Thegrowing consumer preference for ready-to-eat food products is expected to propel the demand for food flavorings, states Transparency Market Research (TMR) in a research report. The report is titled “Food Flavoring Market - Global Industry Size, Market Share, Trends, Analysis, and Forecast 2016–2024.”
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According to the report, the demand for food flavoring products is expected to gain momentum over the next couple of years owing to the high consumption of appetizing food products. The growing consumption of premium and gourmet food items has led to a significant rise in the sales of good quality food flavors. Market players can capitalize on the opportunities that are likely to arise from the shifting taste preferences of consumers.
One of the key drivers in the global food flavoring market is the proliferating urbanization in developing countries. The rising purchasing power of consumers is further expected to bode well for this market. The escalating income levels of consumers in emerging economies has stirred the consumption of functional and convenient food products, thus accelerating the sales of food flavoring items. Moreover, the westernization of food habits in developing countries is also anticipated to drive the demand for food flavoring products.
Manufacturers of food flavoring products are likely to gain from untapped and emerging markets in regions such as Asia Pacific. Additionally, the discovery of new sources of raw materials and an increase in the demand for food flavors accompanied with health benefits are expected to present a plethora of opportunities for market players. However, the market is expected to face challenges from the dearth of natural flavors and volatility in their prices. The adverse health effects of both synthetic and natural added flavors are also expected to hinder the demand for food flavoring products.
The report presents a comprehensive analysis of the historical growth trajectory, current scenario, and future growth of the global food flavoring market. It evaluates the factors that are likely to drive or restraint the growth of the market. The study also estimates the revenue and volume growth of the market. It provides an outlook of the key strategies, shares, and products of the leading companies operating in the global food flavoring market.
Geographically, North America emerged as the dominant region in terms of the consumption of food flavoring products and is likely to retain a lead owing to the high employment of food flavoring products in the food and beverages industry. On the other hand, Asia Pacific is projected to exhibit strong growth over the forthcoming years. The leading players operating in the global food flavoring market are Symrise AG, International Flavors & Fragrances Inc., Wild Flavors GmbH, Firmenich SA, Kerry Group Plc., and Givaudan SA.
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