Natural Flavors Market Business Driving Factors, Key Companies, and Current Trends Analysis, 2023

Global natural flavors market is anticipated to grow significantly in the forecast period due to increasing preference for food products with natural flavors and growing health awareness among consumers. Natural flavors, normally known as food additives are the essential oils used in different food products. They are either obtained from a vegetable or vegetable juice, fruit or fruit juice, spice, plant material, seafood, or meat. Natural flavors maintain the original savouriness and aroma of food ingredients and are healthy seasonings in a multiple food products.

The reasons for the growth of natural flavors market include increasing awareness among consumers for the consumption of natural ingredients, rise in demand for processed foods, growing demand for beverages with natural ingredients and flavors, increase in spending power of consumers, and increasing popularity of exotic flavors on the global scale. Moreover, increase in demand for organic food products is driving the growth of natural flavors market. However, high production cost of natural flavors is hampering the market growth. Additionally, stability and sustainability factor of natural flavors also adds to the restraints.

Increase in demand for clean-label food products categories like soft drinks and confectionery and developments in research and development for improving the stability of natural flavours is trending in the market. Nonetheless, nature identical flavourings is less expensive than natural flavors, which is an opportunity for the manufacturers. Furthermore, with increase in restaurants due to growing population in developing economies is an opportunity for the market.

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Natural flavors market is categorized on the basis of product type, form, application and geography. On the basis of product type, market is divided into aroma chemical, natural extract, essential oils and others. Based on form, market is divided into liquid and dry. Liquid segment is anticipated to hold larger share of the market due to increased application in beverages due to high solubility offered by them.

In terms of application, market is bifurcated into bakery & confectionery, beverages, dairy & frozen products, animal & pet food, savoury & snacks, and others. Beverages segment accounted for maximum share of the market in the recent past and is expected to lead the market in the forthcoming years as well.

Geographically, market is segmented as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is predicted to dominate the market in future followed by Europe due to increasing preference for the consumption of beverages containing natural flavors. Furthermore, Latin America is expected to lead the market due to high adoption of natural flavors in different types of food products. Asia Pacific is also expected to contribute significantly to the market due to high consumption of bakery foods, beverages, confectionary, and dairy products.

The key players in natural flavors market include Givaudan, Firmenich, Frutarom Industries Ltd., Symrise AG, Huabao International, Takasago International Corporation, Sensient Technologies Corporation, Symrise AG, Kerry Group PLC, Hasegawa Co., Takasago International Corp., International Flavors & Fragrance Inc., and Wild Flavors Inc.

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