New York, March 10, 2020 (GLOBE NEWSWIRE) -- The Global Artificial Flavors Market is forecast to reach USD 15.20 Billion by 2027, according to a new report by Reports and Data. The artificial flavors or the synthetic flavors are the high performance edible or non-edible additives composed of synthetic or manmade proprietary chemical formulas owned by the flavor companies that create those formulas. Chemists or flavorists from different flavor manufacturing companies who make the synthetic formulas try to innovate unique flavors with distinctive odors or tastes. The unique formulations are kept top secret by the manufacturing companies and are typically used in the process of numerous product line-ups. The global artificial flavors market is projected to drive significantly as the demand for the artificial flavors in various edible & non-edible applications is being propelled substantially. The continuous expansion of the food scent & coloring agents and high demand for new kinds of tastes with the enormous innovation in the flavorings agents are expected to drive the growth for the food flavor market.
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Asia Pacific region is forecasted to grow the fastest with the fastest rate of 6.1% in the period 2019 – 2027. North America is expected to hold a significant position in the market due to a vast usage of the synthetic flavors in the beverage applications. The United States has the highest number of market players, while China has the highest market share worldwide.
Further key findings from the report suggest
- Diacetyl, acetoin, and acetyl propionyl are some synthetic flavors used in the food items that contain the taste of butter. Ethylvanillin is used to make the vanilla taste. The dairy & beverages is expected to retain its dominance in the market owing to its highest amount of usage in the end-use products.
- Artificial flavors are utilized in the pharmaceutical industries to include fragrance, color, and tastes of various natural ingredients. Both the orally consumed products and external use medicated products such as syrups, chewable tablets, and suspensions, gums, spray among others, are some of the products that require synthetic flavors in the processing. The medicine sub-segment had a significant market share in 2018.
- It takes a considerable amount of time and resource in the research and development of the food & beverage industry to find the perfect flavor that will be widely accepted worldwide and increase the revenue of the company while increasing its customer base. This is very important to adopt appropriate research method for understanding preferences of people.
- The manufacturers of foods and beverages are expanding their business to enable easy availability of their products worldwide. For example, in April 2019, New Age Beverages Corporation, a Colorado-based beverage company, announced its distribution agreement with Hudson News. The objective of this agreement was to expand the brand’s portfolio nationally.
- Europe is growing at a CAGR of 4.7% in the forecast period and is expected to retain a significant position in the market by 2027. Switzerland and France have some of the valuable players in this region.
- North America is forecasted to witness a significant growth in the overall market, with 25.7% of market possession by 2027 and CAGR of 5.8% during the forecast period. US possesses the highest market share in this region and some of the vital players of the market.
- Key participants include International Flavors & Fragrances, Givaudan, Frutarom Industries Ltd., Firmenich SA, Robertet Group, T. Hasegawa Co., Ltd., Takasago International Corporation, Symrise AG, Robertet Group, and MANE, among others.
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For the purpose of this report, Reports and Data have segmented the global artificial flavors market on the basis of the applications, form factor, type, End-Use, and region:
Applications Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2016-2027)
- Dairy & Beverages
- Medicine
- Confectionery & Snacks
- Meats
- Others
Form Factor Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2016-2027)
- Liquid
- Powder
Type Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2016-2027)
- Flavoring Tastes
- Flavoring Smell
- Flavoring Colors
- Mixed Flavoring Content
End-Use Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2016-2027)
- Edible
- Non-Edible
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Regional Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2016-2027)
- North America
- U.S
- Europe
- U.K
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
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