1 INTRODUCTION 14
1.1 OBJECTIVES OF THE STUDY 14
1.2 MARKET DEFINITION 14
1.3 STUDY SCOPE 15
1.3.1 MARKETS COVERED 15
1.3.2 GEOGRAPHIC SEGMENTATION 16
1.4 PERIODIZATION CONSIDERED 16
1.5 CURRENCY CONSIDERED 17
1.6 STAKEHOLDERS 18

2 RESEARCH METHODOLOGY 19
2.1 RESEARCH DATA 19
2.1.1 SECONDARY DATA 20
2.1.1.1 Key data from secondary sources 20
2.1.2 PRIMARY DATA 21
2.1.2.1 Key data from primary sources 21
2.1.2.2 Breakdown of primaries 22
2.2 MARKET SIZE ESTIMATION 23
2.3 DATA TRIANGULATION 25
2.4 RESEARCH ASSUMPTIONS & LIMITATIONS 26
2.4.1 RESEARCH ASSUMPTIONS 26
2.4.2 RESEARCH LIMITATIONS 27

3 EXECUTIVE SUMMARY 28

4 PREMIUM INSIGHTS 33
4.1 ATTRACTIVE OPPORTUNITIES IN THE FLAVOR SYSTEMS MARKET 33
4.2 FLAVOR SYSTEMS MARKET, BY KEY COUNTRY 34
4.3 EUROPE: FLAVOR SYSTEMS MARKET, BY TYPE & KEY COUNTRY 35
4.4 FLAVOR SYSTEMS MARKET, BY FORM & REGION 35
4.5 FLAVOR SYSTEMS MARKET, BY APPLICATION & REGION 36

5 MARKET OVERVIEW 37
5.1 INTRODUCTION 37
5.2 MARKET DYNAMICS 37
5.2.1 DRIVERS 38
5.2.1.1 Creation of novel flavors driven by favorable consumer reception 38
5.2.1.2 Cross-product usage of flavors 38
5.2.2 RESTRAINTS 39
5.2.2.1 Limited extraction from natural sources 39
5.2.3 OPPORTUNITIES 39
5.2.3.1 Mass customization creating new market opportunities 39
5.2.4 CHALLENGES 40
5.2.4.1 Increase in the prices of end products 40
5.3 VALUE CHAIN 40

6 FLAVOR SYSTEMS MARKET, BY TYPE 42
6.1 INTRODUCTION 43
6.2 BROWN 44
6.3 DAIRY 44
6.4 HERBS & BOTANICALS 45
6.5 FRUITS & VEGETABLES 46
6.6 OTHERS 47

7 FLAVOR SYSTEMS MARKET, BY SOURCE 48
7.1 INTRODUCTION 49
7.2 NATURE-IDENTICAL FLAVORS 50
7.3 ARTIFICIAL FLAVORS 50
7.4 NATURAL FLAVORS 51

8 FLAVOR SYSTEMS MARKET, BY FORM 53
8.1 INTRODUCTION 54
8.2 LIQUID 55
8.3 DRY 55

9 FLAVOR SYSTEMS MARKET, BY APPLICATION 57
9.1 INTRODUCTION 58
9.2 BEVERAGES 59
9.3 DAIRY & FROZEN DESSERTS 59
9.4 BAKERY & CONFECTIONERY PRODUCTS 60
9.5 SAVORIES & SNACKS 61

10 FLAVOR SYSTEMS MARKET, BY REGION 62
10.1 INTRODUCTION 63
10.2 NORTH AMERICA 65
10.2.1 US 68
10.2.2 CANADA 69
10.2.3 MEXICO 70
10.3 EUROPE 71
10.3.1 GERMANY 75
10.3.2 FRANCE 75
10.3.3 UK 76
10.3.4 ITALY 77
10.3.5 SPAIN 78
10.3.6 REST OF EUROPE 79
10.4 ASIA PACIFIC 79
10.4.1 CHINA 82
10.4.2 JAPAN 82
10.4.3 INDIA 83
10.4.4 AUSTRALIA 84
10.4.5 NEW ZEALAND 84
10.4.6 REST OF ASIA-PACIFIC 85
10.5 SOUTH AMERICA 86
10.5.1 BRAZIL 88
10.5.2 ARGENTINA 88
10.5.3 REST OF SOUTH AMERICA 89
10.6 REST OF THE WORLD (ROW) 90
10.6.1 MIDDLE EAST 92
10.6.2 AFRICA 93

