The Food flavors market is projected to reach USD 21.3 billion by 2027 growing at a CAGR of 3.5% from 2022 to 2027. There is an increasing demand for ready-to-eat food and beverage products, especially in developing countries due to changing consumer preferences, rising disposable income, increasing health consciousness, and sustainable production. This has led to an increase in the use of food flavors in processed food & beverage products.
The key players in the Food flavors market include Archer Daniels Midland (ADM) (US), International Flavors & Fragrances (US), Givaudan (Switzerland), and Kerry Group (Ireland), among others. The key strategies the leading market players have adopted recently include product launches, partnerships, acquisition, collaboration, and expansion to maintain their position in the market. In March 2021, Givaudan partnered strategically with Bellomy, a full-service market intelligence firm, to launch FlavorFinders, for the North American market to meet the consumer demand for flavors. In March 2020, IFF collaborated with Evolva (Switzerland), a biotech company, to develop and commercialize vanillin flavor. Under the terms of this agreement, IFF was responsible for the commercialization of the vanillin product that Evolva, a Swiss biotech company developed. In June 2019, Kerry Group opened its production facility in India to expand the taste and nutrition business of the company in the country.
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Archer Daniels Midland Company (ADM) is a food manufacturing company that primarily processes food products and trades in commodities. It is one of the key players in the agricultural processing and food ingredient industries. The company is involved in the trade, transport, storage, and processing of a wide range of grains and commodities, such as corn, oilseeds, wheat, and cocoa. ADM manufactures a wide range of products, such as food & beverage ingredients, food & feed ingredients, biofuels, and naturally derived alternatives, and industrial chemicals. The company is increasing its market share in the food flavors market through acquisitions and expansion. In February 2022, ADM acquired Comhan, a leading South African flavor distributor, to strengthen the nutrition business in the high-growth African market. In September 2021, ADM expanded its production facility in Pinghu, China, intending to provide automated flavor lines with advanced dosing technology to meet the demand for specific dietary products. In December 2021, ADM acquired Flavor Infusion International, a leading flavor and specialty ingredient solution provider across Latin America and the Caribbean. With this acquisition, ADM expanded its team by including 60 experienced workers from Flavor Infusion International, working in the manufacturing facilities of Panama and Colombia to provide a variety of flavor ingredients and solutions to a growing number of customers throughout Latin America and the Caribbean.
Givaudan is a public-owned company comprising nearly 25% of the global food and flavors market share. The company operates its business through two major segments: Taste & Well-being and Fragrance & Beauty. Among the broad range of flavors that the company offers, citrus, seafood, vanilla, and natural products are noteworthy. The company also provides 2,200 different strawberry flavors in its product portfolio, which makes it a global leader in the strawberry flavoring market. The company is increasing its market share in the food flavors market through product launches, partnerships, acquisitions, and expansion. For instance, in May 2022, Givaudan launched a new flavor named NaNino+, combining plant-based ingredients and natural flavoring. It acts as a substitute for nitrite in processed meat, ensuring safe meat production with additional health benefits. In February 2020, Givaudan acquired Ungerer (US) to strengthen its specialty ingredient capabilities and leadership in the fast-growing local and regional customer segments.
Food Flavors Market by Labelling/ Regulation (Natural, Nature Identical/ Artificial), Form (Liquid & Gel, Dry), Type (Chocolate & Brown, Vanilla, Fruit & Nut, Spices & Savory, Dairy), Application (Food, Beverage) Region - Forecast 2027
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