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Global Markets for Flavors and Fragrances

  • December 2016
  • -
  • BCC Research
  • -
  • 210 pages


Use this report to:
- Identify the factors driving and restraining the market for flavors and fragrances.
- Analyze flavors and fragrances market trends and opportunities.
- Receive information about recent developments, alliances, joint ventures, and mergers and acquisitions in the market.


Highlights
- The global market for flavors and fragrances was valued at $26.0 billion in 2015. This market is expected to increase from $27.1 billion in 2016 to $37.0 billion in 2021 at a compound annual growth rate (CAGR) of 6.4% for 2016-2021.
- The North American market is expected to grow from $8.1 billion in 2016 to $11.0 billion in 2021 at a CAGR of 6.3% from 2016 through 2021.
- The western European market is expected to grow from nearly $7.9 billion in 2016 to $10.9 billion at a CAGR of 6.6% from 2016 through 2021.


STUDY GOALS AND OBJECTIVES
This report provides a detailed analysis of the global market for flavors and fragrances. It discusses natural and synthetic ingredients, raw material analysis, environmental regulations, as well as the flavor and fragrance value chain and technology developments. The information in this report will be useful for those involved in strategic planning, marketing, sales and development of flavors and fragrances.

In quantifying the global market for flavors and fragrances, the study’s major objectives are to:
- Measure, analyze and forecast market revenues.
- Identify the factors driving and restraining the market.
- Analyze market trends and opportunities.
- Identify and analyze the market on the basis of key product type such as essential oils and aroma chemicals.
- Provide comprehensive market sizing and revenue forecasts for various applications in the market such as beverages, savory foods, dairy, cosmetics and toiletries, and soap and detergent.
- Strategically profile and analyze major market players and their core competences within the market.
- Identify recent developments, alliances, joint ventures, and mergers and acquisitions in the market.

Projections for flavors and fragrances are given for the geographical regions: North America (U.S., Canada, Mexico); Western Europe (Germany, France, U.K., Italy, Spain); Asia (China, India, Japan); and the rest of the world (ROW)—(South Africa, Brazil).


REASONS FOR DOING THE STUDY
Changing consumer preferences, increasing health concerns and a growing trend among customers to purchase products with natural ingredients are driving demand in the market for flavors and fragrances.

Rising consumer demand for flavor and fragrance products has spurred market players to launch a variety of new and innovative products to better position themselves in the global market. Regulatory authorities in different countries are taking initiatives to set standards and regulations for the promotion of safe and healthy flavor and fragrance products. This report provides a clear understanding of the supply and demand scenario, while evaluating technological and investment opportunities in the market for flavors and fragrances.
This report covers flavor and fragrance types, applications, demand trends and opportunities. It also examines the overall global market for flavors and fragrances and the market penetration of flavors and fragrances in different regions.


SCOPE OF REPORT
The market is segmented on the basis of application: flavors—beverages, savory foods, dairy, confectionary and bakery products, oral care and other; fragrance— cosmetics and toiletries, soap, detergent and others. This market report organizes information from diverse sources in order to compare natural and synthetic ingredients as well as analyzes the use of raw materials, the flavor and fragrance value chain, regulations, technologies, patent evaluations and Porter’s five forces.

Each ingredient type is analyzed in terms of current global market size. Estimated values used are based on manufacturers’ total revenues. Forecasts with a compound annual growth rate (CAGR) are provided for 2016 to 2021. Projected and forecast revenue values are in constant U.S. dollars, unadjusted for inflation. Product values are estimated based on manufacturers’ revenue. Estimates of the regional markets for flavors and fragrances are based on its applications market. Regional sizing and forecasting are given for North America, Western Europe, Asia and ROW. In addition to the data, the report provides insight on market demand drivers and supplier strategies. Key players are also profiled as well as their market share in global market for flavors and fragrances.


INTENDED AUDIENCE
This report will be of particular interest to manufacturers of flavors, fragrances, essential oils and aroma chemicals as well as traders, distributors and suppliers of flavors and fragrances. It will also be of interest to professionals within governments and regulatory agencies and associations, as it can help them understand the scope and pace of flavor and fragrance products as companies continue to expand in the market.


METHODOLOGY
The report used a top-down approach to estimate market sizes of global flavor and fragrance companies. Key players in the global market for flavors and fragrances were identified through secondary research, and their market revenues were determined through primary and secondary research. This included studying annual reports of top market players and interviewing key leaders such as CEOs, directors and marketing professionals. The size of the global market for flavors and fragrances was derived from the aggregation of the market shares of major players. Forecasts are based on an analysis of market trends such as natural and synthetic ingredients consumption. The penetration of micro-markets was established through secondary sources and validated through primary sources.


INFORMATION SOURCES
The data for this report was gathered from primary and secondary sources. These included information obtained from industry analysts; manufacturer and company reports; industry trade journals; and industry associations such as the Flavor and Extract Manufacturers Association (FEMA), International Fragrance Association North America (IFRANA), Flavor Manufacturers Association of Canada (FMAC), European Flavor Association (EFFA), Japan Flavor and Fragrance Manufacturers’ Association (JFFMA), Fragrance and Flavor Association of India (FAFAI) and Canadian Fragrance Materials Association (CFMA). Additional information was obtained from various sources such as the European Commission (EC), European Union (EU), Federation of Indian Chambers of Commerce and Industry (FICCI), Biotechnology and Biological Sciences Research Council (BBSRC), Research Institute for Fragrance Materials (RIFM) and the Environmental Protection Agency (EPA).


