Flavor Enhancer Market to Gather $20.4 Billion and Grow at CAGR of 5.7% by 2023: Allied Market Research
A rise in demand for flavor enhancers due to a surge in consumption of processed foods is projected to drive the global flavor enhancer market growth.
Wilmington, Delaware, Oct. 20, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Flavor Enhancer Market by Type (Acidulants, Glutamates, Hydrolyzed Vegetable Proteins, Yeast Extracts, and Others), and Application (Processed Convenience Foods, Beverages, Meat & Fish Products, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032″. As per the report, the global flavor enhancer market garnered $11.4 billion in 2022, and is anticipated to gather a revenue of $20.4 billion by 2032, growing at a CAGR of 5.7% during the 2023-2032 period.
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Growth Drivers of the Market
In the last few years, there has been a surge in consumption of processed foods. This has resulted in an escalation in demand for flavor enhancers which might translate in the expansion of the flavor enhancer industry. However, the side effects of flavor enhancers on infants can create hurdles in market growth. Apart from this, usage of innovative natural ingredients rich in umami can create new investment opportunities in the market.
|Market Size in 2022||$11.4 billion|
|Market Size in 2032||$20.4 billion|
|No. of Pages in Report||250|
|Segments covered||Type, Application, and Region.|
The glutamates segment to continue its dominance in the forecast timeframe
Based on type, the glutamates segment of the global flavor enhancer market was the most lucrative in 2022. The demand for glutamate has inflated owing to shifting consumer preferences and amplified consumption of packaged foods. Also, the rise in product innovation and high availability of glutamate will help the market to continue its dominance. However, the acidulants segment is expected to have the fastest growth with a 6.5% CAGR during the 2023-2032 timeframe. Acidulants are primary ingredients in flavor additives which give a tangy taste to the food items. Acidulants improve the shelf life of a food item by reducing its pH value. This also enhances the texture and taste of the food product.
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The processed convenience food segment to witness huge growth in the forecast timeframe
Based on application, the processed convenience food segment was the most dominant in 2022. People with a busy lifestyle generally prefer processed and packaged foods. On the other hand, the meat and fish products segment is the fastest growing with a CAGR of 6.4% during the analysis period. The widespread use of flavor additives in meat and fish items along with changing consumer preferences and demands will improve the prospects of the market.
The Asia-Pacific region to flourish immensely by 2032
Based on region, the Asia-Pacific flavor enhancer market was the most profitable in 2022, with the highest market share. Also, this region is expected to experience the fastest growth at 6.8% CAGR by 2032. The Asia-Pacific flavor enhancer market will witness growth due to shifting habits and consumption preferences consumers.
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Major Companies of the Market:
- KERRY GROUP PLC
- MEIHUA HOLDINGS GROUP
- ANGEL YEAST CO., LTD.
- LESAFFRE ET COMPAGNIE
- TATE AND LYLE PLC
- FUFENG GROUP CO. LTD
- INTERNATIONAL FLAVORS AND FRAGRANCES
- DSM-FIRMENICH AG
- GIVAUDAN SA
The report offers a comprehensive analysis of major companies in the global flavor enhancer market. It also puts focus on the business performance of the companies and operating segments of the market, which enhances competition in the industry.
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