Functional foods ... opportunity for flavors market?
Excluding beverages, the food industry still represents the biggest market for flavors and fragrances and it could post annual growth of 3.6 percent to sales of $1.9 billion in 2012, says market researcher Freedonia Group. The Cleveland-based company predicts the total flavor and fragrance market will grow to $5.3 billion in three years, with cosmetics and toiletries representing the second largest market. One factor influencing food flavor sales is the rise of functional foods. Freedonia says there is a need to mask the sometimes unpleasant taste of vitamins or other nutritious ingredients.