Flavors and Fragrances Market

Flavors and Fragrances Market Overview

The global Flavors and Fragrances Market size was valued at USD 32.58 billion in 2024 and is predicted to reach USD 43.24 billion by 2030 with a CAGR of 4.8% from 2025-2030.

Booming personal care industry, rising pharmaceutical market and increasing confectionary industry are driving growth in the market. Some key players such as Firmenich, Symrise AG, and ADM are engaging in strategic acquisition and expansion to continue their respective market shares. Conversely, the market has a limitation as the regulatory bodies envisage complex compliance trials. But integration of biotechnology in the industry is anticipated to create significant growth opportunity in future.

Boosting Personal Care & Beauty Industry Drives the Flavors and Fragrances Market Growth

The flavors and fragrances industry are driven by the growing personal care industry by prompting companies to use such product to enhance their offering and appeal to the consumers. According to the report published by the Global Wellness Institute, global personal care and beauty industry summed USD 1.21 trillion in 2023 with much more anticipated rise. Such growth in the industry prompts manufacturers to create varied scent and test profiles to appeal to consumer that results in growth in the market.

Expansion of Pharmaceutical Industry Fuels the Flavors and Fragrances Market Demand

The market is growing is also due to boosting pharmaceutical industry that drives research and innovation in this domain. According to the report issued by the European Federation of Pharmaceutical Industries and Associations 2024, the global pharmaceutical market summed USD 1.39 trillion in 2023 with more anticipated growth in future. Such heightened demand of medicines encourages manufacturers to improve palatability of medications, masking the unpleasant smells thereby prompting usage of flavors and fragrances.

Growing Confectionary Industry Promotes Market Growth

Global boost in confectionary industry drives the market growth by increasing the demand for candy, chocolates, and other sweet treats. According to the report published by the IHBIR 2024, the global confectionary market summed USD 0.56 trillion in 2023 and is expected to rise to USD 0.77 trillion in 2029 reflecting a growth of 37.5%. Such increasing market growth creates competition and prompts manufacturers to create unique and appealing taste experience prompting the use of flavors and fragrance that drives market growth.

Intricate Regulatory Compliance Hinders the Flavors and Fragrances Market Expansion

The complex and stringent regulations as well as standards associated with the market hinders the growth of the industry. The presence of various regulatory bodies in the market such as the Food and Drug Administration (FDA) and the International Fragrance Association (IFRA) possess stringent compliance trials, documentation, as well as requirements for approval related to safety standards that delays the overall approval process.

Biotechnology Integration Creates Future Opportunities

Integration of biotechnology in flavors and fragrances market is anticipated to create significant growth opportunity in the coming years. Such integration complements biotechnological processes by fermentation or utilizing enzyme systems in plant material to develop more sustainable compounds. 

For instance, in July 2023, Axxence Aromatic GmbH collaborated with Insempra to work on various projects to develop sustainable compounds. Such development aids to find alternatives to projected supply-limitations and help develop a natural alpha-Ionone flavour and fragrance ingredient for food and beauty market applications and to enable a broader portfolio of sustainable ingredients.

Market Segmentation and Scope of the Study 

The flavors and fragrances market report is classified on the basis of ingredient type, end-use industry, and region. On the basis of ingredient type, the market is further grouped into natural and aroma chemical. On the basis of natural, the market is further segmented into essential oils, oleoresins, and others. On the basis of essential oils, the market is further divided into orange essential oils, corn mint essential oils, eucalyptus essential oils, pepper mint essential oils, lemon essential oils, citronella essential oils, patchouli essential oils, clove essential oils, ylang ylang/cananga essential oils, and lavender essential oils.  On the basis of oleoresins, the market is further segregated into paprika oleoresins, black pepper oleoresins, turmeric oleoresins, and ginger oleoresins. On the basis of aroma chemical, the market is further divided into esters, alcohol, aldehydes, phenol, terpenes, and others. On the basis of end-use industry, the market is further segmented into food and beverages, consumer products, pharmaceutical, cosmetic and personal care, home and floor care, and others. Regional breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America region leads the flavors and fragrances market share and is expected to maintain its dominance in the industry during the forecast period due to the boosting personal care industry. 

According to the report published by the Personal Care Council in 2024, the U.S. cosmetics and personal care industry fueled USD 308.7 billion to the GDP generating USD 82.3 billion in tax payments. The increasing sales of product in the consumer product industry drives competition among manufacturers prompting the usage of flavors and fragrance for unique scent and test profiles driving the industry.

Moreover, the market is also fueled by the boosting pharmaceutical industry that surges the demand of medicines and nutraceuticals. According to the report published by the Government of Canada sales from patented medicines summed USD 19.9 billion in 2023 reflecting an increase of 8.2% over 2022. 

