Natural & Artificial Flavors Market Size – USD 20.94 Billion in 2018, Natural & Artificial Flavors Market Growth – CAGR of 5.8%
NEW YORK CITY, NEW YORK, UNITED STATES, March 23, 2020 /EINPresswire.com/ — The Global Natural & Artificial Flavors Market is forecast to reach USD 35.07 Billion by 2027, according to a new report by Reports and Data. The natural & artificial flavors are the high-performance additives used in edible and non-edible end-use applications derived from natural or artificial sources such as flowers, fruits, animals, plants, herbs, spices and others as the natural sources and proprietary synthetic chemical formulas owned by the flavor companies as the artificial ones. Formulas created by the natural derivatives enhance the flavor and contribute to the nutritional value to the food items as well. The artificial flavors only help in flavoring the final product.
Chemists or flavorists from different flavor manufacturing companies who make the formulations, try to innovate unique flavors with distinctive odors or tastes. The continuous expansion of the food scent & coloring agents and high demand for new kinds of tastes with the enormous innovation in the flavoring agents are expected to drive the growth for the food flavor market.
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North America is expected to hold a significant position in the market due to a vast usage of the natural & artificial flavors in the beverage & other food applications. The United States has the highest number of market players, while China has the highest market share worldwide.
Further key findings from the report suggest
• Dairy & beverages application sub-segment is expected to be the fastest-growing segment during the forecast period 2019-2026 with a CAGR of 6.4% due to an increase in the consumption of dairy-based products and natural & artificial flavors mixed beverages, especially in the emerging nations. This sub-segment also had the highest market share in 2018.
• Natural & artificial flavors are utilized in the pharmaceutical industries to adapt fragrance, color, and tastes of various natural ingredients. Both the orally consumed products and external use of medicated products such as syrups, chewable tablets, and suspensions, gums, and spray, among others, require natural & artificial flavors in the processing. The medicated products sub-segment had a significant market share in 2018.
• It takes considerable time and resources in the research and development of the food & beverage industry to find the perfect flavor that will be widely accepted worldwide and increase the revenue of the company while expanding its customer base. It is very important to adopt an appropriate research method for understanding the preferences of people.
• The manufacturers of foods and beverages are expanding their business to enable the easy availability of their products worldwide. For example, in April 2019, New Age Beverages Corporation, a Colorado-based beverage company, announced its distribution agreement with Hudson News. The objective of this agreement was to expand the brand’s portfolio nationally.
• Europe is growing at a CAGR of 5.2% in the forecast period and is expected to retain a significant position in the market by 2027. Switzerland and France have some of the valuable players in this region.
• North America is forecasted to witness significant growth in the overall market, growing with a CAGR of 6.3% during the forecast period.
• Key participants include International Flavors & Fragrances, Givaudan, Frutarom Industries Ltd., Firmenich SA, Robertet Group, T. Hasegawa Co., Ltd., Takasago International Corporation, Symrise AG, Robertet Group, and MANE, among others.
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For the purpose of this report, Reports and Data have segmented the global Natural & Artificial Flavors market on the basis of the applications, form factor, type, End-Use, and region:
Applications Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2016-2027)
• Dairy & Beverages
• Medicated Products
• Confectionery & Snacks
• Scent & Perfumes
Form Factor Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2016-2027)
Type Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2016-2027)
• Flavoring Tastes
• Flavoring Smell
• Flavoring Colors
• Mixed Flavoring Content
End-Use Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2016-2027)
Regional Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2016-2027)
• North America
• Asia Pacific
• Latin America
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Source: EIN Presswire