Overview and Scope
The flavors and fragrances refer to the aromatic products used to provide distinctive taste or fragrance to various consumer products such as food & beverages, personal care products, home care products, pharmaceuticals and others. Flavors are used to enhance, add, or change the taste of the base product, whereas fragrance is a pleasant and desirable scent to a person’s body.
Sizing and Forecast
The flavors and fragrances market size has grown steadily in recent years. It will grow from $33.24 billion in 2023 to $34.86 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to consumer preferences for natural ingredients, innovation in product formulations, globalization of food and beverage industry, shift toward health and wellness products, demand for personal care products.
The flavors and fragrances market size is expected to see strong growth in the next few years. It will grow to $42.82 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to clean label and transparency demands, rise in plant-based and alternative products, customization and personalization trends, focus on mental well-being and mood enhancement, sustainable and ethical sourcing. Major trends in the forecast period include advancements in encapsulation technologies, technological advancements in extraction, focus on health and wellness, technological advancements in extraction methods, personalization in fragrances.
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Segmentation & Regional Insights
The flavors and fragrances market covered in this report is segmented –
1) By Type: Flavors, Fragrance
2) By Form: Liquid, Dry
3) By Application: Food & Beverage, Cosmetics & Personal Care, Pharmaceutical, Home & Floor Care, Fine Fragrances, Other Applications
Asia-Pacific was the largest region in the flavors and fragrances market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the flavors and fragrances market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing preference of consumers toward convenience foods is driving the flavors and fragrances market. Convenience foods refer to processed food products that require less time to prepare prior to consumption. They include ready-to-eat food products, packaged foods, and preserved foods. Increasing preferences towards convenience foods are expected to increase the utilization of flavors and fragrances, as they are widely used as a major ingredient to increase the taste and longevity of the products. For instance, in May 2022, according to the International Food Information Council, a US-based non-profit organization, in 2022, a remarkable 73% of adults reported snacking at least once a day, representing a substantial increase of 15% from the 58% reported in the previous year (2021). Therefore, the increase in consumer preference for convenience food is expected to boost demands for flavors and fragrances during the forecast period.
Key Industry Players
Major companies operating in the flavors and fragrances market report are International Flavors & Fragrances Inc., Kerry Group plc, Givaudan SA, Firmenich International SA, Symrise AG, Azelis Group, Robertet SA, Sensient Technologies Corporation, Takasago International Corporation, Huabao International Holdings Limited, T. Hasegawa Co. Ltd., Frutarom Industries Ltd., Mane SA, Treatt plc, Keva Flavours Pvt Ltd, CPL Aromas Ltd., Berje Inc., Bell Flavors & Fragrances Inc., Alpha Aromatics, Comax Flavors, Vigon International Inc., Lebermuth Company Inc., Synerzine Inc., Fleurchem Inc., Nactis Flavours SAS, Tastepoint by IFF, Aromatech Group, MCI Miritz Citrus Ingredients GmbH, Lluch Essence S.L., International Taste Solutions Ltd.
The flavors and fragrances market report table of contents includes:
1. Executive Summary
2. Flavors and Fragrances Market Characteristics
3. Flavors and Fragrances Market Trends And Strategies
4. Flavors and Fragrances Market – Macro Economic Scenario
5. Global Flavors and Fragrances Market Size and Growth
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32. Global Flavors and Fragrances Market Competitive Benchmarking
33. Global Flavors and Fragrances Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Flavors and Fragrances Market
35. Flavors and Fragrances Market Future Outlook and Potential Analysis
36. Appendix
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