2013-01-10 14:26:30 - Global food flavourings market dominated by Givaudan with 19.7%
The global food flavourings market has grown by more than $1.2bn over the past five years, and was valued at approximately $11.9bn in 2011. Key factors driving growth within the industry include the move to ´clean-label´ ingredients, global recipes and the rising cost of raw materials.Growing consumer interest in natural ingredients and the power of multiple retailers has made natural flavours one of the fastest growing food ingredient markets of the past five years, with growth at 9.1% per year, ahead of fat replacers and seasonings. Natural flavours is one most dynamic food ingredient markets, offering significant growth to suppliers and manufacturers. However, while growth is rapid, it is extremely patchy with only certain markets and product categories delivering value
opportunities.Sustainability is the next critical issue, there a simply not enough resources for the global food industry to ´go natural´ and this, coupled with rising prices, is why forward looking companies are taking another look at flavours from synthetic sources.Givaudan is the market leader, holding approximately 19.7% of the share, followed by Firmenich (12.2%) and IFF, which holds approximately 11.3% of the share. Symrise and Takasago are the other key players, holding 9.1% and 7.4% of the market share respectively.Symrise´s R&D expenditure amounted to $149.8m, or 6.8% of revenues, in 2011. The company´s approach to innovation includes its establishment of a "Flavour Design Club" where 800 consumers in the US market discuss new flavours and concepts in an online community. The inputs from these discussions are used to design new flavours and position brands.Firmenich has more than 250 employees dedicated to R&D and three R&D centers located in Geneva, Princeton, and Shanghai. In 2011, Firmenich filed 36 new patent applications and currently owns over 1,850 patents. Firmenich claims to spend approximately 10% of its revenues on R&D activities.For more information on the global food flavourings market, see the latest research: Global Food Flavourings MarketFollow us on Twitter @CandMResearch
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