[Latest News] Flavors and Fragrances Market to Worth USD 36.49 Bn By 2029 | With 4.7% CAGR
Companies covered in the flavors and fragrances market are Givaudan (Switzerland) International Flavors & Fragrances (IFF) (U.S. ) Symrise AG (Germany) Robertet Group (France) Kerry Group plc (Ireland) Sensient Technologies (U.S.) Firmenich SA (Switzerland) Takasago International Corp (Japan) T. Hasegawa Co., Ltd. (Japan) Mane (France) Archer Daniel Midland Company (U.S.) Solvay S.A. (Belgium) BASF (Germany) and more players profiled.
Pune, India, June 13, 2023 (GLOBE NEWSWIRE) — The global the flavors and fragrances market size was USD 25.89 billion in 2021. The market size is expected to rise from USD 26.54 billion in 2022 to USD 36.49 billion by 2029 at a CAGR of 4.7% during the forecast period. The flavors and fragrances industry encompasses a wide range of products, including natural and synthetic flavors and fragrances, essential oils, and aroma chemicals used in various industries such as food and beverages, personal care, household products, and pharmaceuticals. This industry is propelled by several factors, including the surging consumer preference for natural and organic products, the growth of the food and beverage industry, and the increasing popularity of functional fragrances. Fortune Business Insights™ publishes this information in a report titled, “Flavors and Fragrances Market, 2022-2029″.
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List of Key Players Profiled in the Flavors and Fragrances Market Report:
- Givaudan (Switzerland)
- International Flavors and Fragrances (IFF) (U.S.)
- Symrise AG (Germany)
- Robertet Group (France)
- Kerry Group plc (Ireland)
- Sensient Technologies (U.S.)
- Firmenich SA (Switzerland)
- Takasago International Corp (Japan)
- T. Hasegawa Co., Ltd. (Japan)
- Mane (France)
- Archer Daniel Midland Company (U.S.)
- Solvay S.A. (Belgium)
- BASF (Germany)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 4.7% |
| 2029 Value Projection | USD 36.49 Million |
| Market Size in 2021 | USD 25.89 Million |
| Historical Data | 2018-2020 |
| No. of Pages | 120 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Growth Drivers | Growth in Pharmaceuticals and Cosmetics Industries to Drive the Market. |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/flavors-and-fragrances-market-102329
Segments:
Flavors Segment to Lead the Market Due to its Unique Properties
By type, the market is bifurcated into flavors and fragrances. The flavors segment is further categorized into natural and synthetic. The fragrances segment is also divided into natural and synthetic.
Food & Beverage Sub-Segment to Dominate the Market
Based on type (cross-application), the market is segregated into flavors used in the food & beverage sector for beverages, bakery, confectionery, dairy, and others. These flavors are also used in pharmaceuticals and other sectors. The fragrance segment is further classified into fine fragrances, cosmetics & personal care, home & floor care, and others.
Geographically, the market share is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
COVID-19 Impact:
Impact of Virus on Sensory Organs to Create Challenges for Leading Manufacturers
The COVID-19 pandemic affected the global flavors and fragrances market growth due to halt in manufacturing and production activities. Also, the government imposed strict restrictions on import/export activities restricted the supplies of raw materials and affected the production rate of the companies. Furthermore, the virus affected sensory organs due to the medication, which impacted the market growth.
Report Coverage:
The report sheds light on the current market state and recent developments in the market. The impact of COVID-19 pandemic on the market growth is highlighted in this report. Furthermore, the report sheds light on drivers and restraints affecting the market development and expansion during the forecast period. Also, a list of key market players is given, along with regional insights on segmented market areas.
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Drivers & Restraints:
The flavors and fragrances market is a large and diverse industry that includes a wide range of products, from natural and synthetic flavors and fragrances to essential oils, aroma chemicals, and other related ingredients. The market is driven by several factors, including increasing consumer demand for natural and organic products, the growth of the food and beverage industry, and the rising popularity of functional fragrances.
Drivers:
- Increasing Consumer Demand: Consumers are becoming more concerned about their health and wellness, and are increasingly demanding natural and organic products. This has led to an increased demand for natural flavors and fragrances, as well as essential oils and other natural ingredients.
- Growth of the Food and Beverage Industry: The food and beverage industry is a major driver of the flavors and fragrances market. As the industry grows, so does the demand for flavors and fragrances to enhance the taste and aroma of various food and beverage products.
- The popularity of Functional Fragrances: Functional fragrances, which are designed to provide specific benefits such as stress relief or energy, are becoming increasingly popular among consumers. This has led to an increased demand for fragrances that provide functional benefits, such as aromatherapy oils.
Restraints:
- High Cost of Natural Ingredients: Natural ingredients are often more expensive than synthetic alternatives, which can make it difficult for manufacturers to produce natural flavors and fragrances at a competitive price point.
- Stringent Regulations: The flavors and fragrances industry is highly regulated, with strict guidelines governing the use of certain ingredients, as well as labeling and packaging requirements. This can make it difficult for manufacturers to comply with regulations while also producing high-quality products.
- Increasing Competition: The flavors and fragrances market is highly competitive, with numerous manufacturers competing for market share. This can make it difficult for smaller companies to compete with larger, more established firms.
Regional Insights:
Europe Holds Dominant Market Share Due to Rising Demand from Food & Beverage Sector
Europe dominates the global flavors and fragrances market share due to the rising product demand from food & beverage manufacturers. The regional market stood at USD 8.16 billion in 2021.
Asia Pacific holds the second-largest global market share owing to the increasing demand for flavors and fragrances from various end-use industries.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Trends
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Key developments
- Covid-19 Impact Analysis
- Supply Chain Challenges
- Steps taken by companies to overcome the impact
- Opportunities due to COVID-19 outbreak
- Global Flavors and Fragrances Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type (Value)
- Flavors
- Natural
- Synthetic
- Fragrances
- Natural
- Synthetic
- Flavors
- Market Analysis, Insights and Forecast – By Type (Cross Application) (Value)
- Flavors
- Food & Beverage
- Beverages
- Bakery
- Confectionery
- Dairy
- Others
- Pharmaceuticals
- Others
- Food & Beverage
- Fragrances
- Fine Fragrances
- Cosmetics & Personal Care
- Home & Floor Care
- Others
- Flavors
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
TOC Continued…!
Competitive Landscape:
The flavors and fragrances market is highly competitive, with numerous players operating in the industry. The market is dominated by a few large companies with the top five players accounting for a substantial share of the market. However, there are also many smaller players, including start-ups and niche players that operate in specific segments of the market. The competitive landscape of the flavors and fragrances market is driven by factors such as innovation, product quality, pricing, and marketing strategies.
Key Industry Development:
- March 2022: Symrise submitted a binding offer to acquire R. Romani – Société Française d’Aromatiques (SFA Romani) and Neroli Invest DL (Groupe Neroli). Both companies are based in the Grasse area in France. With these transactions, Symrise intends to reinforce its fine fragrance presence in southern France, strengthen its competitiveness in creating fragrance compositions, and broaden its presence in key countries in Europe, Africa, and the Middle East.
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