Flavors (Food & Beverages) Market Size, Share | Industry Trends Analysis Report, 2023

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Summary: “Flavors (Food & Beverages) Market” includes Market Size, Share, Trends, Growth, Demand, Supply, Application, production, capacity utilization, supply, Analysis and Forecast

The global flavors (food & beverages) market is expected to witness steady growth rate during the forecast period. The food flavor industry plays a vital role in food processing to enhance the taste. Flavors are used in various products, such as bakery, confectionery, meat, snacks, seafood, and poultry. The beverages industry has a significant impact on the growth of the global flavors (food & beverages) market.

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Increase in demand for ready-to-eat meals and fast foods are the key driver of the industry globally. Moreover, innovative technologies, introduction of new flavors, rise in disposable income, change in food habits, and heavy inflow of investment in R&D activities are the other factors supplementing the market growth. There is upcoming trend of using natural flavors due to health awareness, which accounted for more than a half share of the global market in 2016, due to factors, such as improvement in standards of living, change in lifestyle, and growth of the beverages industry. Furthermore, high demand for flavors across European countries to produce commercialized clean label or green food products without additives and other harmful chemicals have propelled the growth of natural flavors market.

The beverage segment accounted for more than one-fourth share of the market, in terms of revenue, in 2016. Flavorists at beverage-making firms have focused on creating a perfect blend of flavors, which is expected to add and cater to the change in preference of consumers. Technological advancements in production procedures and rise in demand for fruit-flavored drinks are expected to provide lucrative growth opportunities to the beverage flavors industry.

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