In terms of value, the flavors & fragrances market is estimated to grow from USD 35.26 billion in 2024 to USD 42.28 billion by 2029, at a CAGR of 3.7%. This report provides a comprehensive analysis of industry, including market size, share, flavors & fragrances market growth, trends, drivers and constraints, competitive aspects, and prospects for future demand. The market for flavors & fragrances is expanding due to the rise in demand for natural flavors & fragrances as consumers are shifting towards healthier lifestyle. Growing health consciousness among customers has become a major factor driving the demand for flavors and fragrances. Products with functional advantages, like flavors containing additional nutrients or antioxidants and fragrances that have aromatherapy effects, are in high demand owing to this trend.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=175163912
Based on ingredient type, the flavors & fragrances market is segmented as synthetic, and natural. From them, synthetic ingredient segment accounted for largest market share, in terms of value, in 2023 and continue to dominate during the forecast period. This dominance is attributed to its cost-effectiveness. Chemical methods can be used to create synthetic ingredients in controlled setting, resulting in an industrial process that is both scalable and predictable. Given their scalability, synthetic ingredients are more cost-effective for manufacturers.
Based on end-use industry, the flavors market is segmented into beverages, bakery, savory & snacks, dairy products, confectionery, and other end-use industries. The beverages segment accounted for the largest share in the flavors market. Beverages are a broad category of products that include flavored teas, coffees, energy drinks, soft drinks, juices, etc. This diversity requires a constant and wide-ranging demand for new flavors, which drives the category to the top of the flavors market.
Based on end-use industry, the fragrances market is segmented into consumer products, and fine fragrances. The consumer products segment is is estimated to be the largest end-use industry. The fine fragrances segment is projected to register the highest CAGR in terms of value, during the forecast period. The fine fragrances segment has the potential for growth due to the global rise of elite markets, which are driven by expanding opportunities in emerging economies and an upsurge in craftsmanship.
Based on region, Asia Pacific is the largest market flavors & fragrances, in terms of value, in 2023 due to the due to its robust economic growth, increasing population, rapid industrialization, rising disposable incomes, and favorable government regulations. The market potential is huge due to the sheer volume of consumers. A major factor for its leading role is the region's strong economic development, which has resulted in more consumer spending power and an expanding demand for a variety of products that contain flavors and fragrances. The economic growth has further been complemented by fast-paced industrialization, which has opened up opportunities for industries like food and beverages, personal care, and consumer products, all of which rely on flavors & fragrances to gain consumer attraction.
Get a Sample Copy of This Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=175163912
The growing population of the region is another imperative factor that aids in the large market potential. With the population growing, so is the demand for varied products that are specifically designed to cater to the specific tastes of various demographic groups. With increasing disposable incomes among consumers, they have been able to spend more on high-end and customized products that provide a better sensory experience, hence fueling the growth of the flavors and fragrances market. In addition, facilitative government policies and regulations intended to spur industrial development and attract foreign investment have provided a conductive environment for industry players to establish and expand operations in the region. Together, these elements have elevated Asia Pacific to the forefront of the global market for flavors & fragrances and established the region as a potential center for innovation and expansion in the years to come.
Flavors & Fragrances Companies
The key players profiled in the report include Givaudan SA (Switzerland), International Flavors & Fragrances Inc. (US), DSM-Firmenich AG (Switzerland), Symrise AG (Germany), ADM (US), Takasago International Corporation (Japan), Sensient Technologies Corporation (US), MANE (France), Robertet Group (France), T. Hasegawa Co., Ltd. (Japan), and Bell Flavors & Fragrances (US). These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, Asia Pacific, and the Middle East & Africa. They have an established portfolio of reputable products and services, a robust market presence, and strong business strategies.
Givaudan SA is a world leader in the food and cosmetics sector, bringing cutting-edge concepts to the food and beverage industries and inspiring new directions in the fields of fragrance and beauty. The company operates under two business segments, namely, Taste & Wellbeing and Fragrances & Beauty. It manufactures and offers flavors for the food & beverage industry for confectionery, beverage, dairy, and savory applications. The company offers fragrances for functional cleaners, laundry, and personal care products. It offers flavors through the Taste & Wellbeing segment and fragrances through the Fragrances & Beauty segment. The company has 78 production sites and 166 locations worldwide. In April 2023, the company completed the acquisition of Amyris, Inc., a synthetic biotechnology and renewable chemical company. Through this acquisition, Givaudan SA will be able to take the full benefit of Amyris’s technological platform to create, scale, and produce the highest-performing bio-fermented ingredients.
Inquire Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=175163912
International Flavors & Fragrances Inc. is a global company focusing on delivering products and solutions that provide better care for a better world. The company has four operating business segments, namely, Nourish, Health & Biosciences, Scent, and Pharma Solutions. The company offers flavors & fragrances through the Scent segment. The company has its presence in North America, South America, Europe, the Middle East & Africa, and the Asia Pacific. The company’s focus on health and well-being, product performance, and user satisfaction have remained unwavering as the company has built its business to be the leader in consumer-driven product solutions.
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
Media Contact
Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Rohan Salgarkar
Email:Send Email
Phone: 18886006441
Address:1615 South Congress Ave. Suite 103, Delray Beach, FL 33445
City: Florida
State: Florida
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/flavors-fragrance-market-175163912.html
