Wilmington, Delaware, United States, Sept. 26, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - In 2021, the size of the global bio-based flavors and fragrances market stood at US$ 1945.0 Mn. The global market is likely to rise at 8.3% CAGR during the forecast period, from 2022 to 2031.The global bio-based flavors and fragrances market is anticipated to attain valuation of US$ 4555.5 Mn by 2031. Due to their inherent characteristics, such as exquisite taste and appealing odour, bio-based flavors and fragrances are chosen over artificial flavors and fragrances, particularly in the cosmetics, beverage, and food industries. Companies are making significant investments in the research and development of specialized tastes and fragrances that could also satisfy the unique needs of cosmetics manufacturers.
In order to raise knowledge about the benefits of bio-based flavors and fragrances, including their health advantages and improved taste, companies are also expected to market these products. In order to grow their business, enhance their product variety, and meet customer demand, market players are concentrating on acquiring ingredient manufacturing firms.
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In order to attain cost savings, major companies in the bio-based flavors and fragrances market are emphasizing on the large-scale manufacturing of bio-based flavors and fragrances. With the goal to increase market accessibility, manufacturers must put more effort into integrating their distribution and manufacturing networks. Rising usage for bio-based flavors and fragrance is expected to raise demand for a guarantee steady supply of raw materials.
Key Findings of Market Report
- By combining and blending natural components, bio-based flavors and scents are created. It is predicted that the widespread use of bio-based flavors and fragrances would spur market expansion since they improve the appeal and flavor of food, beverages, as well as other consumer products. Many consumer goods, including soaps, perfumes, and laundry detergents, use fragrances to add desirable fragrances, which is an important bio-based flavors and fragrances market development.
- Rising demand innovative flavors and more pleasant drinks has fueled advent of new beverage industry innovations, such as fusion beverages, functional beverages, flavored water, and infused beverages. Due of the nutritious content and bright flavor of citrus flavors, which are popular with customers, leading beverage businesses are employing citrus flavors to develop their product line. Citrus flavored beverages are one of the important ongoing trends of the bio-based flavors and fragrances market.
- The global bio-based flavors and fragrances market has been stimulated by rising consumer demand for environmentally friendly products and growing environmental consciousness among the general populace. As the demand for environmentally responsible products grows throughout industries, businesses concentrate on creating more potent versions of bio-based or sustainable flavors and fragrances.
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Global Bio-based Flavors and Fragrances Market: Growth Drivers
- The D limonene-based category, which had a share of 26.2% in 2021, was the largest, based on type. Organic solvents have historically been utilized as home remedies, but in recent years they have gained usage in a wide range of commercial settings, including medicines, food processing, and others. This segment has emerged as one of the important bio-based flavors and fragrances market trends.
- According to a demand analysis of the global market, Europe represented the highest volume share of the market in 2021. The region accounted for more than 31% of the overall market. In recent years, there has been a considerable growth in the demand for flavors that are added to alcoholic beverages, which is anticipated to boost Europe market.
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Global Bio-based Flavors and Fragrances Market: Key Players
Some of the key market players are
- Takasago International Corporation
- International Flavors & Fragrances, Inc.
- Evolva Holding SA
- T. Hasegawa Co., Ltd.
- Givaudan S.A.
- The Archer-Daniels-Midland Company
Global Bio-based Flavors and Fragrances Market: Segmentation
Form
- Powder
- Liquid
- Paste
Type
- Benzyl Alcohol -based
- Cinnamic Aldehyde -based
- D -Limonene -based
- Guaiacol -based
- Levulinic Acid -based
- Others
Application
- Bakery and Confectionery
- Dairy Products
- Perfumes
- Skincare Products
- Haircare Products
- Nutraceuticals
- Soaps and Detergents
- Others
End Use
- Food and Beverage
- Cosmetics and Personal Care
- Pharmaceutical
- Consumer Products
- Others
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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