Also, the research and development expenditure summed USD 1.06 Billion an increase of 17% over 2022. This increasing sale and expenditure of patented medicines drives research and innovation to improve taste and odour, thereby creating a boost in the market. 

Asia-Pacific region continues to be the fastest growing and is expected to maintain its dominance in the market during the forecast period due to boosting food processing industry in the region. 

According to the report published by the Indian Ministry of Commerce and Industry in 2024, the market size of food processing sector in India is estimated to reach USD 1,274 billion in 2027 from estimated USD 866 billion in 2022 reflecting a market growth of 47.1%. 

Such boost creates heightened need of new products prompting manufacturers to enhance the taste, aroma and overall sensory appeal of the processed product using aroma and fragrances resulting in a boost in the market growth.

Besides, the presence of key players such as JFF Co., Ltd and Seoul Flavor & Fragrance are adopting various strategies such as research and development that complements to maintain their dominance in the region. 

For instance, as per the JFF Co., Ltd.’s latest report JFF Co. Ltd., collaborated with Korea Food Research Institute to develop plant-derived functional and natural flavoring raw materials. Further JFF is also conducting the latest perfumery research including the development of functional fragrances with skin improvement effects.

Competitive Landscape

Various key players operating in the flavors and fragrances industry are Agilex Flavors and Fragrances Inc, ADM, Alpha MOS, Biolandes, Firmenich Incorporated, International Flavors & Fragrances Inc, Akay Natural Ingredients Private Limited, Ungerer & Company, Flavex Naturextrakte GmbH, Bell Flavors & Fragrances, Inc, doTERRA Holdings, LLC, Symrise AG, Ozone Naturals, JFF Co., Ltd, Seoul Flavor & Fragrance, and others. These market players are adopting various strategies such as acquisition and expansion to maintain their dominance in the industry.

For instance, in September 2024, Firmenich announced the expansion of new manufacturing plant in Sadat City, Egypt spanning 10,000 square meters with an annual production capacity of 10,000 tons. The expansion aims to serve customers across the Egypt, Middle East, Southern Europe and Africa. 

Besides, in February 2024, Symrise AG announced the expansion of its scent and care office in Barcelona, Spain to enhance its leadership in quality, collaboration and innovation. This new space aims to enhance collaboration and enable high-quality innovation tailored to customer’s evolving demands. 

Furthermore, in December 2023, ADM acquired Revela Foods and FDL to leverage new technological capabilities to fuel ingredient formulations. This acquisition aims to add to its broad portfolio of flavor ingredients and solutions as a global leader. 

Key Benefits

• The report provides quantitative analysis and estimations of the flavors and fragrances industry from 2025 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep-dive analysis of the current and future flavors and fragrances market trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the flavors and fragrances industry is provided in the report. 

• Competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

Flavors and Fragrances Market Key Segments

By Ingredient Type

• Natural

  • Essential Oils

    • Orange Essential Oils

    • Corn mint Essential Oils

    • Eucalyptus Essential Oils

    • Pepper Mint Essential Oils

    • Lemon Essential Oils

    • Citronella Essential Oils

    • Patchouli Essential Oils

    • Clove Essential Oils

    • Ylang Ylang/Cananga Essential Oils

    • Lavender Essential Oils

  • Oleoresins

    • Paprika Oleoresins

    • Black Pepper Oleoresins

    • Turmeric Oleoresins

    • Ginger Oleoresins

  • Others

• Aroma Chemical

  • Esters

  • Alcohol

  • Aldehydes

  • Phenol

  • Terpenes

  • Others

By End-Use Industry

• Food and Beverages

• Consumer Products

• Pharmaceutical

• Cosmetic and Personal Care

• Home and Floor Care

• Others

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The U.K.

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden        

  • Norway        

  • Russia

  • Rest of Europe

• Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific 

• RoW

  • Latin America

  • Middle East

  • Africa

Key Players

• Agilex Flavors and Fragrances Inc

• ADM

• Alpha MOS

• Biolandes

• Firmenich Incorporated

• International Flavors & Fragrances Inc

• Akay Natural Ingredients Private Limited

• Ungerer & Company

• Flavex Naturextrakte GmbH

• Bell Flavors & Fragrances, Inc

• doTERRA Holdings, LLC

• Symrise AG

• Ozone Naturals

• JFF Co., Ltd

• Seoul Flavor & Fragrance

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Market Size in 2024	USD 32.58 billion
Revenue Forecast in 2030	USD 43.24 billion
Growth Rate	CAGR of 4.8% from 2025 to 2030
Analysis Period	2024–2030
Base Year Considered	2024
Forecast Period	2025–2030
Market Size Estimation	Billion (USD)
Growth Factors	Boosting personal care industry drives the market. The boosting pharmaceutical industry drives the growth of the market. Growing confectionary industry boosts the market.
Countries Covered	28
Companies Profiled	15
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent to up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.