ANALYST’S CREDENTIALS
Natraj Pandal is the BCC Research analyst for this report. Mr. Pandal received a Master of Business Administration degree in marketing and systems and a Bachelor of Science degree from Osmania University in India. He has more than nine years of experience in business research and market intelligence. Mr. Pandal works as a consultant and for syndicated projects in different domains such as chemicals, materials, food and beverage, automotive, aerospace, oil and gas, information technology and telecom, healthcare and sporting goods.

Table Of Contents

Global Markets for Flavors and Fragrances
CHAPTER 1
INTRODUCTION 2
STUDY GOALS AND OBJECTIVES 2
REASONS FOR DOING THE STUDY 2
SCOPE OF REPORT 3
INTENDED AUDIENCE 3
METHODOLOGY 3
INFORMATION SOURCES 3
ANALYST'S CREDENTIALS 4
RELATED BCC RESEARCH REPORTS 4
BCC RESEARCH WEBSITE 4
DISCLAIMER 5
CHAPTER 2 SUMMARY 7
SUMMARY TABLE GLOBAL MARKET FOR FLAVORS AND FRAGRANCES BY REGION, THROUGH 2021 ($ MILLIONS) 7
SUMMARY FIGURE GLOBAL MARKET FOR FLAVORS AND FRAGRANCES BY REGION, 2015-2021 ($ MILLIONS) 8
CHAPTER 3 OVERVIEW 11
COMPARISON OF NATURAL VERSUS SYNTHETICS 11
SYNTHETIC INGREDIENTS 12
NATURAL INGREDIENTS 12
RAW MATERIAL ANALYSIS 13
HISTORICAL OVERVIEW 14
TABLE 1 TIMELINE OF THE DEVELOPMENT OF FLAVORS AND FRAGRANCES 14 VALUE CHAIN 15
FIGURE 1 FLAVOR AND FRAGRANCE VALUE CHAIN 16
CHAPTER 4 GLOBAL MARKET FOR FLAVORS AND FRAGRANCES BY INGREDIENT TYPE 18
TABLE 2 GLOBAL MARKET FOR FLAVOR AND FRAGRANCE INGREDIENTS BY TYPE, THROUGH 2021 ($ MILLIONS) 18
TABLE 3 GLOBAL MARKET FOR FLAVOR AND FRAGRANCE INGREDIENTS BY REGION, THROUGH 2021 ($ MILLIONS) 19
ESSENTIAL OILS 19
ESSENTIAL OILS MARKET BY REGION 20
TABLE 4 GLOBAL MARKET FOR ESSENTIAL OILS USED IN FLAVORS AND FRAGRANCES BY REGION, THROUGH 2021 ($ MILLIONS) 20
TABLE 5 GLOBAL MARKET FOR ESSENTIAL OILS USED IN FLAVORS AND FRAGRANCES BY PRODUCT, THROUGH 2021 ($ MILLIONS) 21
TABLE 6 PLANTS AS SOURCES OF ESSENTIAL OILS 22
TABLE 7 PLANT-PRODUCING REGIONS AND APPLICATIONS 22
COMMERCIALLY IMPORTANT ESSENTIAL OILS 23
TABLE 8 ESSENTIAL OILS USED IN FLAVORS AND FRAGRANCES 23
Davana Oil 26
Patchouli Oil 27
Lemongrass Oil 27
Jasmine Oil 28
AROMA CHEMICALS 28
TABLE 9 GLOBAL MARKET FOR AROMA CHEMICALS USED IN FLAVORS AND FRAGRANCES BY REGION, THROUGH 2021 ($ MILLIONS) 29
TABLE 10 GLOBAL MARKET FOR AROMA CHEMICALS USED IN FLAVORS AND FRAGRANCES BY TYPE, THROUGH 2021 ($ MILLIONS) 30
TABLE 11 GLOBAL MARKET FOR AROMA CHEMICALS USED IN FLAVORS AND FRAGRANCES BY PRODUCTS, THROUGH 2021 ($ MILLIONS) 30
TERPENES AND TERPENOIDS 31
TABLE 12 GLOBAL MARKET FOR TERPENES USED IN FLAVORS AND FRAGRANCES BY PRODUCT, THROUGH 2021 ($ MILLIONS) 31
TABLE 13 GLOBAL MARKET FOR TERPENES USED IN FLAVORS AND FRAGRANCES BY REGION, THROUGH 2021 ($ MILLIONS) 32
TABLE 14 SYNTHETIC TERPENES OR TERPENOIDS USED IN FLAVORS AND FRAGRANCES 32
TABLE 15 NATURAL TERPENES OR TERPENOIDS USED IN FLAVORS AND FRAGRANCES 33
BENZENOIDS 34
TABLE 16 GLOBAL MARKET FOR BENZENOIDS USED IN FLAVORS AND FRAGRANCES BY PRODUCT, THROUGH 2021 ($ MILLIONS) 34
TABLE 17 GLOBAL MARKET FOR BENZENOIDS USED IN FLAVORS AND FRAGRANCES BY REGION, THROUGH 2021 ($ MILLIONS) 35
TABLE 18 SYNTHETIC BENZENOIDS USED IN FLAVORS AND FRAGRANCES 36
TABLE 19 NATURAL BENZENOIDS USED IN FLAVORS AND FRAGRANCES 38
MUSK CHEMICALS 38
TABLE 20 GLOBAL MARKET FOR MUSK CHEMICALS USED IN FLAVORS AND FRAGRANCES BY PRODUCTS, THROUGH 2021 ($ MILLIONS) 39
TABLE 21 GLOBAL MARKET FOR MUSK CHEMICALS USED IN FLAVORS AND FRAGRANCES BY REGION, THROUGH 2021 ($ MILLIONS) 39
MISCELLANEOUS AROMA CHEMICALS 39
