The food flavors market is projected to reach $21.3 billion by 2027, growing at a CAGR of 3.5 % from 2022 to 2027 according to a new report by MarketsandMarkets. Below are two of the highlighted segments from the market report that shed light on consumer demand and market shifts.
A Shift in Demand for Natural and Sustainable Flavors
According to the International Food Information Council's (IFIC) June 2021 survey, 64% of adults in the United States claim that they tend to prioritize foods made with clean ingredients, and 63% of adults report that the ingredients in a food or beverage have a moderate influence on their purchasing decision.
Technological Advancements in the Flavor Industry
Technological advancements such as the use of artificial intelligence to understand the consumer's perception of flavors and the invention of new extraction technologies are creating lucrative growth opportunities.