Dublin, Oct. 20, 2021 (GLOBE NEWSWIRE) -- The "Global Flavors & Fragrances Market Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The market 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.
The growth of the flavors & fragrances market is primarily supported by the growing population in emerging economies such as China, India, Indonesia, South Korea, Brazil, and South Africa.
The demand for flavors and fragrances is also due to the increase in awareness among the population about the benefits of the ingredients used in food products and consumer products in countries such as the US, Japan, France, Canada, Germany, and the UK.
The demand for flavors and fragrances is also attributed to changing consumer preferences toward convenience food and increasing demand for consumer products. Stringent government regulations on the use of synthetic flavors and fragrances in Japan, China, the US, and European countries are restricting the growth of the flavors & fragrances market.
"The Synthetic is the largest ingredient of flavors & fragrances for flavors & fragrances market in 2020"
Synthetic ingredient is artificially made through chemical reactions. It is chemically modified and has different properties from its precursors. Synthetic flavors are prepared from a complex mixture of chemical compounds.
The dominance of synthetic ingredient is owed to its low cost and growing use in various end uses, such as beverages, packaged food products, and home & personal care products. Unique formulation by manufacturing companies, innovation in flavoring ingredients, and significant demand of synthetic flavors in various edible & non-edible applications are driving the market for synthetic ingredient during the forecast period.
"Beverages and consumer products are estimated to be the largest end-use industry in flavors & fragrances market, respectively between 2021 and 2026."
Bakery segment is expected to grow due to a rise in demand for aspirational purchase of global drink brands and increasing demand for dietary drinks owing to the rising percentage of health-conscious individuals. Consumer products segment is estimated to grow due to the rise of organized retail chains; changing lifestyles; and the growing demand for various consumer products such as home care and personal care products
"APAC is expected to be the largest flavors & fragrances market during the forecast period, in terms of value."
APAC was the largest flavors & fragrances market in 2020. The changing lifestyle and high economic growth of emerging economies such as China, India, Vietnam, and Indonesia have fueled the demand for flavors and fragrances in this region. In addition, the rapidly growing food & beverage and cosmetic & homecare industries are fueling the growth of the flavors & fragrances market in the region.
Competitive Landscape
The key players in this market are Givaudan (Switzerland), Firmenich SA (Switzerland), International Flavors & Fragrances (IFF) (US), Symrise AG (Germany), Takasago (Japan), Sensient Technologies (US), Mane SA (France), Robertet (France), T. Hasegawa (Japan), and Bell Flavors & Fragrances (US).
Premium Insights
- China Led the APAC Fragrances Market in 2020
- APAC to be Fastest-Growing Market Between 2021 and 2026
- Beverages Accounted for Largest Share in Most of the Regions in 2020
- India to be Fastest-Growing Market Between 2021 and 2026
Market Dynamics
Drivers
- Increasing Demand for Natural Flavors and Fragrances
- Increasing Consumer Preference Toward Convenience Foods
- Rising Demand for Natural Products
- Rising Demand for Consumer Products
Restraints
- Compliance with Quality and Regulatory Standards
- Flavors and Fragrances Regulations Set by Different Countries
Opportunities
- Digitalization of the Retail Industry
- Innovation in End-Use Industries to Drive the Flavors & Fragrances Market
Challenges
- Limited Progression in Value Chain Among Developing Economies
- Lack of Cold Chain Infrastructure in Developing Economies
Case Study Analysis
- Case Study on Sleepscore Labs and International Flavors & Fragrances Inc.
- Case Study on Givaudan and Mediafly
Company Profiles
Major Players
- Givaudan
- Firmenich
- International Flavors & Fragrances Inc.
- Symrise Ag
- Takasago
- Archer Daniels Midland Company
- Sensient Technologies
- Mane Sa
- Robertet
- T. Hasegawa Co. Ltd.
- Bell Flavors & Fragrances
Startup/SME Players
- Kerry
- Ogawa & Co. Ltd.
- Huabao
- Biolandes Sas
- Flavex Naturextrakte GmbH
- Synthite Industries Limited
- Ungerer & Company
- Akay Natural Ingredients Private Limited
- Solvay Sa
- Ozone Naturals
- Basf Se
- Royal Dsm Nv
- Aromtech Sas
- Bedoukian Research, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/465kcb