TABLE 22 GLOBAL MARKET FOR MISCELLANEOUS AROMA CHEMICALS USED IN FLAVORS AND FRAGRANCES BY PRODUCT, THROUGH 2021 ($ MILLIONS) 40
TABLE 23 GLOBAL MARKET FOR MISCELLANEOUS AROMA CHEMICALS USED IN FLAVORS AND FRAGRANCES BY REGION, THROUGH 2021 ($ MILLIONS) 40
TABLE 24 MISCELLANEOUS SYNTHETIC AROMA CHEMICALS USED IN FLAVORS AND
FRAGRANCES 41
TABLE 25 NATURAL MISCELLANEOUS AROMA CHEMICAL USED IN FLAVORS AND FRAGRANCES 42
CHAPTER 5 TECHNOLOGIES 44
KEY TECHNOLOGIES 44
CONVENTIONAL TECHNOLOGIES 44
Separation Technologies 44
Primary Separation Technologies 45
Distillation 45
Steam Distillation 45
Hydro-Distillation 45
Solvent Extraction 46
Secondary Separation Technologies 47
Fractional Distillation 47
Liquid-Liquid Extraction 48
COLD EXTRACTION TECHNOLOGY 48
SUPERCRITICAL FLUID EXTRACTION 48
Supercritical Carbon Dioxide 48
ENFLEURAGE 50
THERMAL TREATMENT 50
ENZYMATIC ROUTES 50
CHEMICAL METHODS 52
FLAVOR ENCAPSULATION 52
Spray Drying 53
Extrusion 53
Coacervation 53
Molecular Encapsulation 53
Submerged Nozzle Encapsulation 53
TABLE 26 TYPE OF PROTECTION SYSTEM BY FLAVOR USAGE 54
CHAPTER 6 GLOBAL APPLICATION MARKETS FOR FLAVORS AND FRAGRANCES 56
TABLE 27 GLOBAL MARKET FOR FLAVORS AND FRAGRANCES BY TYPE, THROUGH 2021 ($ MILLIONS) 56
FLAVORS 57
TABLE 28 GLOBAL MARKET FOR FLAVORS BY APPLICATION, THROUGH 2021 ($ MILLIONS) 57
TABLE 29 GLOBAL MARKET FOR FLAVORS BY REGION, THROUGH 2021 ($ MILLIONS) 58 BEVERAGES 58
TABLE 30 GLOBAL MARKET FOR FLAVORS USED IN BEVERAGES BY PRODUCTS, THROUGH 2021 ($ MILLIONS) 59
TABLE 31 GLOBAL MARKET FOR FLAVORS USED IN BEVERAGES BY REGION, THROUGH 2021 ($ MILLIONS) 60
FIGURE 2 TOP FIVE FLAVORS IN BEVERAGE CATEGORY 60
SAVORY FOODS 61
TABLE 32 GLOBAL MARKET FOR FLAVORS USED IN SAVORY FOODS BY REGION, THROUGH 2021 ($ MILLIONS) 62
DAIRY PRODUCTS 62
TABLE 33 GLOBAL MARKET FOR DAIRY PRODUCTS, 2015 (%) 63
TABLE 34 GLOBAL MARKET FOR FLAVORS USED IN DAIRY PRODUCTS BY REGION, THROUGH 2021 ($ MILLIONS) 63
CONFECTIONARY AND BAKERY PRODUCTS 64
TABLE 35 GLOBAL MARKET FOR FLAVORS USED IN CONFECTIONARY AND BAKERY PRODUCTS BY REGION, THROUGH 2021 ($ MILLIONS) 65
ORAL CARE 65
OTHER 65
INDIAN MARKET FOR FLAVORS BY APPLICATION 66
TABLE 36 INDIAN MARKET FOR FLAVORS BY APPLICATION, THROUGH 2021 ($ MILLIONS) 66
FRAGRANCES 67
TABLE 37 GLOBAL MARKET FOR FRAGRANCES BY APPLICATION, THROUGH 2021 ($ MILLIONS) 67
TABLE 38 GLOBAL MARKET FOR FRAGRANCES BY REGION, THROUGH 2021 (%) 68
COSMETICS AND TOILETRIES 68
TABLE 39 GLOBAL MARKET FOR FRAGRANCE USED IN COSMETICS AND TOILETRIES BY PRODUCT, THROUGH 2021 ($ MILLIONS) 69
TABLE 40 GLOBAL MARKET FOR FRAGRANCES USED IN COSMETICS AND TOILETRIES BY REGION, THROUGH 2021 ($ MILLIONS) 69
SOAP 69
TABLE 41 GLOBAL MARKET FOR FRAGRANCES USED IN SOAP BY REGION, THROUGH 2021 ($ MILLIONS) 70
DETERGENT 71
HOUSEHOLD AND OTHER PRODUCTS 71
CHAPTER 7 GLOBAL MARKET FOR FLAVORS AND FRAGRANCES BY REGION 74 GLOBAL MARKET FOR FLAVORS AND FRAGRANCES 74
FIGURE 3 GLOBAL MARKET SHARES OF FLAVORS AND FRAGRANCES BY REGION, 2015 (%) 74
NORTH AMERICA 75
NORTH AMERICAN MARKET FOR FLAVORS AND FRAGRANCES BY COUNTRY 75
TABLE 42 NORTH AMERICAN MARKET FOR FLAVORS AND FRAGRANCES BY COUNTRY, THROUGH 2021 ($ MILLIONS) 75
North American Market for Flavors by Country 75
TABLE 43 NORTH AMERICAN MARKET FOR FLAVORS BY COUNTRY, THROUGH 2021 ($ MILLIONS) 76
North American Market for Fragrances by Country 76
TABLE 44 NORTH AMERICAN MARKET FOR FRAGRANCES BY COUNTRY, THROUGH
2021 ($ MILLIONS) 76
U.S. 77
Canada 77
Mexico 78
WESTERN EUROPE 78
WESTERN EUROPEAN MARKET FOR FLAVORS AND FRAGRANCES BY COUNTRY 78
