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Navigation Systems Market By Application 2023 | IndustryARC

Published By : IndustryARC | Published On : 2018-07-23
According to the new market research report by IndustryARC titled “Natural Flavors Market: By Source (Vegetables, Fruits, Dairy, Meat and Others); By Application (Dairy products, Savory Foods, Beverages, Bakery & Confectionery and others) & By Geography - (2014-2020)”, the market is driven by the rising demand for convenient nutritious products and increasing consumer demand for natural ingredients in food.

Browse 53 Market Tables, 176 Figures spread through 160 slides and an in-depth TOC on “Natural Flavors Market (2014 - 2020)

Americas held the largest market share in the Natural Flavors Market
Americas region holds the largest market share and growth in the Natural Flavors Market and is anticipated to reach $2.42 billion by 2023 at a CAGR of 3.70%. However, APAC witnesses highest growth during the forecast period and is expected to reach $2.5 billion by 2023 at a CAGR of 10.5%. Americas Natural Flavors market is mainly driven by the high consumption of processed food and packaged beverages. The key applications include Beverages, Savory Foods, and Dairy Products among others.
 
Selected Value Chain Analysis done in the full report
SAVORY FOODS IS STILL LARGELY AN UNTAPPED MARKET FOR NATURAL FLAVORS
The F&B producers have not focused in using natural flavors in savory foods on a large-scale. Savory foods in the developed nations such as the U.S. and U.K. have been witnessing variety of new flavors. Due to the increasing population of Asians in Western countries, flavor combinations such as sweet & spicy, bitter & tangy have been gaining popularity. The consumers are willing to try new flavors that are made from natural ingredients. Currently, consumers of savory foods are not only expecting superior taste, but also the nutritional value and naturalness. Due to the heightened awareness about the benefits and ill-effects of various ingredients of food products, consumers have been considering various parameters such as nutrition, taste as well as naturalness. Flavor manufacturers have an opportunity to further invest in developing natural savory flavors to expand their natural flavor offerings to the food & beverage manufacturers.
FLAVORS DERIVED FROM NATURAL SOURCES WITHOUT PRESENCE OF FOOD ALLERGENS
The consumer awareness about food intolerance is rising, more consumers are realizing the adverse health effects related to the consumption of foods which causes bloating, constipation and so on. The major food intolerance is lactose and wheat intolerance. Along with this, the food allergic reaction due to cross contamination while flavoring is also a major concern. As a result, the preferences of consumers have been shifting drastically. Food & beverage manufacturers have been gradually decreasing the use of milk, wheat, peanut and soy without affecting the overall taste. There have been a rising number of cases of food product recalls which contained higher levels of allergens. Flavoring companies need to provide ingredients that have no food allergens while giving equal importance to taste. Technical expertise in biotechnology, alternative sources of allergen flavors and hygienic production environment assists the manufacturers to design and develop flavors with no allergens.

Excerpts on Market Growth Factors
  • Growing demand for the use of natural flavors in prepackaged juices and fruit flavored drinks is driving the market in beverages category.
  • The overall market for bakery and confectionery is estimated to reach $911.01 million by 2020 at a CAGR of 6% during 2015-2020.
  • Driven by the rising consumption of confectionery products across the world coupled with growing preference for products laced with natural ingredients, natural flavors market is estimated to expand considerably in the coming years in terms of value and volume.
  • Ice cream manufacturers have been giving equal importance to taste as well as naturalness in their products, mainly driven by the rising preference towards natural products among consumers.
  • The overall ice cream market is undergoing stagnant growth, however, the ice creams flavored using natural flavors has been witnessing positive response from the consumers in the recent yearsGlobal yogurt market revenue is expected to be valued at $70 billion by 2020. The increase in the consumption of nutritional and natural yogurt drives the sales of natural flavor in dairy category.
  • Some of the major end-users in this category include Nestle SA (Switzerland), Unilever (The Netherlands) and Amul (India).
  • Rising inclination towards nutritious savory snacks drives the market for natural flavor extracted from vegetables.

Key players of Natural Flavors Market:
  • Key players in natural flavors market are Givaudan (Switzerland), Firmenich SA (Switzerland), International Flavors & Fragrances, Inc. (U.S.), Takasago Co. (Japan), ADM (U.S.), and Symrise AG (Germany)
  • They have consolidated their business by leveraging their technical expertise in flavor development. The small companies are competing to increase their share with new product launches and catering to regional F&B manufacturers. 
  • Major players are widening their market presence by targeting new geographies such as APAC, South America and Africa as these regions offer higher growth potential.
  • Major companies hold high market share due to their long lasting partnerships with the top F&B manufacturers such as Nestle SA (Switzerland), Pepsi Co. (U.S.) and Unilever Inc. (The Netherlands). The market is witnessing consolidation with mid-sized flavor companies such as Frutarom (Israel), Sensient Technologies, Wild Flavors, Bell Flavors & Fragrances actively acquiring small players in emerging regions to expand their market share.
  • Other companies having considerable share in the flavor market are Frutarom (Israel), Sensient Technologies (U.S), Mane SA (France) and Robertet SA (France).
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