Global Food Flavor Enhancer Market: Overview
Food enhancers are widely used in large-scale commercial food production as machine-based production can lean towards bland-tastes which is often standard across a wide range. Hence, food enhancers are widely used in ready-made food products as well as fast-foods. Thanks to major innovations in food enhancers, a wide range of food products including seafood, beverages, convenience and processed foods alike come pre-equipped with food enhancers.
Some of the most common food enhancers used in commercial food production today include Monosodium glutamate, hydrolyzed vegetable proteins, acidulants, and yeast extracts. Despite the wide variety of applications, and products, the market continues to remain fairly consolidated. The 35% to 40% of the share in the market is held by tier-1 players. The growing demand in the food and beverage sector is expected to be a major driver for growth in the global food flavor enhancer market during 2018-2026.
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Global Food Flavor Enhancer Market: Notable Developments
Vitosa, a stevia sweetener widely used in food products received the ‘no objection’ FDA nod. The recent FDA letter explains that Vitosa will be allowed to continue with its self-claimed ‘generally recognized as safe’ status. This is a major news in the market as Vitosa is widely used in sports drinks, soft drinks, dairy products, and juices as well. It is a cost-effective sweetener which promises a myriad of applications in the food flavor enhancer market. The recent FDA grant is likely to pave way for robust growth for its applications in the near future.
Legalization of Cannabis is likely to pave way for significant new opportunities in the food flavor enhancer market in the near future. According to recent reports, there are over 88 beverage brands on the market with drinkable cannabis. Additionally, the total edibles market is steadily rising with rising demand for THC and cannabidiol products. This market could turn out to be a $1 bn opportunity by 2022.
Global Food Flavor Enhancer Market: Drivers and Restraints
The global food flavor enhancer market is expected to witness significant growth, thanks to rising demand in the food and beverage sector. Rising population, growing disposable incomes, and new opportunities like e-commerce are expected to result in significant growth. Additionally, technology automation is expected to bring down fast-food operation costs considerably in the near future. Recently, McDonalds installed several self-serving digital kiosks across the United States. This was a major hit in the stock as the company’s stock jumped to a record height. The increased technological advancements and growing demand for food products are likely to drive significant opportunities for growth and innovation in the food flavor enhancer market.
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Global Food Flavor Enhancer Market: Geographical Analysis
The global food flavor enhancer market is expected to witness its highest revenue growth in North America. Rising disposable incomes, increased investments in food innovations, and emergence of new trends like veganism, and plant-based meats are major opportunities in the region. The food flavor enhancer market is also likely to witness robust growth in Europe. Growing consciousness about healthy foods, increased in demand for natural foods, and rising disposable incomes are expected to drive significant growth in the region. Asia Pacific is likely to witness the fastest CAGR growth during the forecast period.
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