TABLE 45 WESTERN EUROPEAN MARKET FOR FLAVORS AND FRAGRANCES BY COUNTRY, THROUGH 2021 ($ MILLIONS) 79
Western European Market for Flavors by Country 79
TABLE 46 WESTERN EUROPEAN MARKET FOR FLAVORS BY COUNTRY, THROUGH 2021 ($ MILLIONS) 79
Western European Market for Fragrances by Country 80
TABLE 47 WESTERN EUROPEAN MARKET FOR FRAGRANCES BY COUNTRY, THROUGH 2021 ($ MILLIONS) 81
Germany 81
France 81
U.K. 81
Other 82
ASIA 82
ASIAN MARKET FOR FLAVORS AND FRAGRANCES BY COUNTRY 82
TABLE 48 ASIAN MARKET FOR FLAVORS AND FRAGRANCES BY COUNTRY, THROUGH 2021 ($ MILLIONS) 82
Asian Market for Flavors by Country 83
TABLE 49 ASIAN MARKET FOR FLAVORS BY COUNTRY, THROUGH 2021 ($ MILLIONS) 83
Asian Market for Fragrances by Country 84
TABLE 50 ASIAN MARKET FOR FRAGRANCES BY COUNTRY, THROUGH 2021 ($ MILLIONS) 84
China 84
Japan 85
India 85
Other 86
REST OF THE WORLD 86
ROW MARKET FOR FLAVORS AND FRAGRANCES BY COUNTRY 86
TABLE 51 REST OF WORLD MARKET FOR FLAVORS AND FRAGRANCES BY COUNTRY, THROUGH 2021 ($ MILLIONS) 86
South Africa 87
Brazil 87
Other 87
CHAPTER 8 ENVIRONMENTAL REGULATIONS 89
REGULATION OF FLAVORS 89
U.S. 90
WESTERN EUROPE 91
JAPAN 92
REGULATION OF FRAGRANCES 92
ENVIRONMENTAL IMPACT 93
U.S. 93
CANADA 94
EUROPE 94
JAPAN 95
CHAPTER 9 INDUSTRY STRUCTURE 97
FACTORS INFLUENCING DEMAND 97
TABLE 52 DRIVERS OF MARKET FOR FLAVORS AND FRAGRANCES 97 CHANGING CONSUMER PREFERENCES 97
INCREASING DEMAND FOR NATURAL FLAVORS AND FRAGRANCES 97
SIGNIFICANT TECHNOLOGICAL ADVANCEMENTS 98
DEMAND FROM DEVELOPING NATIONS 98
CHALLENGES WITHIN THE FLAVOR AND FRAGRANCE INDUSTRY 98
HIGH COST OF MIGRATION FROM SYNTHETIC TO NATURAL SOURCES 98
CONCERNS RELATED TO SYNTHETIC PRODUCTS 98
LACK OF TRANSPARENCY IN PATENT PROTECTION LAWS 99
OPPORTUNITIES FOR FLAVOR AND FRAGRANCE COMPANIES 99
GREENFIELD VENTURES IN LATIN AMERICAN AND ASIAN REGIONS 99
WIDENING SCOPE OF APPLICATIONS 99
PORTER'S FIVE FORCES ANALYSIS 100
FIGURE 4 PORTER'S FIVE FORCES ANALYSIS 100
BARGAINING POWER OF BUYERS 100
BARGAINING POWER OF SUPPLIERS 101
THREATS FROM SUBSTITUTES 101
THREAT FROM NEW ENTRANTS 101
COMPETITIVE RIVALRY 102
CHAPTER 10 MARKET STRATEGIES 104
STRATEGY BY TYPE 104
FIGURE 5 DISTRIBUTION OF TYPES OF GROWTH STRATEGIES USED IN THE GLOBAL MARKET FOR FLAVORS AND FRAGRANCES, 2011-2016 (%) 105
DEVELOPMENTS BY COMPANY 105
FIGURE 6 GLOBAL MARKET SHARES OF FLAVORS AND FRAGRANCES BY COMPANY, 2011-2016 (%) 105
NEW PRODUCT DEVELOPMENT 107
TABLE 53 NEW FLAVOR AND FRAGRANCE PRODUCT LAUNCHES, 2011-2016 107
MERGERS AND ACQUISITIONS 109
TABLE 54 MERGERS AND ACQUISITIONS, 2011-2016 109
PARTNERSHIPS, COLLABORATIONS, JOINT VENTURES AND AGREEMENTS 112
TABLE 55 PARTNERSHIPS, COLLABORATIONS, JOINT VENTURES AND AGREEMENTS, 2011-2015 112
EXPANSIONS AND INVESTMENTS 113
TABLE 56 EXPANSIONS AND INVESTMENTS, 2011-2016 114
CHAPTER 11 PATENT ANALYSIS 117
PATENTS BY REGION 117
PATENTS ON FLAVORS BY REGION 117
FIGURE 7 REGIONAL DISTRIBUTION OF PATENTS ON FLAVORS, 2011-2015 (%) 117
PATENTS ON FRAGRANCES BY REGION 118
FIGURE 8 REGIONAL MARKET SHARES OF PATENTS ON FRAGRANCES, 2011-2015 (%) 118
PATENTS ON FLAVORS BY YEAR AND COUNTRY 119
TABLE 57 NUMBER OF PATENTS ISSUED ANNUALLY ON FLAVORS BY REGION, 2011-2015 119
PATENTS ON FRAGRANCES BY YEAR AND COUNTRY 120
TABLE 58 NUMBER OF PATENTS ISSUED ANNUALLY ON FRAGRANCES BY REGION, 2011-2015 120
PATENTS ON FLAVORS BY MANUFACTURER/RESEARCH INSTITUTE 120
PATENTS ON FLAVORS BY COMPANY 120
TABLE 59 PATENTS ON FLAVORS BY COMPANY, 2011-2015 (NUMBER/%) 120
PATENTS ON FRAGRANCES BY COMPANY 121
TABLE 60 PATENTS ON FRAGRANCES BY COMPANY, 2011-2015 (NUMBER/%) 121
U.S. PATENTS ON FLAVORS AND FRAGRANCES 122
