The market size of flavors & fragrances is estimated to be USD 29.0 billion in 2021 and is projected to reach USD 37.3 billion by 2026, at a CAGR of 5.1% between 2021 and 2026. The growth of the flavors & fragrances market is primarily supported by the growing population in emerging economies such as China, India, Indonesia, South Korea, Brazil, and South Africa. The demand for flavors and fragrances is also due to the increase in awareness among the population about the benefits of the ingredients used in food products and consumer products in countries such as the US, Japan, France, Canada, Germany, and the UK. The demand for flavors and fragrances is also attributed to changing consumer preferences toward convenience food and increasing demand for consumer products. Stringent government regulations on the use of synthetic flavors and fragrances in Japan, China, the US, and European countries are restricting the growth of the flavors & fragrances market.
The Synthetic is the largest ingredient of flavors & fragrances for flavors & fragrances market in 2020
Synthetic ingredient is artificially made through chemical reactions.It is chemically modified and has different properties from its precursors.
Synthetic flavors are prepared from a complex mixture of chemical compounds.The dominance of synthetic ingredient is owed to its low cost and growing use in various end uses, such as beverages, packaged food products, and home & personal care products.
Unique formulation by manufacturing companies, innovation in flavoring ingredients, and significant demand of synthetic flavors in various edible & non-edible applications are driving the market for synthetic ingredient during the forecast period.
Beverages and consumer products are estimated to be the largest end-use industry in flavors & fragrances market, respectively between 2021 and 2026.
Bakery segment is expected to grow due to a rise in demand for aspirational purchase of global drink brands and increasing demand for dietary drinks owing to the rising percentage of health-conscious individuals. Consumer products segment is estimated to grow due to the rise of organized retail chains; changing lifestyles; and the growing demand for various consumer products such as home care and personal care products
APAC is expected to be the largest flavors & fragrances market during the forecast period, in terms of value.
APAC was the largest flavors & fragrances market in 2020.The changing lifestyle and high economic growth of emerging economies such as China, India, Vietnam, and Indonesia have fueled the demand for flavors and fragrances in this region.
In addition, the rapidly growing food & beverage and cosmetic & homecare industries are fueling the growth of the flavors & fragrances market in the region.
In the process of determining and verifying the market size for several segments and subsegments identified through secondary research, extensive primary interviews were conducted. A breakdown of the profiles of the primary interviewees are as follows:
• By Company Type: Tier 1 - 45%, Tier 2 - 30%, and Tier 3 - 25%
• By Designation: C-Level - 46%, Director Level - 25%, and Others - 29%
• By Region: North America - 27%, Europe - 27%, APAC - 33%, South America - 7%, and Middle East & Africa - 6%,
The key market players profiled in the report include Givaudan (Switzerland), Firmenich SA (Switzerland), International Flavors & Fragrances (IFF) (US), Symrise AG (Germany), Takasago (Japan), The Archer Daniels Midland Company (ADM) (US), Sensient Technologies (US), Mane SA (France), Robertet (France), T. Hasegawa (Japan), and Bell Flavors & Fragrances (US).
This report segments the market for flavors & fragrances on the basis of ingredient, end-use industry, and region, and provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and mergers & acquisition associated with the market for flavors & fragrances.
Reasons to buy this report
This research report is focused on various levels of analysis — industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the flavors & fragrances market; high-growth regions; and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on flavors & fragrances offered by top players in the global flavors & fragrances market
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the flavors & fragrances market
• Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the markets for flavors & fragrances across regions
• Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global flavors & fragrances market
• Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the flavors & fragrances market
• Impact of COVID-19 on flavors & fragrances market