Favors are essential part of the food processing industry to maintain the taste of a product. Food flavors are made of three components-taste, smell and color. Food flavors are essential part of the food processing industry to maintain the taste of a product. Food and beverage industries require flavor for different purposes such as new product development, to add new product line and to change the taste of existing product. High demand of new flavors from food and beverages industry and continuous innovation are driving the global flavors market (Food and Beverages). Additionally, increasing demand from fast food industry is fuelling the market growth. However, rising health awareness of the global population could pose a major threat to the overall market.
Companies are expanding its geographical operations in developing regions to maintain their growth rate. For example, Givaudan has recently started its manufacturing plant in Nigeria to increase its customer base. Key market players are also expanding their product portfolio to maintain the market profitability. For example, Kerry Group has added barbeque flavored meat snacks brand, “Meateors”. Meateors is launched to target the male consumer between the age group of 20 to 32.
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The report offers incisive information on other market strategies such as collaboration, acquisition, innovation, etc. Also, to provide a deeper understating, the report segments the global flavors market (Food and Beverages) based on type, application and geography. The type segment includes natural flavor and artificial flavor market. The natural flavors can be used in their natural form or processed form. Beverage companies in US and Europe prefer to use natural flavors. Artificial flavors are chemically derived and widely used in beverage industries. The application segment consists of food and beverages, savory and snacks, bakery and confectionery, dairy and frozen products, and animals and pet foods. Beverages is the leading application segment within the global flavors market (Food and Beverages).
Geographically, the market is segmented as North America, Eastern Europe, Western Europe, Asia-Pacific. Latin America, Middle East and Africa. Asia Pacific is the largest market for flavors followed by North America and Europe.
To offer a comprehensive view of the market competitors, the report have profiled top key players in the global flavors market (Food and Beverages). The report gives important market strategies and key moves of the top players such as Kerry Group, Givaudan, Firmenich, Sensient Technologies Corporation, Symrise AG, Frutarom Industries to understand their influence on the overall market. Other key players listed in the report are, Hasegawa Co., International Flavors & Fragrance Inc., Wild Flavors Inc, Huabao International and Takasago International Corp.