TABLE 61 U.S. PATENTS ON FLAVORS, 2011-2015 122
TABLE 62 U.S. PATENTS ON FRAGRANCES, 2011-2015 126
EUROPEAN PATENTS ON FLAVORS AND FRAGRANCES 131
TABLE 63 EUROPEAN PATENTS ON FLAVORS, 2011-2015 131
TABLE 64 EUROPEAN PATENTS ON FRAGRANCES, 2011-2015 141
CHINESE PATENTS ON FLAVORS AND FRAGRANCES 147
TABLE 65 CHINESE PATENTS ON FRAGRANCES, 2011-2015 147
TABLE 66 CHINESE PATENTS ON FRAGRANCES, 2011-2015 156
SOUTH KOREAN PATENTS ON FLAVORS AND FRAGRANCES 163
TABLE 67 SOUTH KOREAN PATENTS ON FLAVORS, 2011-2015 163
TABLE 68 SOUTH KOREAN PATENTS ON FRAGRANCES, 2011-2015 173
JAPANESE PATENTS ON FLAVORS AND FRAGRANCES 178
TABLE 69 JAPANESE PATENTS ON FLAVORS, 2011-2015 178
TABLE 70 JAPANESE PATENTS ON FRAGRANCES, 2011-2015 190
CANADIAN PATENTS ON FLAVORS AND FRAGRANCES 192
TABLE 71 CANADIAN PATENTS ON FLAVORS, 2011-2015 192
TABLE 72 CANADIAN PATENTS ON FRAGRANCES, 2011-2015 194
MEXICAN PATENTS ON FLAVORS AND FRAGRANCES 195
TABLE 73 MEXICAN PATENTS ON FLAVORS, 2011-2015 195
TABLE 74 MEXICAN PATENTS ON FRAGRANCES, 2011-2015 196
CHAPTER 12 MARKET SHARES AND COMPANY PROFILES 198
TABLE 75 GLOBAL MARKET SHARES OF FLAVOR AND FRAGRANCE COMPANIES, 2015 ($ BILLIONS/%) 198
COMPANY PROFILES 198
AGILEX FLAVORS and FRAGRANCES INC. 198
Overview 199
Financials 199
Products and Services 199
Strategy 199
ART and FRAGRANCE SA 199
Overview 199
Financials 200
Products and Services 200
Strategy 200
BELL FLAVORS and FRAGRANCES INC. 200
Overview 200
Financials 200
Products and Services 201
TABLE 76 BELL FLAVOR AND FRAGRANCE PRODUCTS 201
Strategy 201
CHINA FLAVORS and FRAGRANCES CO. LTD 202
Overview 202
Financials 202
Products and Services 202
Strategy 202
COMAX FLAVORS 202
Overview 203
Financials 203
Products and Services 203
Strategy 203
FIRMENICH INTERNATIONAL SA 203
Overview 204
Financials 204
Products and Services 204
TABLE 77 FIRMENICH FLAVOR PRODUCTS 204
TABLE 78 FIRMENICH FRAGRANCE PRODUCTS 205
Strategy 205
FRUTAROM INDUSTRIES LTD. 205
Overview 205
Financials 206
Products and Services 206
Strategy 206
GIVAUDAN SA 206
Overview 206
Financials 206
Products and Services 207
TABLE 79 GIVAUDAN FLAVOR AND FRAGRANCE PRODUCTS 207
Strategy 207
GROUPE BOGART 207
Overview 208
Financials 208
Products and Services 208
Strategy 208
INTERNATIONAL FLAVORS and FRAGRANCES INC. 208
Overview 208
Financials 209
Products and Services 209
TABLE 80 IFF FLAVOR AND FRAGRANCE PRODUCTS 209
Strategy 209
INTERPARFUMS INC. 210
Overview 210
Financials 210
Products and Services 210
TABLE 81 INTER PARFUMS COSMETIC AND FRAGRANCE PRODUCTS 210
Strategy 210
V. MANE FILS 211
Overview 211
Financials 211
Products and Services 211
TABLE 82 MANE FLAVOR AND FRAGRANCE PRODUCTS 211
Strategy 212
ROBERTET SA 212
Overview 212
Financials 213
Products and Services 213
Strategy 213
ARCHER DANIELS MIDLAND CO. 213
Overview 213
Financials 214
Products and Services 214
TABLE 83 ADM FLAVOR PRODUCTS 214
Strategy 214
SENSIENT TECHNOLOGIES CORP. 215
Overview 215
Financials 215
Products and Services 215
Strategy 216
SYMRISE AG 216
Overview 216
Financials 216
Products and Services 216
Strategy 217
TAKASAGO INTERNATIONAL CORP. 217
Overview 217
Financials 217
Products and Services 217
TABLE 84 TAKASAGO FLAVOR AND FRAGRANCE PRODUCTS 218
Strategy 218
T. HASEGAWA CO. LTD. 218
Overview 218
Financials 219
Products and Services 219
Strategy 219
TREATT PLC 219
Overview 219
Financials 220
Products and Services 220
TABLE 85 TREATT FLAVOR AND FRAGRANCE PRODUCTS 220
Strategy 220
ULRIC DE VARENS SA 220
Overview 221
Financials 221
Products and Services 221
Strategy 221
CHAPTER 13 LIST OF ACRONYMS 223



