Flavour is considered as food additives or ingredients which are used commercially in food and beverages and other various applications. Flavor indicates the sensory impression of food or any other substance that is determined by chemical senses of taste and smell. It is the sensual impression of food or other applications such as beverages, cosmetic & personal care, nutraceutical and other end-use applications. There are various types of food additives which are commercially available that are added to food and beverages to make it tastier and more appealing. Flavors are prepared by the mixture of volatile chemicals.
Hectic life-style of working class consumers’ population has led to increased demand and sale of “on-the-go” convenience food. The trend of consumption of convenience food began in western regions and spread to other regions rapidly. Looking at the development of Asian countries, the increasing purchasing power of consumers, convenience trends are likely to remain significant. Consumers go for convenience foods as they are easy to use, and possess nutritional value, safety, variety and product appeal. Due to changing lifestyles, consumers spend less time planning and cooking meals at home as they consider preparing food at home as a chore and time and energy consuming. Flavours have a major role in the packed food to sustain the overall authentic property of the food. Deteriorating organoleptic properties of food product results making the food stale and undesirable. To sustain the quality, manufacturers put more focus on adding quality additives to the food product and hence food flavours plays a major role in this market. Manufacturers invest in research and technical development and investigative activities to improve existing products and procedures in order to develop new products. Research and development will lead to development of new product to improve the quality of the product and improve its functionality by including better formulation.
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By Downstream Analysis-
Among the product type, natural is projected to expand at a high pace during the review period of 2017-2022. The demand of the natural flavour is increasing significantly in the developed economies. Due to the adverse health issues for the consumption of synthetic flavour in the processed food products have resulted in adoption of natural flavour. Also, the demand for the clean label products is growing over the last couple of years which in turn accelerates the sales of natural flavour. Among the application, food is estimated to account for maximum market proportion in the year of 2017 and it is estimated to retain its dominance throughout the forecast period.
This report includes a study of strategies used in the market, mergers and acquisitions in flavour, multiple product launch by flavour market players. It further includes product portfolios and developments of leading major players which includes
- Givaudan SA (Switzerland)
- Firmenich SA (Switzerland)
- International Flavors & Fragrances Inc. (U.S.)
- Symrise AG (Germany)
- Takasago International Corporation (Japan)
- Wild Flavors, Inc. (U.S.)
- Mane SA (U.S.)
- Sensient Technologies Corporation (U.S.)
- Hasegawa Co., Ltd (Japan)
- Kerry Group (India)
- Synergy Flavors, Inc. (U.S.)
- Huabao International (Japan)
- S H Kelkar and Company Limited (India).
The market players have increased their level of investment in research to identify right formulation and to improve product functionality in order to capture lion’s share and create brand recognition in flavour market. Most of the companies operating in this market are focusing on expanding its operations across the geographies, augmenting its capabilities and investing in research and development to offer products with better functionality.
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The Flavour Market is segmented into India, Nepal, Bangladesh and Sri Lanka. Among these, India is expected to retain its dominance throughout the forecast period. The market is projected to grow at a CAGR of 10.04% in the review period. This is attributed to the changing food habits coupled with the rising population of young people is anticipated to be the significant factor for the rising growth of carbonated beverages which in turn propel the demand of flavour in India. Increasing consumer preference towards convenience & ready to eat food is expected to fuel the demand of flavour in India.
Flavour Market is segmented by Product Type, Application and Country
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