The latest research study “Flavors and Fragrances Market Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global flavors and fragrances market size reached US$ 29.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 37.8 Billion by 2027, exhibiting a CAGR of 3.94% during 2022-2027.
Covid-19 Impact:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Flavors and fragrances are widely used in order to enhance the smell and taste of a product. They are generally prepared using aroma compounds that aid in improving the aesthetic value of a particular substance. Some of the commonly utilized flavors and fragrances include sweet, woody, fruity, floral, and musky, which provide pleasing scents to various home and personal care and confectionary products. Along with this, they are also used in aromatherapy as healing scents for mental well-being and hygiene as well as for beauty and ailment treatments.
List of Major Key Players:
The major players in the market are: Givaudan SA (OTCMKTS: GVDNY), Firmenich SA, International Flavors & Fragrances, Inc. (NYSE: IFF), Symrise AG (OTCMKTS: SYIEY), Wild Flavors, Inc., Takasago International Corp (TYO: 4914), Mane SA, Sensient Technologies Corp. (NYSE: SXT), Robertet Group (OTCMKTS: RBTEF), T. Hasegawa Co., Ltd. (OTCMKTS: HASGF), Kerry Group (OTCMKTS: KRYAY)
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Flavors and Fragrances Industry Trends and Drivers:
The global market is primarily driven by the shifting lifestyle preferences of the masses. Coupled with the rising consciousness among individuals toward maintaining an appealing appearance, this is creating a positive outlook for the market. In line with this, inflating disposable income levels of the masses is also providing a boost to the market growth. Along with this, the increasing adoption of various flavor and fragrance substances across the food and beverages sector is one of the key factors driving the growth of the market.
Moreover, due to the rising health-consciousness among individuals, leading players are heavily investing in the formulation of organic flavor and fragrance variants, which is contributing to the market growth. Other factors, including the increasing popularity of aromatherapy for treating various chronic illnesses, the rising product utilization in the pharmaceutical industry and extensive research and development (R&D) activities conducted by key players to introduce diversified product variants, are also projected to drive the market further.
Key Market Segmentation:
Global Flavors Market:
Breakup by Product Type:
- Natural-Identical
- Artificial
- Natural
Breakup by Form:
- Liquid
- Dry
Breakup by Application:
- Beverages
- Dairy and Frozen Desserts
- Bakery and Confectionery Products
- Savories and Snacks
- Others
Breakup by Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Global Fragrances Market:
Breakup by Product Type:
- Cosmetics and Toiletries
- Fine Fragrances
- Household Cleaners and Air Fresheners
- Soap and Detergents
- Others
Breakup by Ingredients:
- Natural
- Synthetic
Breakup by Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Key highlights of the report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Competitive Structure
- Profiles of Key Players
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