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Global Flavors and Fragrances Market to reach USD 39.14 billion by the end of 2030.

Global Flavors and Fragrances Market Size study & Forecast, by Type (Natural, Synthetic), By End-use Industry (Flavors {Food & Beverages, Pharmaceuticals, Others}, Fragrances {Fine Fragrances, Cosmetics & Personal Care, Home & Floor Care, Others}), and Regional Analysis, 2023-2030

Product Code: OIRFB-80347978
Publish Date: 27-06-2023
Page: 200

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:
Givaudan (Switzerland)
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 Type:

By End-use Industry:
Food & Beverages
Fine Fragrances
Cosmetics & Personal Care
Home & Floor Care
By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Flavors and Fragrances Market, by Region, 2020-2030 (USD Billion)
1.2.2. Flavors and Fragrances Market, by Type, 2020-2030 (USD Billion)
1.2.3. Flavors and Fragrances Market, by End-use Industry, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Flavors and Fragrances Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Flavors and Fragrances Market Dynamics
3.1. Flavors and Fragrances Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Rapidly growing cosmetic industry Rising inclination toward the adoption of natural products
3.1.2. Market Challenges Compliance with quality and regulatory standards Limited availability of raw materials
3.1.3. Market Opportunities Digitalization of the retail industry Expansion of the food and beverage industry
Chapter 4. Global Flavors and Fragrances Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Flavors and Fragrances Market, by Type
5.1. Market Snapshot
5.2. Global Flavors and Fragrances Market by Type, Performance – Potential Analysis
5.3. Global Flavors and Fragrances Market Estimates & Forecasts by Type 2020-2030 (USD Billion)
5.4. Flavors and Fragrances Market, Sub Segment Analysis
5.4.1. Natural
5.4.2. Synthetic
Chapter 6. Global Flavors and Fragrances Market, by End-use Industry
6.1. Market Snapshot
6.2. Global Flavors and Fragrances Market by End-use Industry, Performance – Potential Analysis
6.3. Global Flavors and Fragrances Market Estimates & Forecasts by End-use Industry 2020-2030 (USD Billion)
6.4. Flavors and Fragrances Market, Sub-Segment Analysis
6.4.1. Flavors Food & Beverages Pharmaceuticals Others
6.4.2. Fragrances Fine Fragrances Cosmetics & Personal Care Home & Floor Care Others
Chapter 7. Global Flavors and Fragrances Market, Regional Analysis
7.1. Top Leading Countries
7.2. Top Emerging Countries
7.3. Flavors and Fragrances Market, Regional Market Snapshot
7.4. North America Flavors and Fragrances Market
7.4.1. U.S. Flavors and Fragrances Market Type breakdown estimates & forecasts, 2020-2030 End-use Industry breakdown estimates & forecasts, 2020-2030
7.4.2. Canada Flavors and Fragrances Market
7.5. Europe Flavors and Fragrances Market Snapshot
7.5.1. U.K. Flavors and Fragrances Market
7.5.2. Germany Flavors and Fragrances Market
7.5.3. France Flavors and Fragrances Market
7.5.4. Spain Flavors and Fragrances Market
7.5.5. Italy Flavors and Fragrances Market
7.5.6. Rest of Europe Flavors and Fragrances Market
7.6. Asia-Pacific Flavors and Fragrances Market Snapshot
7.6.1. China Flavors and Fragrances Market
7.6.2. India Flavors and Fragrances Market
7.6.3. Japan Flavors and Fragrances Market
7.6.4. Australia Flavors and Fragrances Market
7.6.5. South Korea Flavors and Fragrances Market
7.6.6. Rest of Asia Pacific Flavors and Fragrances Market
7.7. Latin America Flavors and Fragrances Market Snapshot
7.7.1. Brazil Flavors and Fragrances Market
7.7.2. Mexico Flavors and Fragrances Market
7.8. Middle East & Africa Flavors and Fragrances Market
7.8.1. Saudi Arabia Flavors and Fragrances Market
7.8.2. South Africa Flavors and Fragrances Market
7.8.3. Rest of Middle East & Africa Flavors and Fragrances Market

Chapter 8. Competitive Intelligence
8.1. Key Company SWOT Analysis
8.1.1. Company 1
8.1.2. Company 2
8.1.3. Company 3
8.2. Top Market Strategies
8.3. Company Profiles
8.3.1. Givaudan (Switzerland) Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
8.3.2. International Flavors and Fragrances (IFF) (U.S.)
8.3.3. Symrise AG (Germany)
8.3.4. Robertet Group (France)
8.3.5. Kerry Group plc (Ireland)
8.3.6. Sensient Technologies (U.S.)
8.3.7. Firmenich SA (Switzerland)
8.3.8. Takasago International Corp (Japan)
8.3.9. T. Hasegawa Co., Ltd. (Japan)
8.3.10. Archer Daniel Midland Company (U.S.)
Chapter 9. Research Process
9.1. Research Process
9.1.1. Data Mining
9.1.2. Analysis
9.1.3. Market Estimation
9.1.4. Validation
9.1.5. Publishing
9.2. Research Attributes
9.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
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Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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