Global Flavour Ingredients Market Report and Forecast 2024-2032

Global Flavour Ingredients Market Outlook

The global flavour ingredients market is being aided by the growing flavour and fragrance ingredients market, which stood at a value of USD 37.16 billion in 2023. The flavour and fragrance ingredients industry is further expected to grow at a CAGR of 6% in the forecast period of 2024-2032.

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Increased Utilisation of Nature-Identical Flavour Ingredients to Bolster the Growth of the Flavour Ingredients Industry

On the basis of product type, nature-identical flavour ingredients account for a significant share in the industry. This can be attributed to their increasing demand for beverages, dairy and frozen desserts, and bakery and confectionary applications, among others. The increasing population and rising demand for processed foods have catalysed the food and beverage industry growth, which, in turn, is driving the demand for flavour ingredients. Meanwhile, the demand for natural flavours is anticipated to witness a robust growth in the forecast period owing to the rising health awareness among consumers and changing lifestyle.

North America to Boost the Growth of the Flavour Ingredients Industry

Region-wise, North America accounts for a significant share in the industry. Within North America, the United States accounts for a major market share owing to the thriving food and beverages industry in the region. The stringent safety regulations issued by the government of the United States are likely to compel manufacturers to use natural ingredients in order to avoid adulteration and prevent the ill effects of artificial ingredients on consumer health. Meanwhile, the Asia Pacific is expected to witness a significant growth in the forecast period, owing to the high population in the region and increasing disposable incomes.

Flavour Ingredients: Market Segmentation

Flavour ingredients are the natural or artificial components that are added to food products or beverages to give them a specific flavour. It is often added to food products in order to enhance flavours that get lost during food processing. This is an added content, which makes the food more tasteful and is relished by people.

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Based on ingredient type, the market is divided into:

• Aroma Chemicals
• Essential Oils
• Plant Extract
• Functional Ingredients

Based on product type, the industry can be segmented into:

• Nature-Identical
• Artificial
• Natural

On the basis of form, the industry can be categorised into:

• Liquid
• Dry

On the basis of application, the industry can be segmented into:

• Beverages
• Dairy and Frozen Desserts
• Savouriers and Snacks
• Bakery and Confectionary Products
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increasing Demand in the Food and Beverages Industry and the Growing Preference for Dairy Products to Augment the Growth of the Flavour Ingredients Industry

The thriving food and beverages industry and the increasing demand for flavouring agents in various applications are the major factors contributing to the flavour ingredients industry growth. The rising demand for dairy products, such as flavoured milk and yoghurt, is further propelling the demand for flavour ingredients, which is significantly contributing to the growth of the industry. Furthermore, in the food and beverages sector, there is a constant need to diversify product portfolio and enhance the taste of existing products, which is likely to aid the market growth in the forecast period. This demand is anticipated to be further propelled by the continuous innovation towards the development of new flavours and the growing demand for natural flavour ingredients.

Key Industry Players in the Global Flavour Ingredients Market

The report gives a detailed analysis of the following key players in the global flavour ingredients market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Givaudan 
• Firmenich SA
• International Flavour Ingredients and Fragrances Inc.
• Symrise Group
• Takasago International Corporation 
• Mane Group
• Sensient Technologies Corporation
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report