment is set to expand faster at a CAGR of 7%.
- Based on form, volume of liquid food flavors is currently pegged at 7,338 tons.