US$ 4.6B Organic and Natural Flavors Market to Grow at 7.6% CAGR by 2024

(Newswire.net — June 20, 2017) New York City, New York — Consumer preference for natural and organic flavors will continue to influence food and beverage manufacturers globally. Demand is projected to grow at 7.6% CAGR through 2024 – the market was valued at nearly US$ 4.6 billion in 2016.

While there are a slew of macroeconomic factors at play, it is the paradigm shift in consumer behavior toward natural and clean-label products that is spawning demand. The U.S. and EU5 countries will be at the forefront of global adoption, whereas Asia Pacific will remain significant in terms of volume sales. Europe will remain the largest market in terms of gross revenues, followed by North America.

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Currently, fruits and fruit juices remain the preferred source of natural and organic flavors. This segment accounted for over half of revenue share of the global market. Plants and botanicals remain the other major source of extracting natural and organic flavors. Among plants and botanicals, spices witness higher demand than herbs and leaves.

While increasing awareness about the benefits of natural and organic flavors is a key factor for growing demand, it is also turning out to be counter-productive, owing to recent research studies. According to a recent research carried out by David Andrews at the Environmental Working Group, certain natural flavors may have the same chemical composition as artificial flavors.

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While Europe and North America – the traditionally big markets for organic and natural products – will continue to create sustained growth, it will be the markets in Asia Pacific where there will be a plethora of growth opportunities.

Asia Pacific will the fastest-growing market for organic and natural flavors globally. The emergence of a resurgent middle class in Asia Pacific will remain key to the growth of this market. Further, China and India – the two most populous countries in the world – will remain crucial from a sales perspective. Use of organic and natural flavors in Asia Pacific is concentrated in confectionary and beverage sectors.

Leading players in the global organic and natural flavors market include International flavors & Fragrances Inc., GOLD COAST INGREDIENTS, INC., Zymus International Ltd Axxence Aromatic GmbH, Sensient Technologies Corporation, Blue Specific Flavors, Inc., Archer Daniels Midland Company, Huabao International Holdings Limited, Takasago International Corporation, Kerry Group Plc., Robertet SA, Symrise AG, Frutarom Industries Ltd., Firmenich SA, Givaudan S.A., Döhler GmbH, T. Hasegawa Co., Ltd, Koninklijke DSM NV, Treatt Plc, and UNIQUE FLAVORS AND FRAGRANCES LTD.