The global Artificial Flavors Market is expected to expand significantly, with an estimated size of USD 15.20 billion by 2027, up from USD 9.27 billion in 2019, at a compound annual growth rate (CAGR) of 5.3%. This growth is driven by the rising demand for exotic-flavored food and beverages among consumers worldwide. Artificial flavors are created in laboratories to mimic the taste and aroma of natural ingredients. Regulatory bodies such as the Food and Drug Administration and European Food Safety Authority monitor and label these flavors to ensure their safety for human consumption.
The increasing popularity of a varied food and beverage selection due to changing lifestyles, rapid globalization, and urbanization is expected to further drive the demand for artificial flavors, creating attractive opportunities for market growth. The consumption of fast food items, advances in synthetic flavoring substances, and the growth of the food and beverage industry in the Asia Pacific region are other factors expected to foster the growth of the artificial flavors market until 2027.
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Major Companies:
International Flavors Fragrances, Firmenich SA, Givaudan, Frutarom Industries Ltd., Robertet Group, T. Hasegawa Co., Ltd., Symrise AG, Takasago International Corporation, MANE, and Robertet Group, among others.
Some Key Trends in The Artificial Flavors Market:
- Increasing demand for exotic-flavored food and beverages among consumers worldwide is driving the growth of the artificial flavors market.
- Artificial flavors are created in laboratories to mimic the taste and aroma of natural ingredients, and regulatory bodies ensure their safety for human consumption.
- The market is expected to grow at a CAGR of 5.3% from 2019 to 2027, reaching a size of USD 15.20 billion.
- Changing lifestyles, rapid globalization, and urbanization are expected to drive demand for a varied food and beverage selection, creating attractive opportunities for the artificial flavors market.
- Advances in synthetic flavoring substances and the growth of the food and beverage industry in the Asia Pacific region are expected to further drive market growth.
- The market is highly competitive, with companies focusing on product innovation and developing new flavor profiles to cater to changing consumer preferences.
- Rising awareness about the health hazards associated with excessive consumption of artificial flavors may impact market growth, leading to a shift towards natural and organic flavors.
- The pandemic has impacted the market, with disruptions in the supply chain and changes in consumer behavior leading to fluctuations in demand for artificial flavors.
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