Global Flavors and Fragrance Market Growing On The Back Of Burgeoning Demand From The Food And Beverages Industry, Rising Disposable Incomes And Online Sales, The Rising Consumption In The Personal Care And Pharmaceutical Industry, Growing Urbanization, Rising Retail Sales And Growing Economic Condition In Developing Regions.
Flavors and fragrances are consumed for adding essence and taste to the end product. The fragrance and flavors are used in end-user applications such as food and beverages, pharmaceuticals, dietary supplements, home care products, and other consumer goods.
The worldwide demand for Flavors and Fragrance market was estimated at around USD 19 billion in 2019, and by the end of 2026, existing and expected developments would hit valuations of around USD 26 billion. The industry players and analysts predict the global Flavors and Fragrance market growth of around 5% in terms of CAGR.
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The flavors and fragrance market consists of global players with a presence across major economies. The market has witnessed expansion strategies being followed by the major players to increase the global presence in the rising competitive environment. The end-user industries are experiencing a rise in the global consumer demand for a variety of aroma and tastes across soaps, processed food, oral products, personal care products, and natural products. The developing conditions in the flavors and fragrance market have brought a shift in the competitive environment wherein companies are actively engaged in developing new flavors and fragrances for catering to the end-user demand. Natural flavors are gaining significant importance in the flavors and fragrance market as the end user are anticipating a surge in consumption of products with natural ingredients in the growing health-conscious population across the globe. The stringent regulation associated with the flavors and fragrance market has propelled the market players for developing and promoting natural products with reduced chemical or synthetic content.
During the upcoming years, the burgeoning demand from the food and beverage industry in flavored and processed food coupled with rising disposable incomes and online sales is the major factor propelling the market growth. The demand is further propelled by the rising consumption in the personal care and pharmaceutical industry. The growing dietary supplements and nutraceuticals market is expected to provide an incremental opportunity for future market growth of the industry. The rising demand for natural flavors and fragrances coupled with a higher adoption rate among the health-conscious segment of the population is anticipated to provide a bright prospectus for future market growth. The growing urbanization, rising retail sales, and growing economic condition in the Asia Pacific region is also anticipated to propel the global flavors and fragrance market revenue.
Top Market Players
- Aromatech SAS
- Givaudan SA
- MANE
- Symrise AG
- Firmenich SA
- Robertet
- Sensient
- Agilex Flavors & Fragrances Inc.
- T.HASEGAWA
- International Flavors & Fragrances Inc.
- Frutarom
- Bedoukian Research Inc.
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Based on product type, the worldwide Flavors and Fragrance market can be segmented into Natural and Synthetic, with the natural flavor and fragrance ingredients are anticipated to register the highest growth during the forecast period which is led by consumer preference for healthier and safe products. In terms of category, the global Flavors and Fragrance market can be segmented into flavors and fragrances where the food and beverage industry is anticipated to generate significant demand for the flavors in the foreseeable future. The rising consumption of functional beverages and fruit mix is projected to further propel the market for the flavors. In terms of end-user, the global Flavors and Fragrance market can be segmented into Beverage, Savory & Snacks, Bakery, Dairy Products, Confectionery, Consumer Products, and Others. On the basis of sales channels, the market can be bifurcated into Online Sales and Offline Sales. In terms of geography, the Asia Pacific region is projected to register the highest growth rate of 7.2% CAGR during the forecast period with a major contribution from India and China. The geographical segmentation covers North America, Europe, Latin America, and Middle East & Africa in the global Flavors and Fragrance market.
Frequently Asked Questions
What are Flavors and Fragrance?
Flavors and fragrances are consumed for adding essence and taste to the end product. The fragrance and flavors are used in end-user applications such as food and beverages, pharmaceuticals, dietary supplements, home care products, and other consumer goods.
What are the key factors driving Flavors and Fragrance Market expansion?
burgeoning demand from the food and beverages industry, rising disposable incomes and online sales, the rising consumption in the personal care and pharmaceutical industry, growing urbanization, rising retail sales and growing economic conditions in developing regions is projected to raise demand for the Flavors and Fragrance market.
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Which region will make notable contributions towards global Flavors and Fragrance Market revenue?
The Asia Pacific region is projected to register the highest growth rate of 7.2% CAGR during the forecast period with a major contribution from India and China. The region is also projected to contribute for the largest revenue in the global market.
Which are the key players leveraging Flavors and Fragrance Market growth?
Some of the leading and top Flavors and Fragrance companies in the global Flavors and Fragrance market include International Flavors & Fragrances, Inc., Agilex Flavors & Fragrances, Inc., Givaudan SA, Bedoukian Research, Firmenich SA, T.HASEGAWA, Robertet, Sensient, Aromatech SAS, Symrise AG, Frutarom, and MANE, Inc among others.