WASHINGTON, June 26, 2023 (GLOBE NEWSWIRE) -- The Global Flavors and Fragrances Market is valued at USD 26.1 Billion in 2022 and is expected to reach USD 36.83 Billion by 2030 at a CAGR of 4.4% over the forecast period 2023-2030.
Global demand for processed food, personal care items, and cosmetics is expected to be the primary driver of product demand. Population expansion and rising disposable income in developing nations like China and India will increase demand for personal care and cosmetic products. Additionally, it is projected that the hectic lifestyle patterns maintained in developed and emerging nations will increase demand for processed foods & beverages, raising the need for flavors.
Due to the high expense of processing natural perfumes and flavors, industry companies have created synthetic replacements that are less expensive. The advantages of these items include consistent supply, stable pricing, and cheaper production costs.
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Market Overview
According to Vantage Market Research, some key factors are anticipated to accelerate the Flowers and Fragrances Market growth over the forecast period. One of the main factors favorably affects the ethnic and exotic Flavors and Fragrances. Customers are increasingly interested in learning about culinary customs and discovering distinctive scents influenced by many cultures and cuisines. This trend has inspired manufacturers to create flavors and perfumes that capture the spirit of other cuisines and use global products.
We forecast that the dominant segment by ingredient type is natural chemicals. This is due to the rising product utilization in various application sectors, including aromatherapy, medicines, and natural cosmetics. Increasing research funding for creating natural scent compounds will also benefit the industry. Aroma chemicals are artificial scents utilized in various products, including perfumes, food and beverage products, and essential oils.
North America led the market globally and generated the most revenue overall. This results from a rising industry demand for novel Flavors and scent products. With a share of roughly 27%, Europe will be the second-largest area after Asia. The expansion of the luxury and specialized markets is to blame for this. With a share of almost 16%, Asia Pacific will be the third-largest region. This results from rising demand from developing nations like China and India.
Market Dynamics
The demand for convenience foods among consumers is growing
Foods that have undergone commercial processing and require little to no additional preparation before eating are categorized as convenience foods. They include packaged goods, meals that have been preserved, and prepared foods. Some food products have unique flavorings added to them to enhance the flavor. Because of urbanization and the rising working-age population, convenience food consumption has increased in developing and developed countries. Additionally, increased middle-class discretionary income and convenience food spending will boost demand for quick meals and flavor.
Growth will be fueled by expanding innovation in the pharmaceutical and cosmetics industries
The market is expected to grow significantly over the forecast period due to the advent of new areas and smells. Additionally, it is anticipated that consumer preferences and the acceptance of ready-to-eat foods would support regional market expansion. Further, the market expansion is predicted to be fueled by the rise of the pharmaceutical and cosmetic industries.
Top Players in the Global Online Grocery Delivery Services Market
- Sensient Technologies Corporation (U.S.)
- Mane SA (France)
- Takasago International Corporation (Japan)
- Manohar Botanical Extracts Pvt. Ltd. (India)
- Alpha Aromatics (U.S.)
- Ozone Naturals (India)
- Elevance Renewable Sciences Inc. (U.S.)
- Firmenich SA (Switzerland)
- Symrise AG (Germany)
- Vigon International Inc. (U.S.)
- BASF SE (Germany)
- Indo World (India)
- Akay Flavors & Aromatics Pvt. Ltd. (India)
- Ungerer & Company (U.S.)
- Synthite Industries Limited (India)
- Universal Oleoresins (India)
- Flavex Naturextrakte GmbH (Germany)
- Falcon Essential Oils (India)
- doTERRA International LLC (U.S.)
- Young Living Essential Oils (U.S.)
- Biolandes SAS (France)
- International Flavors and Fragrances Inc. (U.S.)
- Givaudan (Switzerland)
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Top Trends in the Global Flavors and Fragrances Market
One trend that Vantage Market Research (VMR) expects to see in the Flavors and Fragrances industry is the increasing use by demand for packaged meals, personal care items, and cosmetics. It is projected that increased discretionary income in developing countries will enhance consumer demand for cosmetics and personal care products. The busy lifestyles maintained in established and emerging countries are also anticipated to raise the need for processed foods and beverages, enhancing the demand for flavors in the global market.
