Global Flavors and fragrances market to grow with an impressive CAGR of 4.7 percent forecast period of 2019-2025
Valued at USD 20.75 billion in 2018 the flavours and fragrances market is expected to expand at a CAGR of 4.7% in the forecast period of 2019-2025. The rise in the demand in the application industries such as cosmetics, food, beverages, and toiletries is projected to drive the growth of the market. Also, the increasing demand in processed food, snacks, juices, ready-to-eat meals and other beverages is boosting the market. For personal care products that are produced predominantly using natural ingredients are high in demand in the mature markets such as U.S., and U.K.
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The rise in the demand for the personal care products along with the growing demand for food and beverages is estimated to propel the market in the forecast period. The use of the flavours in the nutraceuticals, dietary supplements, and in pharmaceuticals is projected to augment the demand in the upcoming years.
Aroma chemicals to hold the largest market share.
It is estimated for the aroma chemicals to acquire the largest market share during the forecast period. Majority of the demand for this segment is expected to come from the fragrance industry. In 2018, the demand for esters was valued at USD 5.73 billion. Increasing concern about fitness among the people of all the age groups is rising the demand for aroma chemicals in fragrances.
Essential oils to emerge as the fastest-growing product in the market.
It is estimated for the natural segment to witness the fastest growth in the forecast period. The shift towards the natural products in the developed countries is estimated to drive the growth for the segment. It is estimated for the essential oils in the product segment to emerge as the fastest-growing product in the forecast period. There has been an increase in demand for essential oils in natural cosmetics, pharmaceuticals, aromatherapy, and other sectors which is driving the growth of the market.
In the forecast period, it is estimated for the fragrances to expand at the highest CAGR. Increasing investments in new product development to meet the demand in the segments like pharmaceutical, automotive, and hospitality industries is projected to increase the growth of the market.
Asia Pacific region to grow with the highest CAGR in the forecast period.
The increase in demand from different application industries had made the Asia Pacific region to grow with the highest CAGR of 6.7% during the forecast period. The increasing demand from different industries such as dietary supplements, nutraceuticals, food processing, and pharmaceuticals has made the flavours segment to witness the highest growth. In the year 2018 North America held 24% of the market share and is expected to grow with a CAGR of 2.9% over the forecast period.
Major players in the market are,
• Givaudan (Switzerland)
• International Flavors & Fragrances (US)
• Firmenich (Switzerland)
• MANE (France)
• Symrise (Germany)
• Sensient (US)
• Takasago (Japan)
• Frutarom (Israel)
• Robertet (France)
• T.HASEGAWA (Japan)
Segmentation of the market By Product Type,
• Natural
• Synthetic
Segmentation of the market By Application,
• Food & Beverage
• Fine Fragrances
• Other
Segmentation of the market By Geography,
• United States
• China
• European Union
• Rest of World (Japan, Korea, India and Southeast Asia)
The study objectives are:
• To analyze and research the Flavors & Fragrances status and future forecast in United States, European Union and China, involving sales, value (revenue), growth rate (CAGR), market share, historical and forecast.
• To present the key Flavors & Fragrances manufacturers, presenting the sales, revenue, market share, and recent development for key players.
• To split the breakdown data by regions, type, companies and applications
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends, drivers, influence factors in global and regions
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
In this study, the years considered to estimate the market size of Flavors & Fragrances are as follows:
• History Year: 2014-2018
• Base Year: 2018
• Estimated Year: 2019
• Forecast Year 2019 to 2025
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