Chicago, July 04, 2023 (GLOBE NEWSWIRE) -- The report "Flavors & Fragrances Market by Ingredients (Natural, Synthetic), End use (Beverage, Savory & Snacks, Bakery, Dairy Products, Confectionery, Consumer Products, Fine Fragrances), and Region (Asia Pacific, North America, Europe) - Global Forecast to 2026", size of flavors & fragrances is estimated to be USD 29.0 billion in 2021 and is projected to reach USD 37.3 billion by 2026, at a CAGR of 5.1% between 2021 and 2026.
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Browse In-Depth TOC On "Flavors & Fragrances Market”
237 - Market Data Tables
56 - Figures
258 - Pages
List of Key Players in Flavors & Fragrances Market:
- Givaudan (Switzerland)
- Firmenich SA (Switzerland)
- International Flavors & Fragrances (IFF) (US)
- Symrise AG (Germany)
- Takasago (Japan)
- The Archer Daniels Midland Company (ADM) (US)
- Sensient Technologies (US)
- Mane SA (France)
- Robertet (France)
- T. Hasegawa (Japan)
Drivers, Restraints, Opportunities and Challenges in Flavors & Fragrances Market:
- Drivers: Increasing consumer preference toward convenience foods
- Restraints: Compliance with quality and regulatory standards
- Opportunity: Digitalization of the retail industry
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Key Findings of the Study:
- Increasing demand for flavors & fragrances from food & beverage and consumer products.
- The Synthetic is the largest ingredient of flavors & fragrances for flavors & fragrances market in 2020.
- APAC is expected to be the largest flavors & fragrances market during the forecast period, in terms of value.
Flavors and fragrances are compounds used to enhance the characteristics of end-use products in the food & beverage, pharmaceutical, consumer products, and cosmetic industries. Flavors are used in a wide range of products that include bakery, snacks, confectionery, meat, poultry, seafood, and others. Whereas, fragrances are used in perfumes, soaps, shower gels, cosmetics products, air fresheners, dishwashers, surface cleaners, and laundry detergents, among others.
The synthetic ingredient segment accounted for a larger share, in terms of value, in 2020. This is backed by its growing usage in various end-use products. However, natural ingredient is projected to record a higher growth rate between 2021 and 2026.
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Based on end use industry, the market is segmented into agrochemicals, pharmaceutical, rubber, and others. Pharmaceutical end use industry is projected to account for largest share during the forecast period. T Based on ingredient type, the Flavors & fragrances market is classified into natural and synthetic. The synthetic ingredient segment accounted for a larger share, in terms of value, in 2020. This is backed by its growing usage in various end-use products. However, natural ingredient is projected to record a higher growth rate between 2021 and 2026.
Based on end-use industries, the market for Flavors is segmented into beverages, bakery, savory & snacks, dairy products, confectionery, and others based on end-use. The demand for flavors is the highest from the bakery segment. It is mainly due to changing lifestyle, growing working-class population, and rising demand for gluten-free bakery products. The market for fragrances is segmented into consumer products and fine fragrances. The consumer products segment accounted for a larger share in the fragrances market in 2020. The demand is attributed to increasing population, rapid urbanization, and high per capita spending power of consumers. His is attributed to the growing prevalence of disease in aging population and growing diversity of therapeutic drugs.
Asia Pacific is the largest market in the global piperidine market during the forecast period. The large market share in Asia Pacific region is attributed to the increasing demand for pharmaceutical APIs and crop protection chemicals. China and India are the largest market in the Asia Pacific region. The market is growing in these economies pertaining to the growing population, rise in per capita income, governmental investment in healthcare facilities, and better health insurance scheme by the government.
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