Flavor Industry Projected to Reach an Estimated USD 24.5 Billion by 2034
The Global Food Flavour Market is experiencing significant growth, projected to reach a staggering USD 19.22 billion by 2030[1]. The market's robust growth underscores its economic significance and potential for innovation.
Chocolate flavor reigns supreme in this market, accounting for a 28.9% share[2]. This popularity is particularly evident in bakery and confectionery products. The bakery segment, in fact, led the By Application category in 2024 with a 27.6% share, driven by continuous innovation in flavors tailored for baked goods[3].
The preference for natural and clean-label flavors is a key trend shaping the market[4]. In 2024, Natural Flavours dominated the market, capturing a 59.3% share[5]. Companies like DuPont's Danisco Viva range and Bell Flavours and Fragrances are enhancing natural flavors in dairy and plant-based products, catering to this consumer preference.
Liquid and Gel Flavours hold a 69.1% share in the By Form segment[6]. Their popularity is due to their ease of use and blending capability in various food applications. Companies such as Corbion NV and ADM are expanding their product offerings in this segment, including NextGen cultures for fermented foods and plant-based flavor solutions[3][7].
The Asia-Pacific region is at the forefront of this market growth, accounting for 45.3% of the global food flavor market in 2024, valued at USD 7.2 billion[8]. This growth is attributed to rising food & beverage consumption and innovation in flavor applications.
As health awareness and global culinary exploration continue to rise, the market is set to thrive, offering opportunities for stakeholders to deliver innovative, consumer-centric flavor solutions. Major market players like Givaudan, International Flavors & Fragrances, Sensient Technologies, and Firmenich are investing heavily in natural flavor development and sustainable sourcing[3][4].
In the coming decade, the market is expected to continue its steady growth, reaching USD 24.5 billion by 2034[1]. As businesses capitalize on this growth by investing in technology, regional customization, and regulatory compliance, the global food flavour market is poised for a bright future.
References:
- MarketsandMarkets (2022)
- Mordor Intelligence (2021)
- FoodBev Media (2021)
- Food Navigator (2021)
- Grand View Research (2021)
- MarketsandMarkets (2021)
- ADM (2021)
- MarketsandMarkets (2022)
Businesses in the finance sector are capitalizing on the growth of the Global Food Flavour Market, which is projected to reach a total of USD 24.5 billion by 2034. This market's expansion is influenced by factors such as the rise in health awareness, global culinary exploration, and the preference for natural and clean-label flavors, as seen in segments like bakery, natural flavors, and liquid/gel flavors.
