This report titled “Natural Flavors Market - Growth, Future Prospects, and Competitive Analysis, 2016 – 2023” offers strategic insights into the trends in natural flavors market along with the market size and forecast for the duration 2013 to 2023. The said research study incorporates in-depth analysis of multiple market segments based on type, application and geographical distribution.
Changing consumer preferences, development of technically advanced flavors, supply chain improvements are some of the factors fuelling the natural flavors market growth globally. The global natural flavors market is increasingly witnessing competition with growing number of strategic alliances between market players to gain international footprint and enhance their product offerings. In addition, several players are also focused on improving their product portfolio in the market.
Based on types, the global natural flavors market is categorized into natural extracts, aroma chemicals, essential oils and other natural flavors. Based on applications, the global natural flavors market segmentation includes bakery and confectionery, beverages, dairy products, savory foods, pharmaceuticals & dietary supplements, oral care products and others. Market size and forecast for all the considered segmentation is presented in this report for the period 2013-2023 (US$ Mn) along with their respective CAGRs for the forecast period 2016-2023 (Value %).
Based on type, the global natural flavors market is segmented as follows:
Different types of natural flavors include natural extracts, essential oils, aroma chemicals and other natural favors. Of these, natural extracts and essential oils segment collectively dominate the market in terms of revenue contribution, followed by aroma chemicals. Factors such as requirement of health benefits including weight control, improved resistance, gut health, enhancing immunity, and others have led to increasing popularity among consumers for natural-based products. Thus, fueling demand for natural flavors especially essential oils and natural extracts as sources to mitigate the rising demand among end use consumers. In addition, demand for natural flavors as essential oils is driven by growing consumer inclination for better fragrance products with natural ingredients coupled with side effects associated with synthetic flavors or compounds usage.
Growing food and beverages industry serves as potential area for natural flavors, however declining beverages especially carbonated drinks usage restrict the market growth. Furthermore, companies are engaged in developing product formulations to offer better and enhanced products to the end users. Aroma chemicals segment is anticipated to record significant during the forecast period, which is attributed to demand for aroma chemicals in overall flavor and fragrance industry.
On the basis of application, the natural flavors market is categorized into following:
Of different applications, beverages segment holds largest market share and is expected to maintain its dominance throughout the forecast period. This is attributed to inclination of consumers towards flavored beverages especially with natural ingredients. Consumers are buying products with ingredients preferably fruits and vegetables, owing to advantages of them being rich in antioxidants. Furthermore, beverages contribute a significant share in the overall food and beverages industry, thereby demand for natural flavors is anticipated to be significant in the segment.
Demand for natural flavors in dairy food products is further expected to remain significant throughout the forecast period, due to demand for nutritious and healthier food products. Dairy Products segment is expected to record highest growth, which is also attributed to increasing consumption of these products, leading towards development of ingredients and flavor suiting the end use consumer requirement, thereby fuelling natural flavors market growth across the globe. In addition, new product development with customized formulations stimulates the natural flavors market growth. Oral Care Products segment is expected to record moderate growth in the next five to six years. This is attributed to increasing product launches with different flavors and consumer inclination towards advanced personal care products.
At present, North America and Europe are the largest regional markets for natural flavors. U.S. remains prime contributor to the growth of natural flavors in the North America, supported by extensive research and development by companies operating in the market. In Europe, the U.K. and Germany are identified as potential markets for natural flavors. This is attributed to increasing consumer inclination towards specific flavors in food and beverages along with stringent regulations by the European Union for use of artificial ingredients across varied applications such as food and beverage, personal care and pharmaceuticals, among others. Easy availability of raw materials and consumer demand for natural products in the region make Asia Pacific a significantly lucrative market for natural flavors. China and India are anticipated to be the most prominent country-level markets for natural flavors during the forecast period. In addition, demand for organic food products among consumers has led manufacturers to adopt advance technologies and thus, develop products suiting the need of end user companies. Natural flavors market growth in Middle East and Africa is anticipated to be steady during the forecast period.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Natural Flavors market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Type
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Application
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