LIST OF TABLES

SUMMARY TABLE GLOBAL MARKET FOR FLAVORS AND FRAGRANCES BY REGION, THROUGH 2021 ($ MILLIONS) 7
TABLE 1 TIMELINE OF THE DEVELOPMENT OF FLAVORS AND FRAGRANCES 14
TABLE 2 GLOBAL MARKET FOR FLAVOR AND FRAGRANCE INGREDIENTS BY TYPE, THROUGH 2021 ($ MILLIONS) 18
TABLE 3 GLOBAL MARKET FOR FLAVOR AND FRAGRANCE INGREDIENTS BY REGION, THROUGH 2021 ($ MILLIONS) 19
TABLE 4 GLOBAL MARKET FOR ESSENTIAL OILS USED IN FLAVORS AND FRAGRANCES BY REGION, THROUGH 2021 ($ MILLIONS) 20
TABLE 5 GLOBAL MARKET FOR ESSENTIAL OILS USED IN FLAVORS AND FRAGRANCES BY PRODUCT, THROUGH 2021 ($ MILLIONS) 21
TABLE 6 PLANTS AS SOURCES OF ESSENTIAL OILS 22
TABLE 7 PLANT-PRODUCING REGIONS AND APPLICATIONS 22
TABLE 8 ESSENTIAL OILS USED IN FLAVORS AND FRAGRANCES 23
TABLE 9 GLOBAL MARKET FOR AROMA CHEMICALS USED IN FLAVORS AND FRAGRANCES BY REGION, THROUGH 2021 ($ MILLIONS) 29
TABLE 10 GLOBAL MARKET FOR AROMA CHEMICALS USED IN FLAVORS AND FRAGRANCES BY TYPE, THROUGH 2021 ($ MILLIONS) 30
TABLE 11 GLOBAL MARKET FOR AROMA CHEMICALS USED IN FLAVORS AND FRAGRANCES BY PRODUCTS, THROUGH 2021 ($ MILLIONS) 30
TABLE 12 GLOBAL MARKET FOR TERPENES USED IN FLAVORS AND FRAGRANCES BY PRODUCT, THROUGH 2021 ($ MILLIONS) 31
TABLE 13 GLOBAL MARKET FOR TERPENES USED IN FLAVORS AND FRAGRANCES BY REGION, THROUGH 2021 ($ MILLIONS) 32
TABLE 14 SYNTHETIC TERPENES OR TERPENOIDS USED IN FLAVORS AND FRAGRANCES 32
TABLE 15 NATURAL TERPENES OR TERPENOIDS USED IN FLAVORS AND FRAGRANCES 33
TABLE 16 GLOBAL MARKET FOR BENZENOIDS USED IN FLAVORS AND FRAGRANCES BY PRODUCT, THROUGH 2021 ($ MILLIONS) 34
TABLE 17 GLOBAL MARKET FOR BENZENOIDS USED IN FLAVORS AND FRAGRANCES BY REGION, THROUGH 2021 ($ MILLIONS) 35
TABLE 18 SYNTHETIC BENZENOIDS USED IN FLAVORS AND FRAGRANCES 36
TABLE 19 NATURAL BENZENOIDS USED IN FLAVORS AND FRAGRANCES 38
TABLE 20 GLOBAL MARKET FOR MUSK CHEMICALS USED IN FLAVORS AND FRAGRANCES BY PRODUCTS, THROUGH 2021 ($ MILLIONS) 39
TABLE 21 GLOBAL MARKET FOR MUSK CHEMICALS USED IN FLAVORS AND FRAGRANCES BY REGION, THROUGH 2021 ($ MILLIONS) 39
TABLE 22 GLOBAL MARKET FOR MISCELLANEOUS AROMA CHEMICALS USED IN FLAVORS AND FRAGRANCES BY PRODUCT, THROUGH 2021 ($ MILLIONS) 40
TABLE 23 GLOBAL MARKET FOR MISCELLANEOUS AROMA CHEMICALS USED IN FLAVORS AND FRAGRANCES BY REGION, THROUGH 2021 ($ MILLIONS) 40
TABLE 24 MISCELLANEOUS SYNTHETIC AROMA CHEMICALS USED IN FLAVORS AND FRAGRANCES 41
TABLE 25 NATURAL MISCELLANEOUS AROMA CHEMICAL USED IN FLAVORS AND FRAGRANCES 42
