Flavors and Fragrances Market by Product (Natural, Aroma, and Others), by Application (Flavors and Fragrances), and by End Use Industry (Food & Beverage, Personal Care & Cosmetics, and Household & Cleaning Products)- Global Opportunity Analysis and Industry Forecast 2024-2030
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The Global Flavors and Fragrances Market size is estimated to be USD 21.73 billion in 2019 and is predicted to reach USD 33.09 billion by 2030 with a CAGR of 3.9% from 2020-2030. Flavor is the sensory impression of a food or any other substance and is resolute majorly by the chemical senses of smell and taste. The flavor of the food can be changed with natural or artificial flavorants, which mark these senses. Smell is the chief determinant of a food item's flavor. While the taste of food is limited to sour, sweet, bitter, umami, salty, and other basic tastes, the smells of a food are potentially limitless. A food's flavor, can be easily altered by changing its smell and keeping its taste same. This can be best exemplified in artificially flavored soft drinks, jellies, and candies, by keeping bases with a similar taste, and changing different flavors because of the use of different fragrances.
Market Dynamics and Trends:
Rising demand in application industries such as cosmetics & toiletries, food, and beverages is the major factor driving the market during the forecast period. Moreover, growing use of flavors in the dietary supplements, pharmaceutical, and nutraceutical market is also anticipated to augment market growth. The health & wellness trend dominated in the market which is estimated to enhance the preference given to natural flavor ingredients. Stringent regulations by different government entities for flavor & fragrance is estimated to hamper the growth of market in the upcoming years. Furthermore, Rapid industrialization will generate enormous market opportunities for manufacturers during the forecast period.
Market Segmentations and Scope of the Study:
Global Flavors and Fragrances Market share is analysed on the basis of product, application, and geography. On the basis of product, the market is segmented into natural, aroma, and others. According to the application, the market is classified into the flavors and fragrances. The regional analysis of the Flavors and Fragrances Market comprises of North America, Europe, Asia Pacific, and Rest of the World.
Geographical Analysis:
Companies should be more research-oriented to continue competitiveness in the market growth, and many new products are on the market at very competitive prices to increase penetration. Manufacturers have to abide by manufacturing & labeling laws, regulations, and guidelines published by regulatory authorities such as U.S. Department of Agriculture (USDA), Food & Drug Agency (FDA), Health Canada, World Health Organization, and European Food Safety Authority. Moreover, manufacturers are involved in developing natural fragrances often charge a “green premium” on their products. The increasing popularity of consumer and household products is projected to enhance the demand for aroma chemicals, fragrance blends, and flavor in the upcoming years. The companies are majorly focusing on mergers & acquisitions and product launch, due to the rising demand for flavor & fragrance in the food industry.
Competitive Landscape:
Comprehensive competitive analysis and profiles of major market players such as Firmenich SA, Givaudan, IFF, Symrise, Mane SA, Frutarom, Sensient Flavor, Takasago, Robertet SA, Huabao Intl., T. Hasegawa, Bell Flavor & Fragrance, Kerry, Ogawa & Co., Ltd. Archer Daniels Midland, and Procter & Gamble is also provided in this Flavors and Fragrances Market report.
KEY PLAYERS
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- Givaudan
- Firmenich SA
- IFF
- Mane SA
- Symrise
- Frutarom
- Takasago
- Sensient Flavor
- Robertet SA
- T. Hasegawa
- Huabao Intl.
- Bell Flavor & Fragrance
- Kerry
- Archer Daniels Midland
- Ogawa & Co., Ltd.
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