Northbrook, IL 60062 -- (SBWire) -- 08/14/2023 --The global food flavor market is poised for significant expansion, with expectations to surge from USD 18.0 billion in 2022 to a projected USD 21.3 billion by 2027. This growth represents a Compound Annual Growth Rate (CAGR) of 3.5% over the forecast period.
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Advancements in technology, including the utilization of artificial intelligence to comprehend consumer flavor perceptions and the development of novel extraction methods, are generating attractive avenues for growth in the market. Extracting flavors is a complex process, and manufacturers are adopting harmonized techniques such as using supercritical carbon dioxide for extraction. This technique is notably employed for extracting flavors like lycopene, beta-carotenoids, vanilla, essential oils, and others.
One notable advanced technology is Solid-Liquid Extraction (SLE), capable of extracting up to 90% of natural flavors. In September 2020, the Ireland-based Kerry Group introduced the 'New! Citrus Extract' brand, utilizing a non-thermal liquid/liquid extraction process. This innovative process ensures that all the characteristics of citrus products are preserved, resulting in highly concentrated extracts labeled as 'Natural Extract.'
North America stands as a hub for leading food and beverage manufacturing companies, including ADM, Sensient, and Synergy Flavors. These companies consistently enhance their product portfolios to retain their status as major players in the food flavors market, thereby contributing to the sector's growth.
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Notably, the presence of prominent entities like ADM (US), International Flavors & Fragrances Inc. (US), Sensient Technologies Corporation (US), and Synergy Flavors, Inc. (US) in the North American region reinforces the region's dominant position in the market.
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Rapid Growth Projected for Global Food Flavors Market, Reaching USD 21.3 Billion by 2027
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