The global flavors market has witnessed a remarkable growth in the processed food & beverage segment over the past few years. This has positively affected the fruit & vegetable ingredients market growth. Food & beverages have a major role to play in the packaged food industry, which varies according to the region. Flavors can be broadly classified as natural and synthetic flavors, where natural flavors are produced from edible substances such as fruits, vegetables, leaves; and synthetic flavors from inedible substances such as petroleum, which is processed in the labs to create flavors.
Flavors have a major share in overall food industry and are at the threshold of gigantic growth. This market can be characterized as innovative, technical, and specialized in nature. Growth of the flavors market is driven by changing lifestyle of consumers, increase in demand for convenience food and development of global beverage industry in terms of packaging and safe logistics, for instance, self-chilling beverage cans. New technologies have pioneered the outgrowth of advanced ingredients derived from fruits & vegetables. Developing countries such as China, India, Germany, France, and Japan present a feasible market for the manufacturers with potential availability of raw materials. However, growth in premium lines of sauces and seasonings, rising raw material prices, bargaining power of customer and supplier, high entry barriers, and price pressure on manufacturers hinder market growth. Growing interest of small-scale industries in market expansion by developing facilities and technical service centers in various regions provide opportunities for market growth. This growth strategy is crucial for the smaller companies, enabling them to extend their technical capability through precise R&D infrastructure offered by the major players.
Demand for natural flavors is expected to increase substantially considering health and wellness issues. Global flavor industry is led by Switzerland followed by U.S. and Germany. Canadian companies entering the flavors market are expected to find it highly competitive and will need to compete not only on price but also on innovation and quality.
Leading players such as Kerry Group plc, Archer Daniels Midland Company, DohlerGroup, AGRANA Group, SVZ International B.V. and SunOpta, Inc. Other well-known companies in the market are Sensient Technologies Corporation, Olam International Limited, DIANA S.A.S., and Sensory Effects Ingredient Solutions.
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The demand for packaged and processed foods is expected to increase owing to their longer shelf life. Furthermore, manufacturers are closely monitoring the product supply to major retailers through specialized communication channels in order to improve restocking. In addition, processed food manufacturers have urged the packaging raw material suppliers as well as contract packers to ensure a steady flow of goods during the lockdown related to COVID-19. The report will account for Covid19 as a key market contributor.
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