
The global flavors (food & beverages) market was valued at $12,474 million in 2016, and is expected to reach at $18,126 million in 2023, growing at a CAGR of 5.5% from 2017 to 2023. Flavors are essential part of the food processing industry that help to maintain the taste of a product. Food flavors are made of three components taste, smell, and color. Food & beverage industries require flavor for different purposes, such as new product development, addition of new product line, and change in the taste of existing product. High demand for new flavors from food & beverages industry, increase in demand from fast food industries, and continuous innovation have driven the global flavors (food & beverages) market. However, rise in health awareness among the global population is expected to hamper the market growth.