11 COMPETITIVE LANDSCAPE 94
11.1 OVERVIEW 94
11.2 MARKET SHARE ANALYSIS 96
11.3 COMPETITIVE SCENARIO 97
11.3.1 EXPANSIONS AND INVESTMENTS 98
11.3.2 ACQUISITIONS 98
11.3.3 NEW PRODUCT LAUNCHES 99
11.3.4 JOINT VENTURES AND PARTNERSHIPS 99

12 COMPANY PROFILES 100
(Business overview, Products offered, Recent developments, MNM view, SWOT analysis)*
12.1 GIVAUDAN 100
12.2 INTERNATIONAL FLAVORS & FRAGRANCES (IFF) 103
12.3 FIRMENICH 106
12.4 SYMRISE 109
12.5 FRUTAROM 112
12.6 SENSIENT 115
12.7 MANE SA 118
12.8 TAKASAGO 120
12.9 ROBERTET 122
12.10 TATE & LYLE 124
12.11 T. HASEGAWA 126
12.12 KERRY GROUP 128
*Business overview, Products offered, Recent developments, MNM view, SWOT analysis might not be captured in case of unlisted companies.

13 APPENDIX 130
13.1 DISCUSSION GUIDE 130
13.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 134
13.3 AVAILABLE CUSTOMIZATIONS 136
13.4 RELATED REPORTS 136
13.5 AUTHOR DETAILS 137

