Flavors and Fragrances Market Facts, Development and Growth by 2027, 2026 Fortune Business Insights™
The global
flavors and fragrances market size is prognosticated to reach USD 38.56 billion
by 2026, exhibiting a CAGR of 4.8%by 2026. This is attributable to the rapid
growth of the food and beverage industry that propelled the demand for new
flavors. This information is published in an upcoming report by Fortune
Business Insights™ titled,”Flavors and
Fragrances Market Size, Share & Industry Analysis, By Type (Flavors
{Natural and Synthetic} and Fragrances {Natural and Synthetic}) By Application
(Food & Beverage, Cosmetics & Personal Care, Pharmaceutical, Home &
Floor Care, Fine Fragrances, and others) and Regional Forecasts, 2019-2026.”
The flavors
and fragrances market size value stood at USD 26.50 billion in 2018 and is prognosticated
to reach USD 38.56 billion by 2026, exhibiting a CAGR of 4.8%by 2026.
Report
Highlights
·
A 360-degree overview of the flavors and fragrances market
·
Factors boosting, repelling and challenging
the market
·
Detailed segmentation of the market based on
factors such as type, application, and geography.
·
The report also lists the names ofkey players
and strategies adopted by them to compete for the top position in the market
·
Other flavors and fragrances market trends and
opportunities
·
Notable industry developments and interesting
insights into the market.
Drivers
–
Increasing
Demand from Cosmetic Industry to Drive Market
The prevailing trend of ready-to-eatand
convenience food products have propelled companies to introduce innovative
flavors into the food and beverage industry. The increasing demand for
innovative products from the food and beverage industry is a major factor
boosting the flavors and fragrances market growth.In addition to this, there is
a rise in demand for scented soaps, detergents, toiletries, and cosmetics, andperfumes,
owing to the rise in modernization and the adoption of higher living standards
among people. Therefore, the increasing demand from the cosmetic industry will
also add impetus to the overall market in the forecast period.
On the other side, synthetic
fragrances are gaining popularity on account of their strong aroma and
long-lasting properties. Analysts at Fortune Business Insights™ say, “There is a
high preference for organic ingredients in the personal care sector. This is
further propelling the demand for natural fragrances.” Therefore, the demand
for synthetic and organic fragrances are anticipated to expand the flavors and
fragrances market in the forecast period.
There is a rise in demand for flavors
from the pharmaceutical industry as well. This is owing to the fact that
flavors overpower the bitter taste of medicines and make it more edible, thus
transmitting a beneficial therapeutic effect. Flavors are utilized as inactive
ingredients in pharmaceutical products such as chewable gums and tablets,
suspensions, syrups, and others. Therefore, the increasing demand for flavors
from the pharmaceutical industry will help the market to grow remarkably in the
forecast duration.
INFORMATON
SOURCE:
https://www.fortunebusinessinsights.com/flavors-and-fragrances-market-102329
Regional
Analysis –
Asia
Pacific to Emerge as Most Lucrative Market Owing to Increasing Demand from
Cosmetic Industry
Europe is holding a significant
position in the market on account of the increasing demand for encapsulated
flavors and fragrances in liquor-based drinks as well as in cosmetic products
in the region. Additionally, the market inNorth America has reached the
maturity phase while this region earned USD 6.41 billion in 2018. Furthermore,
Asia Pacific is likely to emerge as the most lucrative market owing to the rise
in demand for flavors and fragrances from both the food and cosmetic
industries.
Competitive
Landscape –
Merger
and Acquisition is Major Strategy Adopted by Players
Currently, four key companies, namely
Firmenich SA, Symrise AG, International Flavors and Fragrances (IFF), and
Givaudan, are collectively holding 50% of the global flavors and fragrances
market share.Companies are adopting merger and acquisition strategies to gain a
competitive edge in the market. For instance, Firmenich has started the
construction of a new plant in China since 2019 and Givaudan acquired more than
five companies since 2018.
Notable
Flavors and Fragrances MarketManufacturers:
·
International
Flavors and Fragrances (IFF)
·
Robertet
Group
·
Sensient
Technologies
·
Takasago
International Corp
·
Mane
·
Solvay S.A.
·
Givaudan
·
Symrise AG
·
Kerry Group
plc
·
Firmenich SA
·
T. Hasegawa
Co., Ltd.
·
Archer
Daniels Midland Company
·
Others
Get
Sample PDF Brochure:
Key Industry
Development in Flavors and Fragrances Market Include:
March
2019 – Firmenich invested USD 75 million in the first phase of opening
the largest flavor manufacturing plant in Zhangjiagang Free Trade Zone in China
with an annual capacity of 12 KT. This expansion will help to serve consumers
in China by introducing a wide range of local flavors in basic products such as
tea, noodles, and dairy drinks.
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