The scope of our recent study on the "Dairy Flavors Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Flavor Profile, Form, Category, Nature, and Application" comprises the description of factors fueling the market growth, estimation and forecast of revenue, and identification of significant market players and their key developments. The report also provides a market share analysis.

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 additives added to various food products and beverages to impart flavors of dairy commodities such as cheese, butter, milk, and cream. The flavors added are flavor profiles derived artificially or naturally from the individual dairy commodity. The widening application scope of dairy flavors is boosting the growth of the dairy flavor market in Asia-Pacific. The introduction of dairy-free products, i.e., dairy flavors made from non-dairy sources, is expected to provide profitable growth opportunities to the market players active in the regional market.

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.

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.

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