Growing food & beverages industry to escalate the demand for flavors & fragrances.
- Himanshu Patni
- January 4, 2022
- CHEMICAL, NEWS
- Flavors & Fragrances Market, Flavors & Fragrances Market growth, Flavors & Fragrances Market share, Flavors & Fragrances Market size, Flavors & Fragrances Market trends
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Global flavors & fragrances market was valued around USD 26 billion in 2020 and is projected to grow at a CAGR of ~5% over the forecast period (2021-2027). Flavor & fragrance is one of the key materials in the manufacturing of large number of products. The food, home, & personal care industries are the major end users of flavors & fragrances market. The beverages and confectionery industries fuel the flavors market and also growing demands for cosmetics, household, and private care merchandise drives the market. For instance, in 2019 global exports of beverage water sweetened or flavored amounted to more than USD 10 billion.
Further, surging packed food manufacturing, and consumption of convenience products requiring higher flavor usage, would further drive faster growth especially in developing countries. Furthermore, rising personal consumption expenditures in emerging economies would stimulate the use of home & personal care products contributing to industrial growth.
For a detailed analysis of the Global Flavors & Fragrances Market browse through – https://univdatos.com/report/flavors-fragrances-market/
The COVID-19 pandemic severely impacted several markets across the globe, particularly in India, the U.S., Spain, and other Western European nations. The pandemic also had a significant impact on the market of flavors & fragrances, majorly attributable to the shutdown of manufacturing facilities in compliance with government regulations, to reduce the spread of disease. The shutdown of factories and warehouses caused additional losses to cosmetic companies as the previously manufactured and stocked flavors & fragrances could not be sold due to temporary trade bans and reduced demand.
Based on ingredient, the flavors & fragrances market is segmented into natural and synthetic ingredients. Of both, synthetic ingredients hold a prominent market share as they are cost effective which further helps players to sustain in highly competitive market and making the products available for low-income groups thereby increasing their customer base thus generating higher revenue.
Based on application, the flavors & fragrances market is bifurcated into flavors and fragrances. Of both, flavors hold lucrative market share due to high demand of flavors in beverages, dairy products, bakery, confectionery, and others. However, surging demand of cosmetics, deodorants and perfumes would boost the demand of fragrances during the forecast period.
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Additionally, the report provides detailed initiatives that are being taken in the field of flavors & fragrances market. The market is classified into distinct regions including North America, Europe, Asia Pacific, and the Rest of World. Europe hold the major share in the market and Asia Pacific is likely to witness high growth owing to the increased demand from the food and beverage industry with rising population in the region.
Global Flavors & Fragrances Market Segmentation
Market Insight, by Ingredient
- Natural Ingredient
- Synthetic Ingredient
Market Insight, by Application
- Savory & Snacks
- Dairy Products
- Consumer Products
- Fine Fragrances
Market Insight, by Region
- North America
- Asia Pacific
- Rest of World
Top Company Profiles
- Givaudan S.A.
- Mane S.A.
- Firmenich S.A.
- Symrise AG
- International Flavors & Fragrances, Inc.
- Takasago International Corporation
- The Archer Daniels Midland Company
- DuPont de Nemours Inc.
- Bell Flavors & Fragrances
- T. Hasegawa Co. Ltd.