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Summary and extracts

1 Market Overview

1.1 Definition and presentation

Food flavorings are used as additives to modify and improve the flavor of regular food products; they change the properties of solutes, causing sweetness, acidity, and opacity. They change or improve the flavor of natural foods such as meat and vegetables, or create a flavor for foods that do not have the desired flavor. They are additives used during food preparation to alter or improve the taste and smell of food products. These additives are required in small proportions and should not be consumed alone.

The value of the global food flavorings market is estimated at $14.67 billion in 2024 and is expected to reach $18.72 billion by the end of 2029 with a compound annual growth rate (CAGR) of 5 percent over the period and an overall increase of 27.58 percent. Growing demand in a variety of applications is driving global market growth. Market expansion is driven by a combination of changes in consumer preferences, innovations in the food industry, and an increasing focus on health and ingredient quality.

The European food flavoringsmarket is valued at $3.94 billion in the current year and is expected to register a CAGR of 4.6 percent over the forecast period until reaching $4.93 billion in 2029.

The Italian market between 2024 and 2029 is projected to grow at a compound annual growth rate (CAGR) of 2.80%, representing an increase of 14.8% total. The Italian aromatic market is mainly characterized by consumer attraction to naturalness . This trend is leading to a strong interest in natural flavors, sought after both for their health and environmental benefits and for their ability to add flavor to modern, healthy and natural cuisine. Companies in the market are therefore working to expand their offerings to meet these new needs and anticipate future trends.

In recent years, however, there are negative data inherent in the production made and sold of food flavorings, recording a decrease of 70 percent and 68 percent, respectively. Such a significant drop in production and sales signals a crisis in the market that requires careful analysis and strategic response by companies to mitigate the negative effects and seek new opportunities for growth.

1.2 The global market

the value of the global food flavorings market is estimated at $**.** billion in **** and is expected to reach $**.** billion by the end of **** with a compound annual growth rate (***) of * percent over the period and an overall increase of **.** percent. Growing demand in a variety of applications is driving global market ...

1.3 The European market

The European food flavorings market is valued at $*.** billion in the current year and is expected to register a CAGR of *.* percent over the forecast period until it reaches $*.** billion in ****.

Since the onset of the global COVID-** pandemic, the annual growth rate of the European food flavorings market has declined. ...

1.4 The Italian market

In ****, the value of the Italian market is estimated at $***.** million, rising at a compound annual growth rate (***) of *.**% each year until it reaches $***.** million in ****. This represents an increase of **.*% total.

This estimate is derived from the value of the European market.

Italian food flavoring market value Italy, ****-****, in ...

1.5 Imports and Exports

Between **** and ****, Italian food flavor exports grew from $***.* million to $***.* million, an increase of **.*%. Imports, over the same period, increased from $***.* million to $***.* million, an increase of **.* percent. The coverage ratio increased from *.** in **** to *.** in ****, indicating an improvement in Italy's ability to cover imports with its exports, although imports remain ...

1.6 Inflation suffered by the sector

Inflation has affected the food sector broadly, affecting not only basic necessities but also snacks, beverages, confectionery, packaged goods and flavorings. Increases in raw material costs, problems in the supply chain, and higher energy costs are among the main factors. Companies have responded by passing costs on to consumers, reducing package ...

2 Demand analysis

2.1 Overview of demand

Between **** and ****, the average monthly expenditure of Italian households on food flavorings showed a slight fluctuation. From **** to ****, spending remained stable at around *.** euros. In ****, there was a decline to *.** euros, probably influenced by the pandemic. Expenditure rose again to *.** euros in ****, but dropped significantly in **** to *.** euros, marking a **.* percent ...

2.2 Geographical distribution of demand

In ****, the average monthly expenditure of Italian households on natural flavorings was fairly uniform across geographic areas. The South and Islands recorded the same expenditure of €*.**, slightly higher than the Center, Northeast and Northwest, each with €*.**. This homogeneity indicates a similar distribution of natural flavoring consumption habits across the country.

2.3 Determinants of demand

The demand for food flavorings is influenced by a number of determinants ranging from consumer preferences to market dynamics. The main factors are as follows:

Tastes and Cultural Preferences: Taste preferences vary widely across regions and cultures. Some markets prefer sweet and fruity flavors, while others may prefer spicier or spicy ...

2.4 Trend in demand for food flavorings

The trend of online searches for "aroma" in Italy between **** and **** shows considerable variation. The index starts at **.* in June **** and peaks at **.* in December ****, an increase of **.**%. Over this period, fluctuations are observed, with moments of significant increase in the fall and winter months, and declines in the summer months. ...

2.5 New trends in demand

New trends in demand for food flavorings reflect changes in consumer preferences. They indicate an evolving market driven by consumers who are increasingly informed and concerned about the quality, health and sustainability of the products they buy. Here is a detailed description of the main emerging trends:

Clean Label: Consumers are ...

3 Market structure

3.1 The main players in the market

The main Italian producers of food flavorings in the market are:

Giotti: A Tuscan company founded in ****, specializing in the production of flavorings, extracts and concentrated juices for the food industry. The company has deep roots in Italian tradition and a strong commitment to innovation and quality. The founder, Enrico Giotti, ...

