Flavoring Oils Market Size, Share, Industry, Forecast and outlook (2024-2031)

Overview

The global flavoring oils market US$ XX million in 2022 and is projected to witness lucrative growth by reaching up to US$ XX million by 2030. The market is growing at a CAGR of 14.12% during the forecast period (2023-2030).

Flavoring oils are seasoning oils utilized to improve the flavor and aroma of items. Flavoring oils are concentrated and have a high power of flavor. Oils are extracted from different sources, such as herbs, vegetables, fruits, and flowers, and are used for different purposes. These are utilized in all end-use ventures, including bread shops, confectionaries, ice cream parlors, refreshment drinks, and other businesses. Apart from plant sources, flavor oils can be extracted from animal and marine sources. End-user applications of flavored oils are accessible for various evaluations, for instance, in the food sector, pharmaceutical sector, makeup industry, and personal care enterprises. 

Scope

Dynamics

Growing demand for premium oil-based cosmetics and increasing demand for organic beauty products drive the market

Consumers are well aware of the cosmetic and personal care products available. Consumers are gravitating toward products that not only have a strong sensory appeal but also have health-promoting properties. Exhaustive research and development activities backed by the growing consumer demand for high-quality, unique beauty products have led to the development of several self-care and cosmetic products. Consumers increasingly seek out premium cosmetics due to rising self-care and premiumization trends. Besides, growing health and wellness trends have made consumers opt for products with organic ingredients and formulations. Organic flavor oils are premium ingredients that add fragrance to oil-based cosmetic products, especially lip-care products. The growing sales of lip-care products due to increasing demand for organic flavor oils are expected to drive the market's growth.

Increasing demand for bakery and confectionary products leads to an increase in the demand for flavoring oils

Natural products have increased the demand for flavoring oils in the food and beverage industry, especially in bakeries and confectioneries. The United States, China, and Western European countries have the largest bakery product consumers, so the market demand for flavoring oils will be higher in these countries. The demand for plant-derived flavoring oils is very high because of their natural ingredient content. Plant-derived flavoring oils are enriched with essential vitamins and minerals, so the market demand for natural flavoring oils is very high. Besides bakeries, flavoring oils also face high market demand because of the growing number of confectioneries. Flavoring oils are also used in perfumery to produce perfumes and have wider applications in the cosmetics and personal care industries. Because of that, the market demand for flavoring oils is anticipated to grow over the forecast period.

Segment Analysis

The global flavoring oils market is segmented based on flavors, application and region.

Increasing demand for vegetable oil-based products 

Food and beverages was the largest segment in 2022 and accounted for the highest global share. Increasing demand for vegetable oil-based products in developed countries such as the U.S., Canada, and Germany due to a growing population and a high standard of living is expected to drive growth over the forecast period. Furthermore, food festivals have become increasingly popular over the past few years, with people flocking to sample different types of cuisines from around the world under one roof. Vegetable-based flavor oils are key to enhancing the taste experience at these events. These oils offer a wide range of applications such as bakery, confectionery, dairy products, meat and poultry, and seafood, thus driving their growth potential further.

Source: DataM Intelligence Analysis (2023)

Geographical Penetration

The high consumtion of  flavoring oils in North America

The use of flavoring oils is very high in North America. It is due to the demand for flavoring oils, mainly in bakeries and confectionaries, of which North America is the largest market. The demand for flavoring oils is expected to increase in North America due to the growing number of bakeries and confectioneries. Flavoring oils in the personal care and cosmetics industries is also expected to increase, increasing their demand in the USA and Canada in the upcoming years. The growth rate will be higher than that in Europe. The price of the flavoring oils is very high, contributing to the growth of these oils. Still, much research is being carried out to manufacture flavoring oils with low production costs, which could reduce their price and increase their demand globally. 

Source: DataM Intelligence Analysis (2023)

Competitive Landscape

The major global players include Natures Flavors, Natural Sourcing, Newport Flavors and Fragrances, LorAnn Oils, Flavor Materials International, Flavor Dynamics, KATO Flavors & Fragrance, BERJE, Gold Cost Ingredients, Inc., and Advanced Biotech.

COVID-19 Impact Analysis

By Flavors

• Peppermint
• Lemon
• Orange
• Others

By Application

• Food and Beverages
• Pharmaceuticals
• Cosmetics/Personal Care
• Nutraceuticals
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• On August 23, 2022, the introduction of new SeptiCyte RAPID EDTA blood-compatible cartridges for Europe was announced by Immunexpress, Pty Ltd., a molecular diagnostic company that strives to improve outcomes for patients with suspected sepsis. Undiluted EDTA blood has been added as a validated sample type in the upgraded SeptiCyte RAPID CE-IVD cartridge, marking a crucial advancement for this innovative, proprietary host response technology.
• On November 30, 2020, With Neutrol MGDA, BASF SE introduced a very stable, environmentally friendly complexing agent (also known as a chelating agent) for personal care products. It stands out because of its superior ecological and toxicological characteristics and is easily biodegradable. To neutralize the metal ions' unfavorable effects on the final formulation, complexing agents are utilized in cosmetic goods to create stable complexes.
• On June 18, 2019, The completion of a multimillion-dollar reliability and capacity investment in nitrilotriacetic acid production at Ascend Performance Materials' Chocolate Bayou facility in Alvin, Texas, was announced. Ascend Performance Materials is a leading global supplier of high-quality chemicals, fibers, and plastics. The investment led to a more than 10% rise in FlexaTrac-NTA manufacturing, the company's biodegradable chelate.

The global flavoring oils market report would provide approximately 93 tables, 109  figures and 202 Pages.

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