The flavors and fragrances engender aroma to different varieties of consumer products, including prepared foods, personal care and household products, fine fragrances, cosmetics, and beverages that can be raw or synthetic. Flavors and fragrances arewidely amalgamated into our daily lives. Due to high demand for flavors and fragrances ingredients, their growth rate is overwhelming.
The global flavors& fragrances market reached a market valuation of USD 28,656.4 Billion in 2019 and is estimated to grow at a CAGR of 4.7% during the forecast period, i.e., 2020-2025.
The demand for flavors and fragrance has tremendously increased with the growing economy, industrialization, affordability and switch to more use of natural ingredients. Expeditious growth in industrialization had led to rapid increase in processed food and beverages, soaps, personal care products, detergents, household cleaners, and oral hygiene products. The notable changes in gender equality across the globe relating to income increase for both the gender have a positive impact on flavors and fragrances demand all over the world. Also, nowadays there are attraction for nature and natural ingredients among population that have strengthened in past years, and this rise in consumer interest in natural ingredients is likely to increase the growth of flavours & fragrances market in the forthcoming years.The market is driven by the growing demand for processed foods with new and exotic flavors. Players in the industry are bringing in various innovative flavors in order to attract a wider consumer base.
The restraints in the growth of flavors and fragrances market can be fluctuation in economy due to unforeseen situations, unavailability in raw materials ingredients and restrictions imposed by government for use of flavors. Lack of worldwide system of regulations is also one of the major factors which is inhibiting the growth of global flavor& fragrance market.
Regionally, the report offers an analysis of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific holds the significant share in the global Flavors& fragrances market. Increased demand from food processing, pharmaceuticals, dietary supplements, and nutraceuticals industry. Changing consumer preference coupled with demand for exotic scents is likely to boost regional demand in the coming years.
Regionally, Middle East and Africa accounts for small portion of market and is believed to deliver strong growth in upcoming years. Moreover, flavor and fragrance categories in Middle East and Africa market are witnessing positive demand and believed to perform strongly during forecast period. Various leading companies such as IFF, Givaudan, Symrise have increased their footprint in Middle East in past ten years to capitalize emerging opportunities in region.
By Raw Material
By Product Type
The top eight companies accounted for around 78% of global flavor& fragrance business. the major companies included in flavor& fragrance market report are Givaudan,Firmenich, IFF, Symrise, Mane SA, Takasago, Sensient Technologies, T.Hasegawa, Robertet, Huabao Intl., among others.
The flavor& fragrance research report includes:
Analysis of demand trends
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