Sarasota, FL, Aug. 17, 2016 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Flavors Market by Type (Natural and Synthetic) for Beverages, Bakery, Confectionery, Dairy, Savory & Snacks and Others Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021.” According to the report, global demand for flavors was valued at USD 11.50 billion in 2015 and is expected to reach USD 15.60 billion in 2021, growing at a CAGR of 7.5% between 2016 and 2021. In terms of volume, the global flavors market stood at 587.0 million tons in 2015.
A flavor is a very important entity of the food industry. It is primarily utilized to enhance and accelerate the taste, smell, and color of the products. It is available in two categories i.e. natural and synthetic. However, natural flavors are in great demand due to the shifting preferences for natural flavors rather than the synthetic. Natural flavors are derived from fruits, vegetables, and other substances, while synthetic flavors are obtained from chemicals. It has many diverse applications such as food and beverages, oral care industry, the beer industry, etc.
Browse 55 Market Tables and 35 Figures spread through 110 Pages and an in-depth TOC on "Flavors Market - Global Size, Shares, Trends, Segment & Forecast to 2021”
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The global flavors market is bifurcated in two types viz. natural and synthetic flavors. In 2015, natural flavors were in great demand across the globe and it accounted for 50% share of the entire market. Additionally, the dominance of the segment is expected to prolong within the forecast period owing to rising demand towards heath concerns.
Beverages were the foremost application accounted for 25% share of the market and further it is predicted to continue this trend due to growing demand for beer consumption across the globe. The beverage application is expected to grow at CAGR of 10.0% in near future. Moreover, emerging market is likely to grow the demand for dairy and savory & snacks within the forecast period.
Majority of demand for flavors market is from North America. The U.S. alone accounted for around one third share of total demand in 2015. In addition, beverages industry has witnessed massive growth and it is further expected to grow over the next few years. Moreover, strict rules and regulations enforced by agencies such as Food and Drug Administrator concerning health issues are expected to fuel the demand for natural flavors in near future.
Browse the full "Flavors Market by Type (Natural and Synthetic) for Beverages, Bakery, Confectionery, Dairy, Savory & Snacks and Others Applications: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021" report at https://www.zionmarketresearch.com/report/flavors-market
North America was followed by Europe in terms of demand for flavors in 2015. Beverages held the largest market share for flavors in Europe. Increasing demand for flavors in industries such as pharmaceuticals and oral care coupled with the stringent regulations concerning healthcare have led to rise in demand for natural flavors in the market. Germany and France dominated the flavors market in 2015. This trend is expected to continue within the forecast period owing to strong demand for natural flavors.
Asia Pacific is expected to be the fastest regional segment for the flavors market within the forecast period. The driving parameter for the exponential growth of the flavors market is the surging demand for convince food and beverages with in emerging economies in India and China. Bangladesh and Sri Lanka are also expected to witness enormous growth in the flavors market owing to the rapid globalization in these countries.
Middle East & Africa, Latin America are likely to witness the significant growth owing to changing lifestyle, packaged food and beverages and adoption of essential oils and natural extracts. Givaudan which is one of the dominating companies in the flavors market launched a new manufacturing site in Nigeria to expand its business capacity. This in turn is expected to fuel the growth of the market within the forecast period.
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Some of the key players operatives in the global market of flavors include Givaudan, Firmenich SA, Kerry Group plc, Symrise AG, Wild Flavors Inc., Frutarom Industries Ltd., SunOpta, Inc, International Flavors and Fragrances Inc., Mane Fils SA, Archer Daniels Midland Company and Sensient Technologies Corporation. Among these major players, Givaudan is one of the dominating companies which accounts for a major chunk in global flavors market in 2015.
The report segments the global flavors market as:
Flavors Market: Type Analysis
Flavors Market: Application Analysis
- Savory & Snacks
Flavors Market: Regional Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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