The global flavor and fragrance ingredients and finished products market should reach $1.8 trillion by 2024 from $1.4 trillion in 2019 at a compound annual growth rate (CAGR) of 4.0% for the forecast period of 2019 to 2024.
The market is segmented by application: flavors (beverages, savory foods, dairy, confectionery and bakery products, oral care) and fragrance (cosmetics and toiletries, soap, detergent). It can be also divided by ingredient: essential oils (citrus oils, mint oils, vanilla extract, cassia oil, paprika oleoresin, black pepper oleoresin, nutmeg oil) and aroma chemicals (terpenes, benzenoids, musk chemicals).
This market report organizes information from diverse sources to compare natural and synthetic ingredients. It also analyzes the use of raw materials, the flavor and fragrance value chain, regulations, technologies, and patent evaluations using Porter’s Five Forces.
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This report analyzes each ingredient type in terms of the current global market size. Estimated values are based on manufacturers’ total revenues. Forecasts with a compound annual growth rate (CAGR) are provided for 2019 to 2024. Projected and forecast revenue values are in constant U.S. dollars, unadjusted for inflation. Product values are estimated based on manufacturers' revenue. Estimates of the regional markets for flavors and fragrances are based on the applications market. Regional sizing and forecast data are provided for North America, Western Europe, Asia, and the ROW. In addition to this data, the report provides insight into drivers of market demand and strategies of suppliers. Key players are profiled, and their market shares in the global flavors and fragrances market are discussed.
- 56 data tables and 17 additional tables
- An overview of global flavor and fragrance ingredients and finished products market
- Analyses of global market trends, with data from 2018, estimates for 2019 and projections of compound annual growth rates (CAGRs) through 2024
- Insights into regulatory and environmental developments
- Information on the supply and demand scenario and evaluation of technological and investment opportunities in the flavors and fragrances market
- Profiles of major players in the industry, including Agilex Flavors & Fragrances Inc., Comax Flavors, Groupe Bogart, MANE, Sensient Technologies Corp., Takasago International Corp. and Treatt PLC
The global market for flavors and fragrances, which has grown exponentially in the last few years, is expected to rise even further in the coming years. The market is driven by changing consumer lifestyles, significant technological advances, and increasing demand from emerging economies for natural flavors and fragrances due to health concerns related to synthetic chemicals.
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Manufacturers have witnessed significant price hikes for certain key ingredients that, along with the rising costs of other resources, have placed significant pressure on profit margins. Rules and regulations related to the international transportation of specific ingredients are adding to these costs. Flavors and fragrances typically account for just 1% to 5% of the overall price of a finished product, according to International Flavors and Fragrances (IFF), a leading industry producer. BCC Research estimates that in 2018, flavors and fragrances accounted for an average of REDACTED of the overall price of finished products when considering market sizes measured at the manufacturer level. The share of flavors and fragrances in finished products is expected to increase to REDACTED by 2024.
Finished products include beverages, savory foods, dairy foods, confectionery and bakery products, cosmetics, toiletries, soap, and detergents. Flavors and fragrances include essential oils such as sweet orange oil, vanilla extract, and cassia oil, as well as aroma chemicals such as vanillin and 2-phenyl ethyl alcohol.
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