Market Overview:
The Global Flavors and Fragrances Market size is expected to grow from USD 23.61 billion in 2022 to USD 32.81 billion by 2030, at a CAGR of 4.2% during the forecast period (2023-2030).
Flavors and fragrances create scents and tastes for application in an extensive range of consumer products, incorporating prepared foods, personal care, and fine fragrances, household products, cosmetics, and beverages. Natural and synthetic flavor compositions are accountable for the fruity taste of cherry cola and the cool mint flavor of toothpaste. Fragrance compositions mix the fresh scent of pine with household cleaning products and exotic top notes with fine perfumes. Due to these characteristics, the fragrance and flavor are mostly used in perfumes and perfumed products and for the flavoring of food.
Top Key Players in the Flavors And Fragrances Market:
The Archer Daniels Midland Company (ADM) (US), Kerry Group (Ireland), Mane SA (France), Givaudan (Switzerland), Bell Flavors & Fragrances (US), Firmenich SA (Switzerland), International Flavors & Fragrances (IFF) (US), Sensient Technologies (US), Symrise AG (Germany), Takasago (Japan), Robertet (France), Frutarom (Israel), T. Hasegawa (Japan), Huabao (China), Ogawa & Co.Ltd. (Japan) and Other Major Players.
Market Dynamics and Factors for the Flavors And Fragrances Market:
Drivers:
Growing Consumer Preference toward Convenience Foods
Growing demand for ready-to-eat and convenience foods, and health and wellness foods integrated with technological developments are anticipated to trigger the flavors and fragrances market growth. Rising consumer disposable income along with significant industrialization in emerging economies such as India and China are estimated to accelerate the food flavors market.
Furthermore, convenience foods are commercially processed food products that require little or no further preparation before utilization. They include preserved foods, packaged foods, and ready-to-eat food products.
Opportunities:
The Rising and Trending Digitalization of the Retail Industry
Significant growth in industrialization around the world has led to the growth of huge production of scented or flavored products such as processed food and beverages, soaps, household cleaners, personal care products, detergents, and oral hygiene products. Furthermore, the growing demand for natural ingredients over a large number of consumers could turn the demand in the flavors and fragrances market. Moreover, the rising and trending digitalization of the retail industry may create a lucrative opportunity for the flavors and fragrances market.
Key Industry Development:
In October 2020, IFF declared the introduction of the latest Dubai Taste Creation Center in the United Arab Emirates to serve its customers' unique requirements better and drive growth in the African, Turkish, Middle Eastern, and Indian markets. The new lab will assist both the creation and application needs of all key categories, such as savory, sweet, snacks, beverages, and dairy.
In 2020, Givaudan agreed to research collaboration with Novozymes and will jointly work on the research and development of innovative sustainable solutions in the areas of food and cleaning.
Segmentation Analysis of the Flavors And Fragrances Market:
By Ingredient Type, the synthetic segment accounts for the maximum flavors and fragrance market share and is estimated to remain dominant over the forecast period. Synthetic flavors are prepared from a complex mixture of chemical compounds. Usage of synthetic flavors and fragrances has increased in food & beverages and cosmetics & personal care industries due to their low cost and more life span properties.
By Application, the Bakery segment is anticipated to grow owing to an increase in demand for aspirational purchase of global drink brands and rising demand for dietary drinks due to the growing percentage of health-conscious individuals.
By Product Type
- Natural
- Synthetic
By Application
- Confectionary & Bakery Products
- Dairy Products
- Soap & Detergent
- Beverages
- Cosmetics & Toiletries
- Others
Regional Analysis of the Flavors And Fragrances Market:
Asia Pacific region is expected to hold maximum flavors and fragrance market share during the forecast period. Augmenting economic development in developing economies such as India is considered responsible for the dominance of Asia Pacific. Additionally, growing countries are rising at a significant rate, thus, investors are investing heavily in these markets. This is probably to produce massive growth opportunities for the flavor and fragrances market. The demand for flavor and fragrances is anticipated to remain high in developed countries.
For this report, Introspective Market Research has segmented the Flavors And Fragrances Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
