(Food-Beverage-News.Com, October 20, 2022 ) The global "Flavors & Fragrances Market 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.
“Natural ingredient is projected to be the fastest-growing ingredient for flavors and fragrances fiber market between 2021 and 2026”
The demand for natural ingredient is mainly due to its increasing availability and rising awareness among consumers for a healthier lifestyle. Stringent regulations related to the use of synthetic flavors and fragrances and growing awareness among the population about health and wellness are driving the demand for natural ingredients.
“Bakery & fine fragrances is projected to be the fastest-growing end-use industry in flavor and fragrances market, respectively, between 2021 and 2026.”
Bakery industry is expected to grow at the highest rate in flavor market during the forecast period. The changing lifestyle, growing working-class population, and rising demand for gluten-free bakery products are the major factors contributing to the growth of the bakery segment. Taste innovations in products such as croissants, scones and cakes are driving the market. Fine fragrances is expected to grow at the highest rate in fragrance market during the forecast period. The rising penetration of research laboratories and innovation Centre for fragrances in the developing countries such as China, India, Thailand, and South Korea is the major reason for the high demand for fine fragrances
“APAC is projected to be the fastest-growing region for the flavors and fragrances market during the forecast period”
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.
Browse in-depth TOC on "Flavors & Fragrances Market”
237 - Market Data Tables
56 - Figures
258 - Pages
Players in the flavors & fragrances market are mainly concentrating on new product launches, and acquisitions to meet the growing demand for flavors & fragrances for various end-use industry. New product launches help companies to strengthen their product portfolio and meet the specific demands of customers.
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).
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.