Global flavours and ingredients market forecast to grow to $74bn by 2023 according to latest data from food industry market analysts Foodtrending.
The global market for flavours and flavourings in food and beverages is currently worth $25bn, with industrial seasonings, herbs and spices accounting for $8.4bn and natural flavours worth $5bn.
Meanwhile, demand for thickeners, gums and starches in industrial food and beverage production has grown to be worth $11.7bn. Other significant ingredient markets industrial sauces, marinades and dressings ($3.3bn) and breadcrumbs and batters ($3.0bn). Meanwhile the global food and beverage colourings market is now worth nearly $3.0bn, including natural, synthetic and colouring foodstuffs..
“What is really fascinating is not only how trends are driving growth in FMCG products, it is how this affecting the development of flavour and ingredient markets”, says Foodtrending Global Insight Director Jamie Rice.
“For instance, we forecast significant growth in industrial sauces and marinades, colouring foodstuffs, natural flavour materials and fat replacers and prebiotics, all ingredients that are relevant in terms of key health and natural trends.”
Forecast growth in trending flavours and ingredients in food and beverages, 2018 to 2023 (CAGR% value growth)
Fat replacers +7.6%
Industrial sauces +7.2%
Natural flavour materials +5.3%
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