Potential for Food Flavors
The growth potential of the market also depends on the research and development, and opportunities to introduce new flavors.
The role of food flavor in food processing has been essential in maintaining the product taste. Flavors are used in wide ranges of products that include bakery, snacks, confectionery, meat, poultry, seafood, etc. The food flavors market includes natural and synthetic flavors. The market is driven by changing consumer trends and food preferences. The food & beverage (F&B) processing industry also influences the food flavors market.
The food flavor market is driven by the consumer demand for processed food and beverages. The growth potential of the market also depends on the research and development, and opportunities to introduce new flavors. The market is characterized by the growing demand for natural food flavors. The trend of natural flavors has been originated from the appeal of the European nations to market clean label food products that are free of additives, especially chemical variants. Hence, the changing lifestyle and the booming food and beverage industry have driven the demand for natural flavors.
In 2012, synthetic flavors accounted for a main share of the total food flavor market. The steady increase in demand for natural products is projected to increase the market value share of natural flavors by 2018. North America formed the largest segment of the food flavor market in 2012. It is estimated to grow at a CAGR of 5.3% over the projected period. Asia-Pacific is estimated to be the second-largest market due to an increase in demand for processed food in the region. It is also projected to gain the fastest growth during the same period.