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Food Flavors Market - Projected to Grow at a CAGR of 5.3% from 2013 to 2018
Food flavors are used to maintain the food characteristics and taste, without any effect on the nutritive value of the product. The flavors used in the products could be natural or synthetic. There are different regulations established by the government, such as regulatory bodies in their respective countries. The regulations depend on the use of flavors in food products.
The food flavor market is growing with the increasing food demand. The growth of this market segment depends on the consumerís preference for processed food products. This growth will be maintained in future with an opportunity to produce new food flavors with plenty of innovations, such as, natural flavors for health-conscious consumers who do not prefer synthetic flavors.
Globalization and the accompanying changing lifestyles have led to convenience food consumption in other countries around the world, especially in the booming markets of Asia-Pacific. Although the food and beverage manufacturers have established themselves in the developed countries such as U.S., U.K., Japan, they have shifted their focus to meet the convenience food demand in the emerging markets.
The demand for processed food is high in developed markets such as U.S. Developing countries, such as China, Australia, New Zealand, India, and the Latin American countries are estimated to experience a strong upsurge in the demand for processed foods and food flavors. Emerging markets such as China and India have been offering incredible opportunities as they have an abundant amount of raw materials and a wide availability of cheap labor. Economic surges in China and India have led to the growth of affluent urban populations that create a bigger market. Apart from China, due to the increasing set-up of market leaders in the food flavor segment in other Asian countries, it is expected that the market in this region will grow in this sector.
Food Flavors Market by Type (Natural & Synthetic), Application & Geography - Global Trends & Forecast to 2018
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