The market for food flavors has been growing immensely from food to cosmetics, medicines, personal care, and several other industries in the recent past. Divergence towards health concerns has influenced the flavor industry and introduced fundaments of naturalness in food flavors. Consumers’ changing awareness regarding the consumption of healthy foods are directly associated to the growth of the industry.Natural flavors are preferred due to their functionalities.
Recently, there has been a strong upsurge in the demand for natural ingredients, which includes natural flavors. This has created a number of opportunities for the development of new flavors. Biotechnology serves an important part of the flavor industry, and has enhanced the production capacity of the key players. Companies patent their extraction processes of various flavors. The food flavor market in the food industry is estimated to reach $13.7 billion by 2018 signifying a moderate compound annual growth rate of 5.3%.
Innovations are carried out in large numbers by the key flavor manufacturers for introducing diverse products. Flavor companies are discovering new sources of flavors, and incorporate them in food products. The leading food flavor companies include Frutarom Ltd. (Israel), International flavors and Fragrance Inc. (U.S.), Givaudan SA (Switzerland), and Firmenich SA (Switzerland).