New York, March 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Flavors and Fragrances Global Market Report 2023" - https://www.reportlinker.com/p06319225/?utm_source=GNW
The global flavors and fragrances market grew from $31.84 billion in 2022 to $33.39 billion in 2023 at a compound annual growth rate (CAGR) of 4.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The flavors and fragrances market is expected to grow to $40.26 billion in 2027 at a CAGR of 4.8%.
The flavors and fragrances market consists of sales of concentrates, flavors extracts, flavorings, and syrups.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The flavors and fragrances refer to the aromatic products used to provide distinctive taste or fragrance to various consumer products such as food & beverages, personal care products, home care products, pharmaceuticals and others. Flavors are used to enhance, add, or change the taste of the base product, whereas fragrance is a pleasant and desirable scent to a person’s body.
Asia-Pacific was the largest region in the flavors and fragrances market in 2022 and is expected to be the fastest-growing region in the forecast period. The regions covered in the flavors and fragrances market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The flavors and fragrances market consists of sales of ester, carboxlic acid, solvents and surfactants.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The main types of flavors and fragrances include flavors, and fragrances.The flavors refer to ingredients made by mixture of spices, herbs, taste components, and used in foods to intensify or improvise flavors.
These flavors and fragrances in liquid and dry forms are used in various industries ranging from food & beverages, cosmetics & personal care, pharmaceutical, home & floor care, fine fragrances, and others.
The increasing preference of consumers toward convenience foods is driving the flavors and fragrances market.Convenience foods refer to processed food products that require less time to prepare prior to consumption.
They include ready-to-eat food products, packaged foods, and preserved foods.Increasing preferences towards convenience foods are expected to increase the utilization of flavors and fragrances, as they are widely used as a major ingredient to increase the taste and longevity of the products.
According to a research paper published in the Current Journal of Applied Science and Technology, In March 2020, the majority of working women, approximately 41.7%, spent more than 30% of their total food expenditure on convenience foods, while among non-working women, that is 55% of them spent only 10 to 20% on convenience foods, revealing a higher use of convenience foods by working women. Therefore, the increase in consumer preference for convenience food is expected to boost demands for flavors and fragrances during the forecast period.
Increasing usage of natural ingredients in the manufacturing of flavors and fragrances is the key trend gaining popularity in the flavors and fragrances market.Natural flavors and fragrances refer to aromatic products derived from natural ingredients that contain no artificial constituents.
The companies operating in the flavors and fragrances market are focusing on manufacturing innovative natural flavors and fragrances with multifunctional properties to meet end-customer demands and strengthen their market position. For instance, in July 2021, International Flavors & Fragrances, Inc., a USA-based manufacturer of flavors and fragrances, launched GUARDIAN Chelox 30 C, a cost-effective, natural flavor with multifunctional properties in North America.
In February 2021, International Flavors & Fragrances Inc., a United States-based corporation, merged with DuPont’s Nutrition & Biosciences for $26.2 billion. The combined entity is expected to be a combination of IFF’s expertise in food flavors and fragrances and Dupont’s experience in probiotics, enzymes and food protection. DuPont is a USA-based company formed by a merger between Dow Chemical and E. I. du Pont de Nemours and Company. The company is involved in the manufacturing and distribution of industrial chemicals, synthetic fibres, petroleum-based fuels and lubricants, and other products.
The countries covered in the flavors and fragrances market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The flavors and fragrances market research report is one of a series of new reports that provides flavors and fragrances market statistics, including flavors and fragrances industry global market size, regional shares, competitors with a flavors and fragrances market share, detailed flavors and fragrances market segments, market trends and opportunities, and any further data you may need to thrive in the flavors and fragrances industry. This flavors and fragrances market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06319225/?utm_source=GNW
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