TABLE 26 TYPE OF PROTECTION SYSTEM BY FLAVOR USAGE 54
TABLE 27 GLOBAL MARKET FOR FLAVORS AND FRAGRANCES BY TYPE, THROUGH 2021 ($ MILLIONS) 56
TABLE 28 GLOBAL MARKET FOR FLAVORS BY APPLICATION, THROUGH 2021 ($ MILLIONS) 57
TABLE 29 GLOBAL MARKET FOR FLAVORS BY REGION, THROUGH 2021 ($ MILLIONS) 58
TABLE 30 GLOBAL MARKET FOR FLAVORS USED IN BEVERAGES BY PRODUCTS, THROUGH 2021 ($ MILLIONS) 59
TABLE 31 GLOBAL MARKET FOR FLAVORS USED IN BEVERAGES BY REGION, THROUGH 2021 ($ MILLIONS) 60
TABLE 32 GLOBAL MARKET FOR FLAVORS USED IN SAVORY FOODS BY REGION, THROUGH 2021 ($ MILLIONS) 62
TABLE 33 GLOBAL MARKET FOR DAIRY PRODUCTS, 2015 (%) 63
TABLE 34 GLOBAL MARKET FOR FLAVORS USED IN DAIRY PRODUCTS BY REGION, THROUGH 2021 ($ MILLIONS) 63
TABLE 35 GLOBAL MARKET FOR FLAVORS USED IN CONFECTIONARY AND BAKERY PRODUCTS BY REGION, THROUGH 2021 ($ MILLIONS) 65
TABLE 36 INDIAN MARKET FOR FLAVORS BY APPLICATION, THROUGH 2021 ($ MILLIONS) 66
TABLE 37 GLOBAL MARKET FOR FRAGRANCES BY APPLICATION, THROUGH 2021 ($ MILLIONS) 67
TABLE 38 GLOBAL MARKET FOR FRAGRANCES BY REGION, THROUGH 2021 (%) 68
TABLE 39 GLOBAL MARKET FOR FRAGRANCE USED IN COSMETICS AND TOILETRIES BY PRODUCT, THROUGH 2021 ($ MILLIONS) 69
TABLE 40 GLOBAL MARKET FOR FRAGRANCES USED IN COSMETICS AND TOILETRIES BY REGION, THROUGH 2021 ($ MILLIONS) 69
TABLE 41 GLOBAL MARKET FOR FRAGRANCES USED IN SOAP BY REGION, THROUGH 2021 ($ MILLIONS) 70
TABLE 42 NORTH AMERICAN MARKET FOR FLAVORS AND FRAGRANCES BY COUNTRY, THROUGH 2021 ($ MILLIONS) 75
TABLE 43 NORTH AMERICAN MARKET FOR FLAVORS BY COUNTRY, THROUGH 2021 ($ MILLIONS) 76
TABLE 44 NORTH AMERICAN MARKET FOR FRAGRANCES BY COUNTRY, THROUGH 2021 ($ MILLIONS) 76
TABLE 45 WESTERN EUROPEAN MARKET FOR FLAVORS AND FRAGRANCES BY COUNTRY, THROUGH 2021 ($ MILLIONS) 79
TABLE 46 WESTERN EUROPEAN MARKET FOR FLAVORS BY COUNTRY, THROUGH 2021 ($ MILLIONS) 79
TABLE 47 WESTERN EUROPEAN MARKET FOR FRAGRANCES BY COUNTRY, THROUGH 2021 ($ MILLIONS) 81
TABLE 48 ASIAN MARKET FOR FLAVORS AND FRAGRANCES BY COUNTRY, THROUGH 2021 ($ MILLIONS) 82
TABLE 49 ASIAN MARKET FOR FLAVORS BY COUNTRY, THROUGH 2021 ($ MILLIONS) 83
TABLE 50 ASIAN MARKET FOR FRAGRANCES BY COUNTRY, THROUGH 2021 ($ MILLIONS) 84
TABLE 51 REST OF WORLD MARKET FOR FLAVORS AND FRAGRANCES BY COUNTRY, THROUGH 2021 ($ MILLIONS) 86
TABLE 52 DRIVERS OF MARKET FOR FLAVORS AND FRAGRANCES 97
TABLE 53 NEW FLAVOR AND FRAGRANCE PRODUCT LAUNCHES, 2011-2016 107
TABLE 54 MERGERS AND ACQUISITIONS, 2011-2016 109
