Global Flavors and Fragrances Market is valued at approximately USD 27.11 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 4.7% over the forecast period 2023-2030. Flavors and fragrances are substances used to enhance or add flavor and aroma to various products, including food and beverages, personal care products, household products, and pharmaceuticals. Flavors refer to the substances used to add taste and flavor to food and beverages, while fragrances are used to add scent or aroma to various products. Lactones, acids, esters, ketones, alcohol, and aldehydes are used to create flavors and fragrances. They are substances that are added to products to increase value by changing the properties of the solute, such as adding an appealing fragrance or adding sweet, sour, tangy, or other flavor profiles. These products’ natural equivalents are made from components derived from plants and animals. Alcohol, glycerol, or propylene glycol are combined with artificial esters to create synthetic essences or flavorings. In bakeries, snacks, dairy products, sauces, and confectionery, flavors are added to improve the flavor of food and beverages. The Flavors and Fragrances Market is expanding owing ot the factors such as the changing consumer preference toward convenience foods, rising inclination toward the adoption of natural products, increasing disposable income, and growing use of flavors and fragrances in non-food applications.
In addition, the rapidly growing cosmetic industry is acting as a catalyzing factor for market growth across the globe. The demand for perfumes, cosmetics, toiletries, soaps, and detergents increased globally. According to Indian Brand Equity Foundation, India’s beauty, cosmetic and grooming market is projected to reach at USD 20 billion by year 2025 from USD 6.5 billion in year 2016. As a result, this rising market size is indicating the rising demand for skin-lightening products. Likewise, the Australian Hygiene, Personal Care, and Specialty Products Industry Association (ACCORD) estimates that the industry’s revenue in Australia was USD 26.3 billion in 2018, up 0.9% from 2017. Additionally, natural scents are considered as safer, healthier, and therapeutic alternative owing to the growing preference for organic substances in the personal care industry. The demand for synthetic perfumes is also growing as a result of their potent and long-lasting olfactory qualities. The producers of perfumes are introducing new ideas to satisfy the demand for distinctive scents in cosmetics. For instance, in 2019, Givaudan launched Sensityl, a cosmetic component with both aesthetic and health benefits.
Thus, these aforementioned factors are propelling the growth of the Flavors and Fragrances Market during the estimated period. Moreover, the digitalization of the retail industry, as well as the expansion of the food and beverage industry present various lucrative opportunities over the forecasting years. However, compliance with quality and regulatory standards and the Limited availability of raw materials are challenging the market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Flavors and Fragrances Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 owing to the exponential development of the food & beverage and cosmetic & homecare industries, rising consumers towards nutritional and healthy foods, along with huge demand for these sensory improvement products. Whereas, Europe is expected to develop at a significant growth rate over the forecasting years. The presence of most of the multinational manufacturers, the high demand for flavors for usage in liquor-based drinks, and rising disposable income are significantly propelling the market demand across the region.
Major market players included in this report are:
International Flavors and Fragrances (IFF) (U.S.)
Symrise AG (Germany)
Robertet Group (France)
Kerry Group plc (Ireland)
Sensient Technologies (U.S.)
Firmenich SA (Switzerland)
Takasago International Corp (Japan)
T. Hasegawa Co., Ltd. (Japan)
Archer Daniel Midland Company (U.S.)
Recent Developments in the Market:
Ø In December 2021, Givaudan completed the acquisition of DDW, the Colour House, a U.S.-based natural colour brand to broaden the scope of its worldwide Taste & Wellbeing business.
Ø In July 2021, Sensient Technologies Corporation acquired the assets of Flavour Solutions, Inc. Flavour Solutions, Inc. serves the food, beverage, and nutraceutical industries with flavors and flavor technologies. Sensient’s flavor portfolio grow as a result of this business’s acquisition with the addition of savory reaction flavours, natural shelf-life extender technologies, more sweetness-enhancing and salt-reduction taste-modulation technology platforms, and an expansion of its traditional flavor offering,
Global Flavors and Fragrances Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Type, End-use Industry, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By End-use Industry:
Food & Beverages
Cosmetics & Personal Care
Home & Floor Care
Middle East & Africa
Rest of Middle East & Africa