Flavors And Fragrances Industry Overview
The global flavors and fragrances market size was valued at USD 23.35 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 4.3% from 2022 to 2030.
The demand for the product is anticipated to be driven by the rising demand and consumption of processed food and personal care and cosmetics products globally. Rising disposable income in emerging economies like India and China coupled with rapid population growth is expected to augment the demand for personal care and cosmetic products in the market. In addition, the busy lifestyle pattern upheld in developing as well as developed countries are anticipated to augment demand for processed food & beverages, thereby increasing the demand for flavors in the global market.
Gather more insights about the market drivers, restrains and growth of the Global Flavors And Fragrances Market
Natural fragrances and flavors are costly due to their processing and due to limited resources, market players have developed cost-efficient synthetic alternatives. These products have the advantages of regular supply, steady pricing, and lower production costs. In the past years, there used to exist an arrangement in which dealers would have a multi-year contract with other dealers, but such arrangement is no longer popular.
Due to the rise in awareness about the ill – effects of allopathic medicines, increasing concerns about the medicinal benefits, and therapeutic effects of herbal products are likely to fuel the demand for herbal products, dietary supplements, and herbal-based beauty aids derived from botanical extracts worldwide. These extracts are used in anti-aging cosmetic products to help in reducing the radical damage caused by bioflavonoids in their composition.
Flavors and fragrances provide strong sensory impressions, often determined when applied via medical products, beverages, food, and other substances. These products enhance the aesthetic value and overall appeal of consumer goods. Increasing demand for health and wellness foods, ready-to-eat and convenience meals, as well as technological advancements, are expected to propel market growth.
Browse through Grand View Research’s Food Additives & Nutricosmetics Industry Research Reports.
- Citrus Solvents Market: The global citrus solvents market size was valued at USD 1.44 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.3% from 2022 to 2028.
- Forskolin Market: The global forskolin market size was valued at USD 457.18 million in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of 8.7% from 2022 to 2030.
Market Share Insights
- October 2020: Givaudan inaugurated its new state-of-the-art fragrance production facility in Changzhou, China, in line with its 2025-targeted growth strategy. The company invested around USD 100 Mn in building the new facility across a 76,000 sq.m. area and is expected to substantially increase the company’s manufacturing output for personal and home care segments in Asia Pacific
- August 2020: IFF announced a merger with DuPont’s Nutrition and Biosciences business. The new entity is expected to continue to work under the brand name of IFF. It shall deal in high-value ingredients and solutions for the Food & Beverage, Home & Personal Care, and Health & Wellness markets, with estimated 2020 revenue of more than $11 billion.
Key Companies profiled:
Some prominent players in the global flavors and fragrances market include:
- Sensient Technologies Corporation
- Mane SA
- Takasago International Corporation
- Manohar Botanical Extracts Pvt. Ltd.
- Alpha Aromatics
- Ozone Naturals
- Elevance Renewable Sciences, Inc.
- Firmenich SA
- Symrise AG
- Vigon International, Inc.
- BASF SE
- Indo World
- Akay Flavors & Aromatics Pvt. Ltd.
- Ungerer & Company
- Synthite Industries Limited
- Universal Oleoresins
- Flavex Naturextrakte GmbH
- Falcon Essential Oils
- doTERRA International
- Young Living Essential Oils
- Biolandes SAS
- International Flavors and Fragrances, Inc.
- Givaudan
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