Another trend that VMR predicts will continue in the Flavors and Fragrances industry is the use of smartphones and the internet. Commercial food shopping is becoming platform businesses use to market and sell their products. The number of companies accepting payments online is increasing globally. The growth of the tastes and fragrances market is supported by elements like increased smartphone usage, specialized apps, and expanding payment methods, which drive the broader online grocery sector.
Top Report Findings
- Based on ingredient type, the natural chemicals segment dominated due to the rising product utilization in various application sectors, including aromatherapy, medicines, and natural cosmetics. Increasing research funding for creating natural scent compounds will also benefit the industry. Aroma chemicals are artificial scents utilized in various products, including perfumes, food and beverage products, and essential oils.
- Based on End User type, the food and beverage industry dominates the oral flavor segment. In contrast, the nasal flavor segment is expected to grow due to the increasing popularity of fragrances in personal care products. Fragrances are further categorized into toiletry and cosmetics, with the male grooming category occupying a significant position in the toiletry segment. This dynamic landscape reflects the diverse applications of Flavors and Fragrances across various industries, catering to consumers' sensory preferences in the food, beverage, personal care, and grooming sectors.
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Top Players Generate More Than 35% of the Flavors and Fragrances Market Revenue.
The report also found that the most significant players in the Flavors and Fragrances Market are ADM (US), Agilex Fragrances (U.S.), Akay Flavors & Aromatics Pvt. Ltd., Alpha Aromatics (U.S.), BASF SE (Germany), Bell Flavors and Fragrances (U.S.), Biolandes (France), Comax MFG Corp (U.S.), doTERRA International, Elevance Renewable Sciences Inc. (U.S.), Falcon Essential Oils, Firmenich SA (Switzerland), Flavex Naturextrakte GmbH, Givaudan (Switzerland), Indo World, International Flavors and Fragrances Inc. (U.S.), and others.
Fragrances Category in Flavors and Fragrances Market to Generate More than 50% Revenue
Vantage Market Research has analyzed the market for Flavors and Fragrances to understand its current state and potential future growth factors. For better understanding, based on application type, the Flavors and Fragrances market is categorized into: Flavors (Confectionery, Convenience Food, Bakery Food, Dairy Food, Beverages, Animal Feed, and Others) And Fragrances (Fine Fragrances, Cosmetics & Toiletries, Soaps & Detergents, Aromatherapy, Others).
We predict that by 2030, the market for Flavors and Fragrances will account for more than 50% of total sales in the category of fragrances because of the increasing popularity of natural and organic fragrances as consumers become more health and environmentally conscious.
Besides the growing demand for fragrances, technological advancements in fragrance production also drive the industry's growth. Advanced techniques and tools enable manufacturers to develop new and more complex aromas that differentiate their products from their competitors. These technological advancements have also produced more sustainable and eco-friendly fragrances, gained market traction and helped manufacturers improve their brand reputation.
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on Flavors and Fragrances Market Forecast Report (2023-2030).
Global Flavors and Fragrances Market Segmentation
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/Canaga Essential Oils
- Lavender Essential Oils
- Oleoresins
- Paprika Oleoresins
- Black Pepper Oleoresins
- Turmeric Oleoresins
- Ginger Oleoresins
- Others
- Essential Oils
- Synthetic
- Esters
- Alcohol
- Aldehydes
- Phenol
- Terpenes
- Others
By End User
- Flavors
- Confectionery
- Convenience Food
- Bakery Food
- Dairy Food
- Beverages
- Animal Feed
- Others
- Fragrances
- Fine Fragrances
- Cosmetics & Toiletries
- Soaps & Detergents
- Aromatherapy
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 26.1 Billion |
| Revenue Forecast by 2030 | USD 36.83 Billion |
| CAGR | 4.4% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Sensient Technologies Corporation, Mane SA, Takasago International Corporation, Manohar Botanical Extracts Pvt. Ltd., Alpha Aromatics, Ozone Naturals, Elevance Renewable Sciences Inc., Firmenich SA, Symrise AG, Vigon International Inc., BASF SE, Indo World, Akay Flavors & Aromatics Pvt. Ltd., Ungerer & Company, Synthite Industries Limited, Universal Oleoresins, Flavex Naturextrakte GmbH, Falcon Essential Oils, doTERRA International LLC, Young Living Essential Oils, Biolandes SAS, International Flavors and Fragrances Inc., Givaudan |
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