Global Potato Flavor Market To Witness The Highest Growth In the Snacks Segment During The Forecast Period

The global potato flavor market size was worth around USD 563.14 million in 2022 and is predicted to grow to around USD 1648.97 million by 2030 with a compound annual growth rate (CAGR) of roughly 14.37% between 2023 and 2030.

The potato flavor industry is a segment of the larger food & beverages industry that deals with the production, distribution, and use or consumption of flavorings that are designed to enhance or replicate the taste of potatoes. These flavorings are used in a wide range of applications including snacks, soups, dressings, seasonings, and other food products where a potato flavor is desired. The production process involves extraction, distillation, and formulation. The efficiency achieved in these processes determines the quality of the characteristic flavor of potatoes. Manufacturers may choose to use real potatoes or other natural sources to derive potato flavor. They may also opt for chemical synthesis to achieve the right balance between the taste and aroma of the vegetable. The potato flavor industry serves several stakeholders including flavor manufacturers, food processors, and food service companies and during the forecast period, it is expected to grow at a steady rate.

This review is based on a report by Zion Market Research, titled "Potato Flavor Market By Application (Soups, Snacks, And Dressing), By Type (Artificial Flavors, Natural Flavors, And Organic Flavors), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030"- Report at https://www.zionmarketresearch.com/report/potato-flavor-market

The global potato flavor market is projected to grow owing to the increasing population across the globe and changing patterns of food consumption which are influenced by several environmental and social reasons. For instance, the rising rate of job employment and new venues for creating jobs has assisted in improving the spending capacity of the general people. Furthermore, access to the internet and information on the world wide web has created public awareness about the immense range of products available for purchase. A busy lifestyle has made people more inclined toward convenience food. These factors work in coherence to drive the industry demand.

Moreover, potato flavor market players have invested in strategic campaigns including collaboration with celebrities or known personalities to promote their products on social media sites along with television advertisements leading to higher sales revenue. The increasing rate of product innovation and the launching of new flavored items at regular intervals leads to consumers coming back to the brand. In addition to this, the market is expected to grow due to the growing influence of plant-based diets and the rise of vegetarian & vegan lifestyles leading to higher demand for meat alternatives and plant-based snacks.

The global potato flavor industry also deals with several restraints while the growth trajectory seems steady. For instance, the rising concern over the higher consumption of potatoes and their derivatives. Although potatoes are termed nutritious it may not be the case with processed potato products or potato-based snacks. Additionally, the availability of alternative flavor options could cause a loss of revenue in association with regulatory considerations such as labeling and ingredient usage.

The rising demand for clean-label products could open higher revenue streams while the increasing competition could challenge market growth.

The global potato flavor market is segmented based on application, type, and region.

Based on application, the global market segments are soups, snacks, and dressing. The industry witnessed the highest growth in the snacks segment in 2022 due to high sales of products such as potato chips, crisps, and other savory snacks. These items are consumed across the globe and at a high scale driven by multiple factors including changing consumption patterns, easy product availability, affordability, and rising snacking habits. Since potato is a widely consumed vegetable and the majority of the world population has developed a friendly taste toward potato flavor in its various forms, almost all manufacturers of snacking goods provide at least one product with potato flavor. As of May 2022, out of PepsiCo’s total revenue, almost 55% was delivered by Frito Lay, its subsidiary operating in the snacking segment.

Based on type, the global market divisions are artificial flavors, natural flavors, and organic flavors. The potato flavor industry was dominated by the natural flavors segment in 2022. They are derived from real potatoes or potato extracts and they are more likely to capture the authentic taste or aroma of potatoes, providing consumers with a more authentic flavor profile. On the other hand, artificial flavors are chemically synthesized. They mimic specific tastes including potato flavor but although they are available in the commercial market, their sales value is relatively lower and there is a growing demand for clean-label products. Organic potato flavorings cater to consumers seeking organic and sustainable food options. The Institute of Food Technologists reported that nearly 20% of US citizens regularly buy products that are labeled as clean.

The global potato flavor market is projected to be led by North America during the forecast period due to factors such as the presence of key industry players along with higher consumption and demand for potato-derived products. Over the years. Europe has managed to create a well-established market for potato-based products and flavors. The ingredients are used in a diverse range of potato dishes that are immensely popular in the European regions. These items include French fries, potato gratin, and potato-based soups. The rising popularity of traditional dishes not only from the local population but tourists alike has resulted in greater production of potato flavor led by the existence of multinational snack companies offering various potato snack options. Growth in Asia-Pacific is likely to be associated with an increasing snacking culture in Asian countries such as India, Japan, China, and others.

Recent Developments:

• In October 2022, PepsiCo and KFC announced a partnership directed toward the production of a new range of potato chips flavor exclusively for the Ruffles brand
• In October 2022, KP Snacks announced the launch of reformulated non-high in fat, salt, and sugar (HFSS) range of popchips
• In July 2021, Britannia launched 5050 Potazos, a combination of biscuit and potato chips

Potato Flavor Market: Competitive Analysis

The global potato flavor market is led by players like:

• Givaudan
• International Flavors & Fragrances Inc. (IFF)
• Firmenich
• Symrise AG
• Sensient Technologies Corporation
• Mane SA
• Takasago International Corporation
• Kerry Group
• Frutarom Industries Ltd.
• T. Hasegawa Co. Ltd.
• Robertet Group
• Huabao International Holdings Limited
• Aromatech Group
• Flavorchem Corporation
• McCormick & Company Inc.
• Treatt PLC
• Tastemaker Supply Pty Ltd
• WILD Flavors and Specialty Ingredients (ADM)
• ITC Limited
• Prova
• The Edlong Corporation
• Synergy Flavors
• Blue Pacific Flavors
• Gold Coast Ingredients
• Bell Flavors & Fragrances Inc.

The global potato flavor market is segmented as follows:

By Application

• Soups
• Snacks
• Dressing

By Type

• Artificial Flavors
• Natural Flavors
• Organic Flavors

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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