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Food Aroma Market size to exceed $1.5 Bn by 2032
- Published Date: March 8, 2023
Food Aroma Market size is anticipated to cross USD 1.5 billion by 2032, according to a new research report by Global Market Insights Inc.
As per the report, surging demand for dairy items is a key driver behind market growth as oil-soluble aromas with high thermal stability are extensively used in confectionery making. Moreover, growing milk production and milk products is further proliferate the demand for food aroma in the F&B sector. Regions such as Europe are working on increasing total milk production, with EU estimates expecting it to reach 155 million tons annually in coming years. Meanwhile, dairies across the UK processed over 1,172 million liters of milk in December 2022 alone.
With global consumer tastes increasingly developing a liking for traditional European dairy products such as ricotta, parmesan, and brie de Meaux among others, the demand for aromas that emulate their taste and smell is rising rapidly.
Surging concerns about artificial flavor side effects to foster natural flavor type segment growth
Based on type, food aroma market from natural segment valued at over USD 250 million revenue in 2022, owing to the growing health concerns about potential hazards of artificial additives and flavors. For this reason, many consumers are increasingly preferring food and beverages that use natural flavor and aromas. Natural flavor imparting culinary herbs and spices such as rosemary, cinnamon, oregano, and clove possess antioxidant properties with high levels of phenolic compounds, which is beneficial for health.
Segment growth is also driven by the growing usage of natural food aromas due to increasing consumer preference for authentic and healthier food items.
Rising use of musk chemicals in confectionary to foster product segment expansion
Based on product, food aroma market size from musk chemicals segment is poised to surpass USD 55 million by 2032. In dairy items, baked goods, and confectionary, musk chemicals can be used for aroma or flavor enhancement purposes. They are compatible with caramel, fruit-type flavors, and nut and are usually used to balance as well as enhance other flavors and aromas. Musk chemicals such as ambrette are also in sweet food items such as beverages, chewing gum, and candy in low amounts to give the flavors and aromas more volume.
Browse key industry insights spread across 451 pages with 627 market data tables and 31 figures & charts from the report, “Food Aroma Market Size By Type (Natural, Synthetic), By Product (Benzenoids [Benzoic acid, Benzyl acetate, Vanillin, Cinnamyl, Benzaldehyde], Terpene [Limonene, Pinene, Myrcene, Linalool, Terpineol], Musk Chemicals [Muscone, Musk ambrette, Musk Ketone]), By Application (Beverages, Bakery, Dairy, Confectionery, Snacks), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2022– 2032” in detail along with the table of contents:
Growing usage of aromas to cover unpleasant taste to spur dairy application segment growth
With respect to application, the food aroma market from dairy segment is estimated to grow at 6% CAGR between 2023 and 2032. Food aromas are increasingly used in dairy products to cover the unpleasant taste, improve flavors, and set the product apart from the competitors. Specifically, in the case of fresh milk, aroma helps better discriminate different types. Aromas have also been shown to evoke a emotional response among the consumers, increasing the chances of them purchasing a product
Food technology innovations to strengthen Asia Pacific industry
Asia Pacific food aroma market is expected to witness 7% CAGR from 2023 to 2032, on account of ongoing innovations to food production and technology in the region. According to India’s National Investment Promotion and Facilitation Agency, the country’s food processing industry may touch USD 470 billion by 2025.
Moreover, regional growth can also be credited to the growing usage of food aromas in the Asia Pacific cuisines. Having historically been a region that is rich in spices and condiments, the region has a strong affinity for natural food aroma flavors, which creates a notable demand for natural food aromas.
Product innovations to define competitive landscape for the industry
Some of the leading players in the food aroma market include Solvay, Kao Corporation, Givaudan, Symrise AG, Takasgo International Corporation, Hindustan Mint and Agro Products, and Aromatech International. Many of them are emphasizing product innovation to strategize and enter more niche markets to consolidate their revenues.
Back in January 2020, Solvay, a Belgian multinational chemical company, launched Eugenol Synth, for aroma applications with olfactory properties which is comparable to that derived from cloves. Synthetic eugenol will offer a reliable alternative to meet the market demand for the flavor and fragrance.