Flavors and Fragrances Market by Type (Natural, Synthetic) and Application (Food & Beverages, Personal Care, Home Care, Others): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026399 | Pages: 100 | Industry: Food and Beverages | Date: Sep 2022 | Type: Global

The market crossed US$ 31 billion mark in 2022 and is expected to hit US$ 44 billion by 2030, recording a CAGR of 5.3% during the forecast period.

 

Rising consumer preference towards packaged food

With the rapid urbanization and increasing working population in developed and developing countries, the consumption of packaged ready-to-eat food is increasing due to its convenience. Additionally, the increasing disposable income in the middle-income population further propels demand for packaged food products. Flavors and fragrances are major ingredients in packaged food. These are used to enhance the quality of product. Thus, increasing demand for packaged food is expected to positively influence the demand for flavors and fragrances and is further projected to drive market growth in the forecast period. 

Within the report, the market is segmented into type, application, and geography. By type, the market is bifurcated into natural and synthetic. By application, the market is categorized into food & beverages, personal care, home care, others. Geographically, the market is segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

Rising strategic development initiatives by manufacturers

Research and development activities have a major role in the growth of the flavors and fragrances market. the increase in innovative technologies with the introduction of new flavors and strategic alliances by the key players are creating immense opportunities for the market to grow. For instance, Givaudan expanded by launching a flavors production plant in Pune, India, in February 2019. The plant is reported to be Givaudan’s most significant investment in India and reflects its commitment to leverage growth potential in the Asia Pacific region. In addition, the company also acquired Vietnamese Flavor Company Golden Frog in May 2019 and Ungerer and Company in February 2020. Such development initiatives by leading manufacturers are further expected to drive market growth.

Growth of the personal care industry to drive the market

Growing modernization in the developed and developing economies further augment the demand for perfumes, soaps, cosmetics, and toiletries. Moreover, the increasing preference for organic and natural products in the personal care industry leads to an increase in the demand for natural flavors and fragrances as they are considered as safe and healthier. Thus, the growing personal care industry is further expected to drive market growth in the forecast period.

Recent strategic developments in the flavors and fragrances market

The flavors and fragrances market has undergone several significant developments, and a few of these have been mentioned below:

  • In 2020, Givaudan agreed on a research partnership with Novozymes and will jointly work on the research and development of innovative sustainable solutions in the areas of food and cleaning.
  • In 2020, International Flavors & Fragrances Inc. merged with DuPont’s Nutrition & Biosciences to produce high-value ingredients and solutions for the Food & Beverage, Home & Personal Care and Health & Wellness market.

The flavors and fragrances market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Givaudan, Firmenich SA, International Flavors & Fragrances (IFF), Symrise AG, Sensient Technologies are among the prominent players operating in the market.

Target audience for the report:

  • Raw material providers
  • Flavors and fragrances manufacturer
  • Flavors and fragrances related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policymakers
  • Venture capitalists, private equity firms, and start-up companies
  • Research institutes, organizations, and consulting companies

 

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Type
  • Natural
  • Synthetic
  • Application
  • Beverages
  • Dairy and Frozen Products
  • Bakery and Confectionery
  • Savory and Snacks
  • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
  • Givaudan
  • Firmenich SA
  • International Flavors & Fragrances (IFF)
  • Symrise AG
  • Sensient Technologies

Companies profiled
- Givaudan
- Firmenich SA
- International Flavors & Fragrances (IFF)
- Symrise AG
- Sensient Technologies

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