World Food Flavors Market to Grow at 5.6% CAGR through 2023, Predicts MRFR in Its In-Demand Report Available at MarketPublishers.com
11 Jan 2018 • by Natalie Aster
LONDON – Over the past several years, the worldwide market for food flavors has exhibited steady growth. This market is predicted to increase at a 5.6% CAGR through to 2023 to reach the value of USD 18.34 billion. Growth in this market is driven by enhancing health concerns, rising demand for clean label products, increasing consumers’ disposable incomes and also surging sales of food flavors, amid other favourable factors.
As for types, the world’s market for food flavors is led by the synthetic sector, which is poised to rise at a 5.03% CAGR between 2017 and 2023 to exceed the value of USD 11.59 billion by the year 2023. Meantime, the natural sector is anticipated to increase at the highest CAGR of 6.64% through to 2023 to cross USD 6.74 billion.
As for applications, the beverages sector is the key consumer of food flavors; this application sector is set to grow at a 6.07% CAGR between 2017 and 2023 to climb to USD 6.32 billion. Meantime, the savory & snacks sector is likely to rise at the highest growth rate to amount to USD 2.41 billion by late 2023.
Europe grabs the biggest share (34.77%) of the world’s food flavors market and is set to maintain its dominance through to 2023. However, the highest CAGR is expected in the APAC food flavor market.
The in-demand research report “Global Food Flavors Research Report- Forecast to 2023” elaborated by Market Research Future (MRFR) offers an all-round, professional study of the world’s market for food flavors as well as discloses updated statistics and important industry estimates.
This publication comprises vital data on the market structure, dynamics, key growth restraints and drivers, challenges and opportunities, development trends and landscape. Besides, this report describes the historical background, delves deep into the current scenario as well as evaluates the future growth potential of this market. Moreover, in-depth insights into the competitive landscape along with profiles of the leading companies are at hand in this study. This research report includes an insightful review of the market situation across the main regions, a detailed market segmentation analysis and a snapshot of the recent developments. In addition, this report offers future forecasts through to 2023.
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