India Food Flavor and Enhancer Market Size Set to Touch USD 11.6 Billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India food flavor and enhancer market size at USD 7.87 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects India food flavor and enhancer market size to grow at a significant CAGR of 6.62% reaching a value of USD 11.56 billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India food flavor and enhancer market size at USD 7.87 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects India food flavor and enhancer market size to grow at a significant CAGR of 6.62% reaching a value of USD 11.56 billion by 2029. Major growth drivers for the India food flavor and enhancer market include the rising need for flavors in processed food products. India's food processing industry is one of the largest globally, encompassing production, consumption, and imports. The country's diverse cultural landscape contributes to a wide array of cuisine, creating a strong demand for food flavors and enhancers to enhance taste. The Indian food culture prominently features the use of spices and herbs, resulting in a consistent demand for food flavors. This demand is further fueled by the increasing popularity of ethnic packaged foods, health-conscious options, and the growing consumption of convenience, processed, and ready-to-eat meals. However, growing concerns about the health impact of artificial flavors and enhancers and fluctuations in the prices of raw materials are anticipated to restrain the overall market growth during the forecast period.
India Food Flavor and Enhancer Market – Overview
India food flavor and enhancer market refers to the industry encompassing the production, distribution, and sale of various substances and ingredients used to enhance the taste, aroma, and overall sensory experience of food products. Food flavors and enhancers are used in a wide range of applications, including snacks, beverages, confectionery, bakery products, and savory items. These ingredients are designed to improve the palatability, visual appeal, and overall consumer experience of food products. The market is driven by changing consumer preferences, increasing demand for unique and exotic flavors, advancements in food science and technology, and the growing emphasis on natural and clean-label ingredients. Also, India holds a prominent position in the global spice industry as both a significant exporter and consumer. According to data from the Spice Board of India, India commands a dominant market share of 46%, solidifying its status as a key player in the worldwide spice trade. Notably, out of the 109 varieties recognized by the International Organization for Standardization (ISO), India produces approximately 75 distinct types, showcasing its vast and diverse spice production capabilities.
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Impact of COVID-19 on India Food Flavor and Enhancer Market
COVID-19 pandemic adversely affected the India food flavor and enhancer market. The crisis disrupted supply chains, leading to challenges in sourcing raw materials and ingredients. Travel restrictions, lockdown measures, and social distancing protocols affected the production and distribution of food products. Also, changes in consumer behavior, such as increased home cooking and reduced dining out, altered the demand for flavor and enhancer products. Despite the obstacles posed by the pandemic, it also created opportunities for innovations, particularly in the development of flavors for packaged and convenience foods. Market players had to adapt to changing consumer needs and ensure the resilience of their supply chains during these challenging times.
India Food Flavor and Enhancer Market – By Type
By type, the India food flavor and enhancer market is divided into Natural Flavor, Synthetic Flavor, Nature Identical Flavoring, and Flavor Enhancers segments. The flavor enhancers segment holds the highest market share by type. Food flavor enhancers will be increasingly used in the production of snacks, savory, and seasoning items, which is expected to contribute to the industry's sustained growth. Snack consumption and spice manufacturing are both rapidly increasing. To attract more customers, manufacturers are launching cutting-edge and new items in this market area. Market participants are mostly focused on developing flavor enhancers for the vegan population. The aim is to develop flavor enhancers that will increase the juiciness and savoriness of vegetarian food products.
Competitive Landscape
Major players operating in the India food flavor and enhancer market include Givaudan, DuPont, Firmenich, NILON'S, International Flavors & Fragrances, Inc., Flavaroma, Symrise AG, Flavors India (P ) Ltd, and Kerry Group plc. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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