The global food flavor market size in 2018 was estimated at USD 9.8 billion, and is projected to reach approximately USD 14.1 billion by 2023 at a CAGR of 5.7%.
The new food trends include unique flavor profiles from Africa and Asia. For instance, botanicals are nowadays gaining more attention in the supplement manufacturing segment. Besides, spices, herbs, and other plant-based ingredients are used to add flavor, color, texture, and taste. One such company, the GNT Group, is in the limelight, with its botanical ingredient, spirulina, which is a blue-green algae, rich in protein, vitamins, and minerals. The company has developed spirulina as a food color. It has been approved as food color in the United States last year.
Consumption of food with low fat, low salt, and low carbohydrate is a key driver to augmenting the consumption of flavors in Africa. As flavors are region and country specific, manufacturers are constantly innovating to hold a larger share of the pie in the market. Globalization and modernization are also playing a crucial role in creating interest among individuals to buy new products.
Owing to the requirement of enormous amounts of natural resources to extract flavors, several new entrants often face challenges in the flavor industry. The companies need to work upon the extraction process for these natural flavor sources, and meet the demand. Additionally, the changing preferences of the consumers are constant constraints for the manufactures. However, the stability of natural flavors, in terms of shelf life, is a major constraint for the market.
Conversely, rigid regulatory framework and rising health awareness among the people might prove to be hurdles in the way of market growth. Consumers in South Africans and other sub-Saharan regions still lack awareness regarding the ill effects of artificial flavors.
Based on type, the Africa food flavor market can be categorized into natural synthetic and natural identical flavorings. Natural flavors are sub-divided into essential oils, aroma, natural extracts, and others, while synthetic flavors can be of several types as per the demand. The food flavors are further segmented by application into dairy, bakery & confectionery, meat & fish products, snacks & savories, beverages, and others.
The natural flavor market in Africa accounted for nearly 35% of the food flavor in 2015. There is a constant diminish of the demand for artificial food flavors from last several years. Despite the overall negative growth in the synthetic flavors market, the outlook will possibly remain slightly positive in Africa.
2017- Israel-based company Frutarom acquired South African supplier Unique Flavors to achieve its own set sales target of USD 2 billion by 2020. This is the company’s second acquisition in Africa after it purchased JannDeRee in 2013. Unique Flavors develops, manufactures, and markets flavors, especially savory flavors, with its large customer base in South Africa and other sub-Saharan markets.
The key flavor manufacturers in Africa are Givaudan, Firmenich, International Fragrance and Flavours, Inc (IFF), and Frutarom.
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- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
- Regional and country-level analysis integrating the demand and supply forces that are influencing the growth of the market
- Competitive landscape involving the market shares of major players along with the key strategies adopted for development in the past five years
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1.1 Key Deliverables Of The Study
1.2 Study Assumptions
1.3 Market Definitions
2. Research Approach And Methodology
2.2 Research Design
2.3 Study Timelines
2.4 Study Phases
2.4.1 Secondary Research
2.4.2 Discussion Guide
2.4.3 Market Engineering & Econometric Modelling
2.4.4 Expert Validation
3. Market Overview
4. Market Dynamics
4.1.1 Increasing Demand for Health Products
4.1.2 Increased Preference towards Ready to Eat Product
4.2.1 Sourcing Of Natural Flavors
4.2.2 Awareness Of Health Effects Of Artifical Flavors
4.3.1 Innovative Product Development
4.3.2 Wider Acceptance Of GSFA For Improved International Trade
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power Of Suppliers
4.4.2 Bargaining Power Of Buyers
4.4.3 Threat Of New Entrants
4.4.4 Threat Of Substitute Products And Services
4.4.5 Degree Of Competition
5. Market Segmentation
5.1 By Type
5.1.1 Natural Flavor
5.1.2 Synthetic Flavor
5.1.3 Nature Identical flavorings
5.2 By Application
5.2.4 Meat & Fish Product
5.2.5 Snacks & savouries
5.3 By Geography
5.3.1 South Africa
6. Competitive Landscape
6.1 Strategy Adopted By Key Players
6.2 Most Active Companies In The Past Five Years
6.3 Market Share Analysis
7. Company Profiles
7.1 Teubes oils out of Africa
7.2 International Aromatics S.A.E
7.4 Aroma Aromatics and Flavours
7.5 Corbion Purac
7.6 Cargill Inc
7.7 Kerry Group
7.8 Corbion Purac
7.10 Archer Daniels Midland(ADM)
7.11 FMC Corporation
7.12 Brenntag Pacific Inc
7.13 International Fragrance and Flavours, Inc.(IFF)
7.14 Dupont- Danisco
7.15 Symrise AG