Global Flavors Market will reach USD 15.60 Billion by 2021: Zion Market Research
Global flavors market was valued at USD 11.50 billion in 2015, and is expected to reach USD 15.60 billion in 2021, growing at a CAGR of 7.5% during 2016 and 2021.
The global flavors market is bifurcated in two types viz. natural and synthetic flavors. In 2015, natural flavors were in great demand across the globe and it accounted over 50% share of the entire market. Additionally, the dominance of the segment is expected to prolong within the forecast period owing to rising demand towards heath concerns.
Beverages was the foremost application accounted over 25% share of the market and further it is predicted to continue this trend due to growing demand for beer consumption across the globe. The beverage application is expected to grow at CAGR of 10.0% in near future. Moreover, emerging market is likely to grow the demand for dairy and savory & snacks within the forecast period.
Browse the full "Flavors Market by Type (Natural and Synthetic) for Beverages, Bakery, Confectionery, Dairy, Savory & Snacks and Others Applications: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021" report at https://www.zionmarketresearch.com/report/flavors-market
In 2015, North America dominated the market for flavors with 30.0% market share followed by Europe. This was mainly contributed by heavy consumption of beverages in this region due to the climatic condition in the region. Asia Pacific is likely to experience high-growth over the period due to the growing demand for flavors used in sauces & seasonings especially in emerging economies such as China, India, Bangladesh and Sri Lanka. Moreover, Latin America, Middle East and Africa also projected to have moderate growth for flavors market in coming years.
Some of the key players operative in the global market of flavors include Givaudan, Firmenich SA, Kerry Group plc, Symrise AG, Wild Flavors Inc., Frutarom Industries Ltd., SunOpta, Inc, International Flavors and Fragrances Inc., Mane Fils SA, Archer Daniels Midland Company and Sensient Technologies Corporation. Among these major players, Givaudan is one of the dominating companies which accounts for a major chunk in global flavors market in 2015.
The report segments the global flavors market as:
Flavors Market: Type Analysis
Flavors Market: Application Analysis
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