3.2 Value Chain

*. Acquisition of Raw Materials (***):

This step involves the acquisition of necessary raw materials, such as plants, fruits, herbs, spices and synthetics, which are essential for the production of food flavorings.

*. Research and Development (***):

In this stage, new flavor formulas are developed and existing ones improved through research activities. This includes ...

3.3 Research and Development

The flavorings market has been booming in recent years, which is why manufacturers are deciding to invest more and more in research and development (***).AISPEC estimates that this market spends ** percent of its total annual sales on R&D, a significantly high percentage compared to other industries. This investment is driven ...

4 Supply analysis

4.1 Supply segmentation

The natural flavorings market is divided into two macro categories:

Synthetics Naturals

A flavor is synthetic when it is manufactured in a laboratory. This implies that it is composed of different chemical molecules, which can range from *** molecules (***).

To get a clearer idea, the image above represents an example of how ...

4.2 The different types of food flavorings

There is a first fundamental difference between natural and artificial flavor. According to European legislation (***), a flavor can obtain the designation "natural" if everything that makes it up comes directly from nature. It is therefore an aromatic substance extracted from nature.

In contrast, artificial flavor is a product of chemical synthesis. ...

4.3 Evolution of prices

The consumer price index for spices and herbs in Italy shows a steady increase from May **** to May ****. The index increases from ***.* in May **** to ***.* in May ****, a total increase of *.* percent. During this period, prices rise steadily until December ****, peaking at ***.*. In the following months, the index continued to rise ...

4.4 New supply trends

The food flavoring market is undergoing rapid evolution, influenced by several emerging trends that respond to changes in consumer preferences and technological innovations. Here are some of the most relevant trends:

Natural Flavors and Clean Label: Consumers are increasingly attentive to natural ingredients and prefer products without chemical additives. Natural flavorings, ...

5 Regulations

5.1 Nationwide regulations

In Italy, legislation controlling natural flavorings descends from Law No. *** of April **, ****. At present, the field of flavorings is only partially harmonized with the provisions of Directive **/***/EEC, which establishes the definition of flavorings, general rules for their use, labeling requirements and maximum contents of substances that present a health hazard(***). ...

5.2 European-level regulation

At the European level, there is an agency that is responsible for the surveillance of natural flavorings, among other things. This is the European Food SafetyAgency (***), which periodically adopts opinions on each chemical group, known as flavor group evaluations.

The European Commission maintains a register of flavorings on the EU market, ...

6 Positioning of players

6.1 Segmentation of Italian companies

  • Fratelli Pagani S.p.A.
  • AromataGroup
  • Novachem Aromatic s.r.l.
  • L'Italiana Aromi s.r.l.
  • Symrise
  • Firmenich
  • IFF International Flavours and Fragrances
  • Givaudan
  • Giotti
  • Flavour Art

List of charts presented in this market study

  • Global Food Flavor Market Value
  • Market shares food flavorings
  • Consumer price index for the whole community of [011920] spices and herbs (base 2015=100) - monthly data
  • Consumer price index for the whole community of [011920] spices and herbs (base 2015=100) - annual averages
  • European Food Flavor Market Value
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Latest news

DSM-Firmenich plans to sell its Animal Health & Nutrition division due to volatility in vitamins - 19/02/2024
  • Merger between DSM and Firmenich in mid-2022.
  • Sale of Animal Health & Nutrition (ANH) division planned for 2025.
  • ANH sales in 2022: 3.2 billion euros, or 26% of the Group total.
  • DSM-Firmenich sales down 7% to 12.3 billion euros in 2023
  • ANH sales down by 15%.
  • ANH is based in Kaiseraugst, Switzerland, and employs around 6,000 people.
  • The three remaining divisions after the demerger are Perfumery & Beauty (sales of 3.7 billion euros in 2023), Taste, Texture & Health (sales of 3 billion euros), and Health, Nutrition & Care (HNC with sales of 2.3 billion euros)
  • The group will have total sales of 9 billion euros after the demerger.
An investigation has been launched into the major players in the perfume world, dubbed the "Perfume Cartel". - 09/03/2023
  • Perfume gotha suspected of illegal price fixing
  • Firmenich: sales up 10.5% to 4.9 billion Swiss francs in 2022
  • International Flavors and Fragrances: sales of $11.80 billion for 2022
  • Symrise: sales of 4.6 billion euros for 2022, with profits of over 265.55 million euros Firmenich to merge with Dutch DSM
  • Companies can be fined up to 10% of worldwide sales for violating EU antitrust rules
Industrial fragrances: Firmenich strengthens its position before merging | Industrial fragrances: Firmenich strengthens its position before merging. - 05/08/2022
  • Firmenich: 11,000 employees
  • Annual sales (to end June) up +10.5% to 4.8 billion euros
  • One of the world's leading fragrance and flavor manufacturers
  • Swiss group to merge with Dutch DSM, announced in late May
  • The "perfumes & beauty" business of the new DSM Firmenich entity will account for 3.3 billion euros, or around 29% of total sales

Companies quoted in this study

This study contains a complete overview of the companies in the market, with the latest figures and news for each company. :

Fratelli Pagani S.p.A.
AromataGroup
Novachem Aromatic s.r.l.
L'Italiana Aromi s.r.l.
Symrise
Firmenich
IFF International Flavours and Fragrances
Givaudan
Giotti
Flavour Art

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