Flavors & Fragrances Market was valued at USD 20.55 Billion in 2016 and is projected to reach USD 24.13 Billion by 2022, at a CAGR of 2.67% during the forecast period. The base year considered for the study is 2016, and the forecast period is from 2017 to 2022.
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Growing population, rapid urbanization, and increase in per capita spending on food and consumer products in emerging economies such as China, India, and Indonesia are driving the demand for flavors & fragrances. In addition, growing awareness among populations related to health and hygiene is expected to drive the flavors & fragrances market during the forecast period.
On the basis of ingredients, the flavors & fragrances market has been segmented into synthetic and natural. The synthetic ingredients segment is projected to lead the flavors & fragrances market during the forecast period due to the low cost and growing usage in end-use products such as beverages, packaged food products, home care products, and personal care products.
Based on end use, the flavors market has been segmented into beverage, savory & snacks, bakery, dairy products, and confectionery, among others. Beverages is estimated to be the largest end-use segment of the flavors market during the forecast period.
The demand for flavors for beverages is mainly due to the growing demand for soft drinks, energy drinks, and other drinks. In addition, aspirational purchase of global drink brands is also driving the demand for flavors for beverages. Based on end use, the fragrances market is segmented into consumer products and fine fragrances.
Consumer products is estimated to be the largest end-use segment of the fragrances market during the forecast period. The high demand for consumer products is mainly due to the rise in disposable incomes; growing urbanization; the rise of organized retail chains; changing lifestyles; and increasing awareness related to hygiene and cleanliness created by advertisements, which is adding to the overall growth of the consumer products segment.
The flavors & fragrances market has been studied for Asia Pacific, Europe, North America, the Middle East & Africa, and South America. Asia Pacific is the largest flavors & fragrances market globally, due to the rising population, rapid urbanization, and increasing per capita incomes of consumers which enable them to buy various fast-moving consumer goods, such as packaged foods, dairy products, baked goods, and beverages, among others.
Moreover, the increasing demand for a variety of food products and other consumer goods due to the rapidly growing food & beverage and cosmetic industries is fueling the growth of the flavors & fragrances market in the region.
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The key players profiled have a strong presence in the global food flavors market; they include Givaudan (Switzerland), International Flavors & Fragrances (US), Firmenich (Switzerland), Symrise (Germany), Frutarom (Israel), Sensient (US), MANE (France), Takasago (Japan), T.Hasegawa (Japan), and Robertet (France).
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