Dairy Flavors Market to Grow at a CAGR of 4.5% to Reach a Worth USD 2,552.19 Million by 2028, The Insight Partners

Dairy Flavors Market - Rising Health Awareness and Increasing Focus on Tasty Food to Fuel the Growth

NEW YORK, NEW YORK, UNITED STATES, April 24, 2023 /EINPresswire.com/ -- The dairy flavors market is expected to grow from US$ 1,962.45 million in 2022 to US$ 2,552.19 million by 2028; it is estimated to register a CAGR of 4.5% from 2022 to 2028.

Dairy flavors are flavoring agents added to various food products and beverages to impart the flavor of dairy products such as butter, cheese, cream, and milk. Dairy flavors are gaining traction in the food & beverages industry as they aid in imparting dairy flavor without adding to the calories or fat content of the product. Dairy flavors are processed and manufactured from dairy products such as milk, butter, cheese, and cream and are available in liquid, powder, and paste formats. These flavors are intended to enhance the taste and intensity of various food products by providing them with an array of flavor profiles such as buttery, cheesy, creamy, and several other sweet and savory tastes. Dairy flavors are used in various food products such as bakery & confectionery, sweet & savory snacks, soups & sauces, dips & dressings, and frozen desserts.

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Based on flavor profile, the dairy flavors market is segmented into cheese, butter, cream, and others. The cheese segment held the largest share in 2021 and is expected to register the highest CAGR from 2022 to 2028. The elevating demand for food products, growth of retail outlets, and increasing preference for fast food are bolstering the requirement for cheese flavors. The availability of various types of cheese with different flavors is a major factor contributing to the development of the dairy flavors market for the cheese flavor.

The dairy flavors market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific held the largest market share in 2021 and is expected to register the highest CAGR during the forecast period. The market's growth in the region is attributed to rising health awareness and increasing focus on tasty food in countries such as India, China, and Japan due to the growing disposable incomes. Consumers are willing to pay higher prices for dairy flavor products in these countries.

Impact of COVID-19 Pandemic on Dairy Flavors Market

The COVID-19 pandemic affected economies and industries in various countries across the globe. Lockdowns, travel restrictions, and business shutdowns worldwide hampered the growth of several industries, including the food & beverages industry. The shutdown of manufacturing units disrupted global supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. Various companies witnessed delays in product deliveries and a slump in sales of their products in 2020. Moreover, the bans imposed by governments of various countries in Europe, Asia Pacific (APAC), and North America on international travel compelled companies to discontinue their collaboration and partnership plans temporarily. All these factors hampered various industries in 2020 and early 2021, thereby restraining the growth of various markets, including the dairy flavors market.

In 2021, various economies resumed operation as governments of various countries announced the relaxation of the previously imposed restrictions, which boosted the global marketplace. Further, manufacturers were permitted to operate at full capacity, which helped them overcome the demand and supply gap and other repercussions. As numerous citizens of many countries were fully vaccinated by 2021, the dairy flavor manufacturers focused on increasing their production to revive their businesses.

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The report segments the dairy flavors market as follows:

Based on flavor profile, the dairy flavors market is segmented into cheese, butter, cream, and others. Based on form, the dairy flavors market is segmented into paste, liquid, and powder. Based on category, the market is bifurcated into artificial and natural. By nature, the market is bifurcated into dairy-based and dairy-free. Based on application, the market is segmented into bakery and confectionery; dairy and frozen desserts; soups and sauces; dressings, dips, and spreads; beverages; and others. By geography, the dairy flavors market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.

Jeneil, Flavorjen, The Edlong Corporation, Givaudan S.A., Kerry Group, Sensient Technologies, Symrise, Synergy Flavors, Bluegrass Ingredients Inc., and Flavorade India are among the key players operating in the dairy flavors market. These players engage in developing affordable and innovative products to meet the rising customer demands and expand their market share.

The overall dairy flavors market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. Participants in this process include VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the dairy flavors market.

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Sameer Joshi
The Insight Partners
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