The natural flavor extractmarket is anticipated to record a moderate CAGR of 5.5% during the forecast period of 2022 to 2032. The global natural flavor extract market net worth is estimated to go up from US$ 5.5 Billion in 2022 to reach a valuation of US$ 9.5 Billion by 2032.
Attributes
Details
Natural Flavor Extract Market Value (2022)
US$ 5.5 Billion
Forecasted Natural Flavor Extract Market Value (2032)
US$ 9.5 Billion
Natural Flavor Extract Market Growth Rate (CAGR)
5.5%
Sales of natural flavor extract are expected to rise as the lifestyle of people is shifting towards clean eating. In addition to this, demand for natural flavor extract is rising as clean label items are popular among customers.
Increasing public knowledge about the demerits of sugar consumption is also projected to contribute to the growth of the natural flavor extract market share. Some of the key trends promoting the demand for natural flavor extract include evolving taste and flavor preferences and a growing need for food products that are full of natural and authentic flavors.
The report sheds light on the factors improving the sales of natural flavor extract and, in turn, the opportunities for the market players. However, the natural flavor extract market also faces some challenges, which might limit the natural flavor extract market share from reaching its potential.
The increasing variety of end-use applications, owing to the multifunctional properties of diverse natural ingredients, is expected to fuel the expansion of the natural flavor extract market share. These natural colours and flavors are generally used in bakery and confectionery, convenience foods, dairy and frozen desserts, and meat products in the food processing industries.
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What are the Present Dynamics for the Global Natural Flavor Extract Market Share?
In recent years, consumers, on a global stage, are increasingly becoming health conscious. Moreover, with consumer optimism about natural products showing positive movement, demand for natural flavor extract, natural food preservatives, natural food colors, and food lacking several categories of artificial ingredients is experiencing strong growth.
Natural flavor or natural flavor extract is increasingly used in the food & beverage industry for flavorings of a variety of products such as bakery & confectionery, soft drinks, dairy products, and others. In addition, natural flavor extract is finding applications in pharmaceuticals, dietary supplements, and oral care products. This has led to a growth in the sales of natural flavor extract on a global level.
Natural flavor extracts are derived from various sources, including vegetables, fruits, herbs & spices, and other plant parts such as roots and leaves. Sales of natural flavor extracts that are organic and gluten-free are gaining traction, attributing to the rise of gluten intolerance and growing consumer preference for organic foods.
From a health perspective, natural and organic products are considered to be highly beneficial over synthetically and conventionally produced products. In order to meet newer demands and establish a strong position in the marketplace, food manufacturers are increasingly leveraging all-natural flavor systems. This has led to a rapid increase in the demand for natural flavor extract by several end users.
This, in turn, is expected to open windows of opportunities for the rise in the demand for natural flavor extract in the other processed food products market. Continued urbanization and industrialization are also macro factors favoring the growth in the sales of natural flavor extract in developing economies.
Promotion of R&D activities is underway in the market to launch various new and innovative natural flavor extracts comprising exotic and ethnic fruit flavors. Products with such flavors are significantly attracting the younger generation and consequently augmenting the natural flavor extract market share indirectly.
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Which is the Key Natural Flavor Extract Market?
Europe remains the vanguard of the natural flavor extract market, owing to the strong presence of global as well as local market players. Significant growth in the regional demand for natural flavor extract can also be attributed to the rising demand for premium, fortified food and beverages.
High growth opportunities for natural flavor extract market are expected in the Asia Pacific, owing to greater adoption of natural products in line with the rising purchasing power of consumers. The increasing application scope of natural flavor extract, especially in pharmaceutical products, will continue to remain instrumental for the rise in sales of natural flavor extract.
The food & beverage processing and production industry are making its way into several low and middle-income countries of Latin America, MEA, and Asia. Favorable government policies, high availability of workforce resources, and ease of business in these regions are attracting huge attention for sales of natural flavor extract from F&B industry operators.
How Strong is the Competition in the Natural Flavor Extract Market?
Some of the key participants responsible for the growth of the natural flavor extractmarket share are LorAnn Oils, Gold Coast Ingredients, Inc., Dohler SA, Sensient Technologies Corp., Symrise AG, Givaudan SA, The Edlong Corporation, McCormick & Company, Inc., Flavor Producers, LLC, Innova Flavors, Kerry Group, International Flavors & Fragrances Inc., Takasago International Corporation, Firmenich SA, Mane SA.
Major developments in the natural flavor extract market include
IFF (Israel) and Evolva (Switzerland), a biotech business, announced collaboration in March 2020 to further develop and commercialise vanillin. IFF would be in charge of commercialising the vanillin product that Evolva created under the conditions of this arrangement. This partnership would greatly expand the reach of Evolva's created products while also adding new products to IFF's product catalogue.
MANE Kancor, a global pioneer in spice extracts, has announced a US$ 21 Million investment in the next few months for the expansion of current manufacturing sites in India. This move is expected to improve the demand for natural flavor extract in the Asia Pacific region.
The report consists of key players, contributing to the natural flavor extract market share. It also consists of organic and inorganic growth strategies adopted by market players to improve their market positions. This exclusive report analysis the competitive landscape and natural flavor extract market share acquired by players to strengthen their market position.
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Scope Of Report
Report Attribute
Details
Growth rate
CAGR of 5.5% from 2022 to 2032
Base year for estimation
2021
Historical data
2015 - 2020
Forecast period
2022 - 2032
Quantitative units
Revenue in USD billion, volume in kilotons, and CAGR from 2022 to 2032
Report coverage
Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis
Segments covered
By Source, by Nature, by Form, by End Use, and by Region
Regional scope
North America; Western Europe, Eastern Europe, Middle East, Africa, ASEAN, South Asia, Rest of Asia, Australia and New Zealand
Country scope
U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Spain; Russia; Belgium; Poland; Czech Republic; China; India; Japan; Australia; Brazil; Argentina; Colombia; Saudi Arabia; UAE; Iran; South Africa
Key companies profiled
LorAnn Oils, Gold Coast Ingredients, Inc., Dohler SA, Sensient Technologies Corp., Symrise AG, Givaudan SA, The Edlong Corporation, McCormick & Company, Inc., Flavor Producers, LLC, Innova Flavors, Kerry Group, International Flavors & Fragrances Inc., Takasago International Corporation, Firmenich SA, Mane SA.
Customization scope
Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options
Avail customized purchase options to meet your exact research needs.
Frequently Asked Questions
What is the Growth Outlook for the Natural Flavor Extract Market?
The natural flavor extract market is likely to register a CAGR of 5.5% during the forecast period.
Who are the Key Players in the Natural Flavor Extract Market?
Key players holding substantial natural flavor extract market share include are LorAnn Oils, Gold Coast Ingredients, Inc., Dohler SA, Sensient Technologies Corp., Symrise AG, Givaudan SA, The Edlong Corporation, McCormick & Company, Inc., Flavor Producers, LLC, Innova Flavors, Kerry Group, International Flavors & Fragrances Inc., Takasago International Corporation, Firmenich SA, and Mane SA.
What is the Future of the Natural Flavor Extract Market?
As per the analysis, the natural flavor extract market share is likely to be US$ 9.5 Billion by 2032.
