The global flavors market is expected to grow at a CAGR of 5.7% from 2023 to 2030, according to a new report.
The market size is anticipated to reach $28.54 billion by 2030.
Consumers have shifted their preferences in the food industry with reference to the growing acceptance of unique and exotic flavors. As a result there has been an emergence of natural flavor enhancers made from botanical and fruit extracts.
Fusion-based flavor combinations are also gaining popularity in creating innovative food products.
In addition, an increased preference for natural ingredients is encouraging manufacturers to opt for natural flavors without relying on artificial additives or synthetic flavors.
- The synthetic flavor segment held the largest market share of 67.2% in 2022 owing to technological advancements in the formulation of new flavors.
- The natural flavor segment is anticipated to register the fastest CAGR of 7.3% over the forecast period.
- Liquid/gel form-based flavors segment is anticipated to grow at a CAGR of 5.0% over the forecast period.
- Asia Pacific is estimated to grow with the fastest CAGR of 6.6% over the forecast period.
- In terms of form, the powdered flavors segment held the largest market share of 66.0% in 2022.