In 2017, the Asia-Pacific food flavor market was valued at USD 4337 million and is projected reach USD 6524 million by 2023, registering a CAGR of 7.5% during 2018-2023 (the forecast period). Some key flavor market players, such as, Synergy Flavors, are investing on the use of botanical herbs in the food & beverage domain.These botanical herbs have high protein, vitamin, and other minerals contents.
Globalization in the Food Consumption Pattern to Result in Growth in Emerging Countries
In developing countries, consumers are looking for fine dining and restaurant-like experience at their homes. This factor is driving the market growth of premium products of sauces & seasonings, by evoking a sense of flavor authenticity. However, recently, the market witnessed a shift in consumer preference for convenience. This shift can be attributed to several factors, which include, urbanization, growing population of working-women, and increasing household incomes. This market holds a great potential for growth among processed food manufacturers and the food flavor suppliers.
Growing Consumer Demand for Natural Flavors Likely to Hurdle Flavor Market Growth
An increasing number of health-conscious consumers are looking for options to avoid additives, like flavor enhancers (monosodium glutamate), preservatives, artificial colors, etc. Companies are facing issues, due to the high costs associated with raw materials required for natural additives, and the energy costs for processing and transportation. This factor is proving to be a challenge to maintain the expected texture, flavor, shelf-life, and mouth-feel. Besides, in developing economies of APAC, there are issues with the right infrastructure, transportation, cold chain storage, and reliable power supplies. Ultimately, these issues will block the flavor market growth in Asia Pacific region.
Based on type, the Asia-Pacific food flavor industry can be categorized into natural, synthetic, and natural identical flavorings. In 2015, the natural flavor segment accounted for around 35% of the market share. Moreover, there has been a constant decrease in demand for the artificial food flavors, since past several years.
In 2017, the natural extracts segment is expected to have the second largest market revenue, as the demand for natural extracts is growing. The consumption rate of food flavor dominates the beverage and dairy industries.
Geographically, China and Japan are the largest consumers of flavor & enhancer in the APAC region. Moreover, Indonesia, Vietnam, and India are expected to be the top markets during the forecast period.
- 2016- The company, ConAgra Foods, struck a deal, worth USD 340 million, to sell its Spicetec flavors & seasonings business to Givaudan.
The key Food Flavor Manufacturers in Asia-Pacific includes Givaudan, Firmenich, International Fragrance and Flavours, Inc (IFF) and Frutarom amongst others.
Reasons to Purchase the Report
- Analyzing outlook of the market with the recent trends and Porter’s five forces analysis
- Market dynamics, which essentially consider the factors that are impelling the present market scenario, along with growth opportunities of the market in the years to come
- 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
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- 3 month analyst support, along with the Market Estimates sheet (in excel)
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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 Globalisation in the Food Consumption Pattern
4.1.2 Penetration of Organized Retail Sector
4.2.1 Less stability & Availability of Natural Flavors
4.2.2 Awareness of Health Effects of Synthetic Flavors
4.3.1 Innovative Product Development
4.3.2 Growing Demand for Natural and Nutraceutical Ingredients
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 & Services
4.4.5 Degree of Competition
5. Market Segmentation
5.1 By Type
5.1.1 Natural Flavour
5.1.2 Synthetic Flavour
5.1.3 Nature Identical flavourings
5.2 By Application
5.2.4 Meat & Fish Product
5.2.5 Snacks & savouries
5.3 By Geography
184.108.40.206 South Korea
6. Competitive Landscape
6.1 Strategy Adopted by Key Players
6.2 Most Active Companies in the last Five Years
6.3 Market Share Analysis
7. List of Company Profiles
7.3 Cargill Inc.
7.4 Kerry Group
7.5 SVZ International B.V.
7.6 Sensient Technologies Corporation
7.7 Archer Daniels Midland(ADM)
7.8 Australian Native - Lemon Myrtle Farms
7.9 Brenntag Pacific Inc.
7.10 International Fragrance and Flavours, Inc.(IFF)
7.11 Takasago International Corporation