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(MoneyNewsWire.Net, February 28, 2018 ) The key building blocks in the North America processed food and beverages industry are the food flavors. Growing innovation in this highly competitive market can be attributed to the growth in this segment. Region wise and country specific adoption to flavors by manufacturers is the trigger to innovation.
North America food flavor market is estimated to grow at a CAGR of 4.3% for the period 2018-2023 recording a revenue of USD 2.39 billion in 2016. North America holds 26% of the global food flavors market.
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Growing preference for natural flavors
Increased use of natural herbs and spices in culinary to get a tinge of flavor in their food which become an industrial need to cater to the big food processors. Due to increasing working women population there is a high demand for processed food which the food manufacturers need to cater to the increasing population, using different flavors. Consumption of a low fat, low salt and low carbohydrate foods are also a key drivers to increase the consumption of flavors. As flavors are region and country specific, manufacturers are constantly innovating to hold a larger share of the pie in the market.
Increasing consumer awareness on health is a major constraint in artificial flavors market. As in when consumers realize and grow aware about the negative side of the artificial flavors, there is a decrease in demand for artificial flavors and uptick in demand for the natural flavors. As massive natural resources are required to extract flavors, many of the new entrants face a challenge in the flavor market. The changing taste preferences of the consumer are also constant constraints for the manufactures.
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Beverage Industry holds the highest share
The food flavor market is segmented as natural, artificial and Nature Identical Flavorings. In 2015, the market for natural flavors accounted for nearly 35%. There is a constant decrease in demand for the artificial food flavors from past several years. Beverage industry holds the highest market by application followed by confectionary, soup and bakery products. The major constraint in the natural flavors industry is the need of huge amount of natural resources to extract the flavors according to the consumer preferences. The major manufacturing hubs in the globe are North America and Europe which constitute the majority share in the food flavors market. US hold a major share among North American countries.
Strong growth in low-fat and low-carbohydrate foods and beverages will increase demand in the North American flavor and fragrance market.
However, Asia will gradually overtake the North American market due to increased growth estimated for this region.
Major players: GIVAUDAN, FIRMENICH, IFF, STYMIES AG.,QUEST, TAKASAGO, SENSIENT, DANISCO, MANE, ARIAKE U.S.A.,Inc., CARGILL Inc., KERRY GROUP, CORBION PURAC, BASF
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