LIST OF TABLES
TABLE 1 US DOLLAR EXCHANGE RATE CONSIDERED FOR THE STUDY, 2013–2017 17
TABLE 2 FLAVOR SYSTEMS MARKET SNAPSHOT (VALUE), 2018 VS. 2023 28
TABLE 3 FLAVOR SYSTEMS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 43
TABLE 4 BROWN: FLAVOR SYSTEMS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION) 44
TABLE 5 DAIRY: FLAVOR SYSTEMS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION) 45
TABLE 6 HERBS & BOTANICALS: FLAVOR SYSTEMS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION) 45
TABLE 7 FRUITS & VEGETABLES: FLAVOR SYSTEMS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION) 46
TABLE 8 OTHERS: FLAVOR SYSTEMS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION) 47
TABLE 9 FLAVOR SYSTEMS MARKET SIZE, BY SOURCE, 2016–2023 (USD MILLION) 49
TABLE 10 NATURE IDENTICAL FLAVORS IN FLAVOR SYSTEMS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION) 50
TABLE 11 ARTIFICIAL FLAVORS IN FLAVOR SYSTEMS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION) 51
TABLE 12 NATURAL FLAVORS IN FLAVOR SYSTEMS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION) 52
TABLE 13 FLAVOR SYSTEMS MARKET SIZE, BY FORM, 2016–2023 (USD MILLION) 54
TABLE 14 LIQUID FLAVOR SYSTEMS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION) 55
TABLE 15 DRY FLAVOR SYSTEMS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION) 56
TABLE 16 FLAVOR SYSTEMS MARKET SIZE, BY APPLICATION, 2016–2023 (USD MILLION) 58
TABLE 17 BEVERAGES: FLAVOR SYSTEMS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION) 59
TABLE 18 DAIRY & FROZEN DESSERTS: FLAVOR SYSTEMS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION) 60
TABLE 19 BAKERY & CONFECTIONERY PRODUCTS: FLAVOR SYSTEMS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION) 61
TABLE 20 SAVORIES & SNACKS: FLAVOR SYSTEMS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION) 61
TABLE 21 FLAVOR SYSTEMS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION) 64
TABLE 22 NORTH AMERICA: FLAVOR SYSTEMS MARKET SIZE, BY COUNTRY, 2016–2023 (USD MILLION) 67
TABLE 23 NORTH AMERICA: FLAVOR SYSTEMS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 67
TABLE 24 NORTH AMERICA: FLAVOR SYSTEMS MARKET SIZE, BY SOURCE, 2016–2023 (USD MILLION) 67
TABLE 25 NORTH AMERICA: FLAVOR SYSTEMS MARKET SIZE, BY FORM, 2016–2023 (USD MILLION) 68
TABLE 26 NORTH AMERICA: FLAVOR SYSTEMS MARKET SIZE, BY APPLICATION, 2016–2023 (USD MILLION) 68
TABLE 27 US: FLAVOR SYSTEMS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 69
TABLE 28 CANADA: FLAVOR SYSTEMS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 69
TABLE 29 MEXICO: FLAVOR SYSTEMS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 70
TABLE 30 EUROPE: FLAVOR SYSTEMS MARKET SIZE, BY COUNTRY, 2016–2023 (USD MILLION) 73
TABLE 31 EUROPE: FLAVOR SYSTEMS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 73
TABLE 32 EUROPE: FLAVOR SYSTEMS MARKET SIZE, BY SOURCE, 2016–2023 (USD MILLION) 74
TABLE 33 EUROPE: FLAVOR SYSTEMS MARKET SIZE, BY FORM, 2016–2023 (USD MILLION) 74
TABLE 34 EUROPE: FLAVOR SYSTEMS MARKET SIZE, BY APPLICATION, 2016–2023 (USD MILLION) 74
TABLE 35 GERMANY: FLAVOR SYSTEMS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 75
TABLE 36 FRANCE: FLAVOR SYSTEMS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 76
TABLE 37 UK: FLAVOR SYSTEMS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 77
TABLE 38 ITALY: FLAVOR SYSTEMS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 77
TABLE 39 SPAIN: FLAVOR SYSTEMS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 78
TABLE 40 REST OF EUROPE: FLAVOR SYSTEMS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 79
TABLE 41 ASIA PACIFIC: FLAVOR SYSTEMS MARKET SIZE, BY COUNTRY, 2016–2023 (USD MILLION) 80
TABLE 42 ASIA PACIFIC: FLAVOR SYSTEMS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 80
TABLE 43 ASIA PACIFIC: FLAVOR SYSTEMS MARKET SIZE, BY SOURCE, 2016–2023 (USD MILLION) 81
TABLE 44 ASIA PACIFIC: FLAVOR SYSTEMS MARKET SIZE, BY FORM, 2016–2023 (USD MILLION) 81
TABLE 45 ASIA PACIFIC: FLAVOR SYSTEMS MARKET SIZE, BY APPLICATION, 2016–2023 (USD MILLION) 81
TABLE 46 CHINA: FLAVOR SYSTEMS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 82
TABLE 47 JAPAN: FLAVOR SYSTEMS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 83
TABLE 48 INDIA: FLAVOR SYSTEMS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 83
TABLE 49 AUSTRALIA: FLAVOR SYSTEMS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 84
TABLE 50 NEW ZEALAND: FLAVOR SYSTEMS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 85
TABLE 51 REST OF ASIA PACIFIC: FLAVOR SYSTEMS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 85
TABLE 52 SOUTH AMERICA: FLAVOR SYSTEMS MARKET SIZE, BY COUNTRY, 2016–2023 (USD MILLION) 86
TABLE 53 SOUTH AMERICA: FLAVOR SYSTEMS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 86
TABLE 54 SOUTH AMERICA: FLAVOR SYSTEMS MARKET SIZE, BY SOURCE, 2016–2023 (USD MILLION) 87
TABLE 55 SOUTH AMERICA: FLAVOR SYSTEMS MARKET SIZE, BY FORM, 2016–2023 (USD MILLION) 87
TABLE 56 SOUTH AMERICA: FLAVOR SYSTEMS MARKET SIZE, BY APPLICATION, 2016–2023 (USD MILLION) 87
TABLE 57 BRAZIL: FLAVOR SYSTEMS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 88
TABLE 58 AFRICA: FLAVOR SYSTEMS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 89
TABLE 59 REST OF SOUTH AMERICA: FLAVOR SYSTEMS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 89
TABLE 60 ROW: FLAVOR SYSTEMS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION) 90
TABLE 61 ROW: FLAVOR SYSTEMS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 91
TABLE 62 ROW: FLAVOR SYSTEMS MARKET SIZE, BY SOURCE, 2016–2023 (USD MILLION) 91
TABLE 63 ROW: FLAVOR SYSTEMS MARKET SIZE, BY FORM, 2016–2023 (USD MILLION) 92
TABLE 64 ROW: FLAVOR SYSTEMS MARKET SIZE, BY APPLICATION, 2016–2023 (USD MILLION) 92
TABLE 65 MIDDLE EAST: FLAVOR SYSTEMS MARKET SIZE, BY COUNTRY, 2016–2023 (USD MILLION) 93
TABLE 66 AFRICA: FLAVOR SYSTEMS MARKET SIZE, BY COUNTRY, 2016–2023 (USD MILLION) 93
TABLE 67 EXPANSIONS AND INVESTMENTS, 2017-2018 98
TABLE 68 ACQUISITIONS, 2017-2018 98
TABLE 69 NEW PRODUCT LAUNCHES, 2015-2018 99
TABLE 70 JOINT VENTURES AND PARTNERSHIPS, 2016-2018 99

