Asia Pacific Food Flavors Market size has been estimated at USD 5.32 Million in 2021 and is projected to reach USD 7.7 Million by 2026, at a CAGR of 7.67% during the forecast period from 2021 to 2026.
Food Flavors are commonly used to improve the taste of food products. There are mainly two origins of food flavors namely, natural and synthetic. Natural food flavors are animal or plant based products, whereas synthetic flavors are mixture of edible chemicals. Food and beverage industries require flavor for different purposes such as new product development, to add new product line and to change the taste of existing product.
The market for food flavors in Asia-Pacific region is mainly driven due to rampant urbanization, growth of disposable income and availability of convenience goods. Also, additional factors such as awareness among governments and consumers to address specific health and nutritional needs are strongly fuelling the food and beverage markets, which, in turn are boosting the market for food flavors. But, the market growth is constrained due to health effects induced by synthetic flavors and stringent food safety regulations.
Asia Pacific market for Food Flavors is segmented based on type, source and application. By type, the market is further sub-segmented into Chocolate, Vanilla, Fruits & Nuts. By Origin, the market is further sub-segmented into Natural and Synthetic. By Application, the market is further sub-segmented into Beverages, Savory & Snacks, Bakery & Confectionery, Dairy & Frozen Products, Others. Beverage flavor products segment is the largest in terms of revenue, closely followed by bakery & confectionery and savory & snacks flavors segments. Growth for dairy and frozen product flavors due to high demand of meat flavor products.
Geographically, Asia Pacific market for Food Flavors is segmented into China, India, Japan, South Korea and Australia. The Food Flavors market in the Asia-Pacific region is projected to grow at the highest CAGR, which is greatly due to growing demand for health & wellness foods, technological innovation, and increasing consumer preference towards convenience and ready-to-eat meals.
Key Players in the Market:
Major Key Players in the APAC Food Flavors Market are
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