Egypt Food Flavor and Enhancer market- Growth, Trends, Forecast for the period (2015-2020):
The key building blocks in the food and beverages industry are the food flavors and enhancers. Growing innovation in this highly competitive market can be attributed to the growth in this segment. Region wise and country specific adoption to flavors & flavor enhancers by manufacturers is the trigger to innovation. The global market size in 2015 was estimated $8.53 billion dollar and is estimated to increase at a compound annual growth rate (CAGR) of 3.5% and reach nearly $10 billion by 2020. Egypt market is expected to grow at a CAGR of ~ % during the period 2015-2020. Drivers and Restrains: Globalization and modernization, has changed the lifestyle of the people which in turn changed the food habits, thus increasing demand of the flavors and enhancers. Previously people used natural herbs and spices in culinary to get a tinge of flavor in their food which become an industrial need to cater to the big food processors. Due to increasing working women population there is a high demand for processed food which the food manufacturers need to cater to the increasing population, using different flavors and enhancers. Consumption of a low fat, low salt and low carbohydrate foods are also a key drivers to increase the consumption of flavors and enhancers. As flavors are region and country specific, manufacturers are constantly innovating to hold a larger share of the pie in the market. Increasing consumer awareness on health is a major constraint in artificial flavors market like monosodium glutamate. MSG slowly deteriorates health and causes health issues as time passes. As in when consumers realize and grow aware about the negative side of the artificial flavors, there is a decrease in demand for artificial flavors and uptick in demand for the natural flavors. As massive natural resources are required to extract flavors, many of the new entrants face a challenge in the flavor and enhancer industry. The changing taste preferences of the consumer are also constant constraints for the manufactures. There are many regulatory bodies that are banning the use of artificial food flavors and enhancers. South Africans and other sub Saharan region consumers still lack awareness on ill effects of artificial flavors. The food flavor and enhancer market is segmented as natural, fruit and monosodium glutamate. The market for natural flavor accounted for nearly 35% in 2009. There is a constant decrease in demand for the artificial food flavors and enhancers from past several years. African beverage industry consumes the lion share of around ~ % of the flavor and enhancers followed by confectionary, soup and bakery products.In this market, ~ holds the maximum share, more than the natural flavors. The major constraint in the natural flavors industry is the need of huge amount of natural resources to extract the flavor and enhancers according to the consumer preferences. Leading players Around 55% of the market share is covered by the four leading player named Givaudan, Firmenich, IFF, Stymies Ag. And rest other Quest, Takasago, Sensient, Danisco,and Mane are the major player. Key Deliverables in the Study Market analysis for the Egypt Food Flavours and enhancers market, with region specific assessments and competition analysis. Market definition along with the identification of key drivers and restraints. Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and identification of key companies that can influence this market. Extensively researched competitive landscape section with profiles of major companies along with their market shares. Identification and analysis of the macro and micro factors that affect the Egypt Food Flavours and enhancers market. A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information. A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market. Insights on the major regions in country where this industry is blooming and identification of the regions that are still untapped.