LIST OF FIGURES
FIGURE 1 FLAVOR SYSTEMS MARKET SNAPSHOT 15
FIGURE 2 FLAVOR SYSTEMS MARKET, BY REGION 16
FIGURE 3 FLAVOR SYSTEMS MARKET: RESEARCH DESIGN 19
FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 23
FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 24
FIGURE 6 DATA TRIANGULATION 25
FIGURE 7 FLAVOR SYSTEMS MARKET SIZE, BY TYPE, 2018 VS. 2023 (USD MILLION) 29
FIGURE 8 FLAVOR SYSTEMS MARKET SIZE, BY APPLICATION, 2018 VS. 2023 (USD MILLION) 30
FIGURE 9 FLAVOR SYSTEMS MARKET SIZE, BY SOURCE, 2018 VS. 2023 (USD MILLION) 30
FIGURE 10 FLAVOR SYSTEMS MARKET SIZE, BY FORM, 2018 VS. 2023 (USD MILLION) 31
FIGURE 11 FLAVOR SYSTEMS MARKET SHARE (VALUE), BY REGION, 2017 32
FIGURE 12 DEVELOPMENT OF NOVEL FLAVORS WITH CROSS-PRODUCT USAGE DRIVES THE DEMAND FOR FLAVOR SYSTEMS 33
FIGURE 13 UK IS PROJECTED TO BE THE FASTEST-GROWING MARKET FOR FLAVOR SYSTEMS BETWEEN 2018 AND 2023 34
FIGURE 14 BROWN FLAVOR ACCOUNTED FOR THE LARGEST SHARE OF THE EUROPEAN FLAVOR SYSTEMS MARKET 35
FIGURE 15 NATURE-IDENTICAL SEGMENT TO DOMINATE THE FLAVOR SYSTEMS MARKET ACROSS REGIONS THROUGH 2023 35
FIGURE 16 BEVERAGES TO BE THE FASTEST-GROWING SEGMENT DURING THE FORECAST PERIOD, 2018–2023 36
FIGURE 17 FLAVOR SYSTEMS MARKET DYNAMICS 37
FIGURE 18 FLAVOR SYSTEMS MARKET: VALUE CHAIN 41
FIGURE 19 FLAVOR SYSTEMS MARKET SHARE (VALUE), BY TYPE, 2018 VS 2023 43
FIGURE 20 FLAVOR SYSTEMS MARKET SHARE (VALUE), BY FORM, 2018 VS. 2023 49
FIGURE 21 FLAVOR SYSTEMS MARKET SHARE (VALUE), BY FORM, 2018 VS. 2023 54
FIGURE 22 FLAVOR SYSTEMS MARKET SHARE (VALUE), BY APPLICATION, 2018 VS. 2023 58
FIGURE 23 FLAVOR SYSTEMS MARKET SHARE, BY KEY COUNTRY, 2017 64
FIGURE 24 NORTH AMERICA: MARKET SNAPSHOT, 2017 66
FIGURE 25 EUROPE: MARKET SNAPSHOT, 2017 72
FIGURE 26 KEY DEVELOPMENTS OF THE LEADING PLAYERS IN THE FLAVOR SYSTEMS MARKET, 2014–2018 95
FIGURE 27 MARKET SHARE OF KEY PLAYERS IN THE FLAVOR SYSTEMS MARKET 96
FIGURE 28 MARKET EVALUATION FRAMEWORK 97
FIGURE 29 GIVAUDAN: COMPANY SNAPSHOT 100
FIGURE 30 GIVAUDAN: SWOT ANALYSIS 102
FIGURE 31 INTERNATIONAL FLAVORS & FRAGRANCES (IFF): COMPANY SNAPSHOT 103
FIGURE 32 INTERNATIONAL FLAVORS AND FRAGRANCES (IFF): SWOT ANALYSIS 104
FIGURE 33 FIRMENICH: SWOT ANALYSIS 108
FIGURE 34 SYMRISE: COMPANY SNAPSHOT 109
FIGURE 35 SYMRISE: SWOT ANALYSIS 111
FIGURE 36 FRUTAROM: COMPANY SNAPSHOT 112
FIGURE 37 FRUTAROM: SWOT ANALYSIS 114
FIGURE 38 SENSIENT: COMPANY SNAPSHOT 115
FIGURE 39 MANE SA: COMPANY SNAPSHOT 118
FIGURE 40 TAKASAGO: COMPANY SNAPSHOT 120
FIGURE 41 ROBERTET: COMPANY SNAPSHOT 122
FIGURE 42 TATE & LYLE: COMPANY SNAPSHOT 124
FIGURE 43 T. HASEGAWA: COMPANY SNAPSHOT 126
FIGURE 44 KERRY GROUP: COMPANY SNAPSHOT 128