(I-BusinessNews.Com, May 12, 2020 ) The food flavors market is estimated at USD 13.56 billion in 2018 and is projected to reach USD 17.10 billion by 2023, growing at a CAGR of 4.8% during the forecast period. The key players profiled have a strong presence in the global food flavors market; they include Givaudan (Switzerland), International Flavors & Fragrances (US), Firmenich (Switzerland), Symrise (Germany), Frutarom (Israel), Sensient (US), MANE (France), Takasago (Japan), T.Hasegawa (Japan), and Robertet (France).
The key market players adopted various growth strategies such as acquisitions, expansions & investments, joint ventures & partnerships, and new product launches to cater to the increasing demand for food flavor products and expand their business. The companies in this market are increasing their investments in R&D to focus on developing new food flavors with a combination of natural and synthetic elements that provide additional health benefits and are less harmful than the existing synthetic flavors. Companies also focus on expanding their geographic presence by increasing their production facilities.
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The companies have been investing in innovations and technologies to create new flavor products for various food applications such as beverages, confectionery, dairy products, bakery products, and snacks & savory. Companies such as Firmenich (Switzerland), Symrise (Germany), and Sensient (US) are expanding their product portfolio and innovating new products and flavoring technologies. Companies such as Firmenich (Switzerland) have added a new line of natural flavor solutions, Protein Shield Flavors to their product range of naturally derived flavors. Companies are also expanding their global presence by establishing new offices and production facilities, globally.
Givaudan (Switzerland) is a key market player in the food flavors market and is engaged in the manufacturing and marketing of flavors, fragrances, and other related products. The flavors division offers a wide range of products for use in beverages, dairy products, foodservice, health & wellness, savories, and snacks & sweets. The company is expanding its business by acquiring competitor companies to strengthen its position in regional markets. In May 2018, Givaudan (Switzerland) established a new creative center in Mexico City. This center is expected to support the business growth in the North American region, and contribute to achieving the strategic ambition for high growth markets and consumer preferred products by 2020. Givaudan is spreading its network and collaborated with local market players to understand and build its expertise in these areas. It has been expanding its manufacturing capacity to the Asia Pacific region as well. For instance, the company expanded its operations to Changzhou, Jiangsu province of China in 2017.
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International Flavors & Fragrances (IFF) is primarily engaged in the production and distribution of flavors and fragrances for food, beverage, personal care, and household products. The company offers advanced technological solutions for flavor retention through its flavors segment. With numerous acquisitions and investments, International Flavors & Fragrances Inc. has increased its geographical presence and enhanced product saleability. In May 2018, International Flavors & Fragrances (US) announced the acquisition of Frutarom (Israel). International Flavors & Fragrances (US) acquired Frutarom (Israel) in a stock and cash transaction valued at nearly USD 7.1 billion.
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