FLAVORS AND FRAGRANCES MARKET ANALYSIS

Flavors And Fragrances MarketSize and Trends

The global flavors and fragrances market size was valued at USD 30.8 Bn in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 6.27% from 2023 to 2030. The increasing preference of consumers toward ready to eat foods and a rise in demand for natural and organic ingredients are driving growth of the global flavors and fragrances market. The market for flavors and fragrances is also expected to grow as consumers are seeking new flavors and fragrances in different types of products. These products are designed to be suited for a range of applications and are likely to be popular in developing markets.

Global Flavors and Fragrances Market Trends:

Growing trend of complex heat flavors

Rising awareness regarding the complex heat flavors among consumers as they are probing for enticing flavors is expected to uplift the market growth. For instance, the ingredient company Sensient adds to the above trend by stating a change in consumer preferences in hot flavors over the years which has been from ghost pepper in 2017 to Trinidad Scorpion in 2018 to Carolina Reaper in 2019.

Energy drinks are a growing trend, expanding application of flavors

The use of food flavors in protein shakes are expanding due to growing number of gym freak and athletes worldwide. For this, manufacturers are introducing energy drinks with variety of flavors. For instance, in 2019, Organic Valley has reformulated its Fuel protein shakes, which consist of high-protein, low sugar options made without pesticides or artificial flavors. It is available in various flavors like vanilla, chocolate, and coffee flavors.

Global Flavors and Fragrances Market Segmentation: