The global smoke flavor market is projected to experience a compound annual growth rate of 7.2% between 2020 and 2032, according to a new report from HTF Market Intelligence. The market is expected to see a year-on-year growth rate of 7%.
The report breaks the smoke flavor market into three categories: liquid smoke, powder smoke and smoke extracts. Over the forecast period, natural smoke flavors are expected to dominate over artificial flavors.
Europe currently dominates the market due to high consumption and population growth. Asia-Pacific is expected to experience the fastest growth, largely due to large-scale infrastructure investments and rising. consumer demand for smoke flavors.
Consumers are seeking clean label options in their foods and beverages, leading to an increased demand for clean smoke flavors. The report predicts that natural liquid smoke will become increasingly popular in formulations as a regulatory-friendly choice. Additionally, culinary innovation linked with consumer demand is leading to innovative new products and flavor applications.
Challenges to the market include consumer health concerns related to smoke flavors and the changing regulatory landscape, including the European Union’s ban on smoke flavors. Companies will need to rethink their formulations when it comes to smoke flavors.