TABLE 55 PARTNERSHIPS, COLLABORATIONS, JOINT VENTURES AND AGREEMENTS, 2011-2015 112
TABLE 56 EXPANSIONS AND INVESTMENTS, 2011-2016 114
TABLE 57 NUMBER OF PATENTS ISSUED ANNUALLY ON FLAVORS BY REGION, 2011-2015 119
TABLE 58 NUMBER OF PATENTS ISSUED ANNUALLY ON FRAGRANCES BY REGION, 2011-2015 120
TABLE 59 PATENTS ON FLAVORS BY COMPANY, 2011-2015 (NUMBER/%) 120
TABLE 60 PATENTS ON FRAGRANCES BY COMPANY, 2011-2015 (NUMBER/%) 121
TABLE 61 U.S. PATENTS ON FLAVORS, 2011-2015 122
TABLE 62 U.S. PATENTS ON FRAGRANCES, 2011-2015 126
TABLE 63 EUROPEAN PATENTS ON FLAVORS, 2011-2015 131
TABLE 64 EUROPEAN PATENTS ON FRAGRANCES, 2011-2015 141
TABLE 65 CHINESE PATENTS ON FRAGRANCES, 2011-2015 147
TABLE 66 CHINESE PATENTS ON FRAGRANCES, 2011-2015 156
TABLE 67 SOUTH KOREAN PATENTS ON FLAVORS, 2011-2015 163
TABLE 68 SOUTH KOREAN PATENTS ON FRAGRANCES, 2011-2015 173
TABLE 69 JAPANESE PATENTS ON FLAVORS, 2011-2015 178
TABLE 70 JAPANESE PATENTS ON FRAGRANCES, 2011-2015 190
TABLE 71 CANADIAN PATENTS ON FLAVORS, 2011-2015 192
TABLE 72 CANADIAN PATENTS ON FRAGRANCES, 2011-2015 194
TABLE 73 MEXICAN PATENTS ON FLAVORS, 2011-2015 195
TABLE 74 MEXICAN PATENTS ON FRAGRANCES, 2011-2015 196
TABLE 75 GLOBAL MARKET SHARES OF FLAVOR AND FRAGRANCE COMPANIES, 2015 ($ BILLIONS/%) 198
TABLE 76 BELL FLAVOR AND FRAGRANCE PRODUCTS 201
TABLE 77 FIRMENICH FLAVOR PRODUCTS 204
TABLE 78 FIRMENICH FRAGRANCE PRODUCTS 205
TABLE 79 GIVAUDAN FLAVOR AND FRAGRANCE PRODUCTS 207
TABLE 80 IFF FLAVOR AND FRAGRANCE PRODUCTS 209
TABLE 81 INTER PARFUMS COSMETIC AND FRAGRANCE PRODUCTS 210
TABLE 82 MANE FLAVOR AND FRAGRANCE PRODUCTS 211
TABLE 83 ADM FLAVOR PRODUCTS 214
TABLE 84 TAKASAGO FLAVOR AND FRAGRANCE PRODUCTS 218
TABLE 85 TREATT FLAVOR AND FRAGRANCE PRODUCTS 220



LIST OF FIGURES

SUMMARY FIGURE GLOBAL MARKET FOR FLAVORS AND FRAGRANCES BY REGION, 2015-2021 ($ MILLIONS) 8
FIGURE 1 FLAVOR AND FRAGRANCE VALUE CHAIN 16
FIGURE 2 TOP FIVE FLAVORS IN BEVERAGE CATEGORY 60
FIGURE 3 GLOBAL MARKET SHARES OF FLAVORS AND FRAGRANCES BY REGION, 2015 (%) 74
FIGURE 4 PORTER'S FIVE FORCES ANALYSIS 100
FIGURE 5 DISTRIBUTION OF TYPES OF GROWTH STRATEGIES USED IN THE GLOBAL MARKET FOR FLAVORS AND FRAGRANCES, 2011-2016 (%) 105
FIGURE 6 GLOBAL MARKET SHARES OF FLAVORS AND FRAGRANCES BY COMPANY, 2011-2016 (%) 105
FIGURE 7 REGIONAL DISTRIBUTION OF PATENTS ON FLAVORS, 2011-2015 (%) 117
FIGURE 8 REGIONAL MARKET SHARES OF PATENTS ON FRAGRANCES, 2011-2015 (%) 118

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