Newark, March 14, 2023 (GLOBE NEWSWIRE) -- Brainy Insights estimates that the flavors and fragrances market will grow to USD 29.98 billion in 2022 and reach USD 48.37 billion by 2032. In just ten years, the increase in demand for natural flavors and fragrances, along with the strong growth in the food & beverage industry, is helping to stimulate market growth. Further, the increasing consciousness towards physical appearance, the growing awareness about the benefits of natural products, rising purchasing power parity (PPP), increasing incomes, and changing lifestyles are also anticipated to drive market growth during the forecast period.
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Key Insight of the Flavors and Fragrances Market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest market share in the flavors and fragrances market. Key factors favoring the growth of the flavors and fragrances market in North America include the rising product demand from food & beverage manufacturers and increasing customer preference towards convenience foods are helping to stimulate the market growth. Further, the increasing popularity of customized fragrances and flavors among millennials, rapid economic development, and growing customer spending power on beauty products, such as fragrances & perfumes, are expected to drive market growth in this region.
The natural segment is expected to augment the flavors and fragrances market during the forecast period.
The natural segment held the largest market size of USD 16.55 Billion in 2022 and is expected to continue during the forecast period owing to the ever-increasing awareness about the benefits of natural ingredients.
The food and beverages segment held the largest market size of USD 8.75 billion in 2022
The food and beverages segment is anticipated to dominate the market over the forecast period owing to increasing global demand for health and wellness foods, ready-to-eat, and convenience meals. Moreover, the growing demand for healthy organic food and increasing per capita income are also helping to boost the segment's market growth. However, the flavors are used dominantly in food & beverage manufacturing to provide food materials with attractive taste and smell. Further, by 2032, the beauty and personal care segment will likely dominate the market due to the increasing popularity of cosmetics, including natural & organic ingredients such as herbs, plant extracts, and fruit extracts.
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Advancement in market
For example, in April 2021, Givaudan Company announced the acquisition of Myrissi Company, a patented artificial intelligence technology developer competent in rendering fragrances into color pallets & imagery to attract the customer and predict the end customer's emotional response. The acquisition helped the company raise its artificial intelligence-based abilities to develop novel fragrances.
Market Dynamics
Driver: The increase in the demand for natural products:
The increased application of flavors and fragrances in the pharmaceutical and cosmetic sectors drives market growth. Further, the use of natural products is growing due to the increasing demand for exotic essential oils for aromatherapy, pharmaceuticals, and natural cosmetics. Additionally, the busy lifestyle pattern upheld in developing as well as developed countries are driving factors of the market growth. Further, the consumers' changing food preferences and tastes and adopting ready-to-eat food are helping to drive market growth. Moreover, the increasing preference of the general worldwide population toward natural products and a growing number of retail stores are expected to push the market growth during the forecast period.
Restraint: The rising cost of raw materials and production costs:
The higher costs of natural products, along with the rising cost of raw materials, are restraining market growth. Further, the increasing number of allergies associated with chemicals, artificial flavors, and preservatives and pricing irregularity in many products are hindering the market growth during the forecast period. Moreover, the lack of cold chain infrastructure & limited progression in the value chain in developing countries is expected to restrain the market growth during the forecast period.
Opportunity: The digitalization of the retail industry:
The changing purchasing behaviour of consumers and an increasing number of suppliers selling online, coupled with the rising GDP, are expected to drive market growth over the forecast period. Also, rapidly growing internet penetration and secure payments methods will drive the market growth over the forecast period. However, the growth in the pharmaceuticals and cosmetics industries is an opportunity factor for market growth. Furthermore, the increase in innovative technologies with introducing of new flavors and strategic alliances by the key participants are also helping to boost the market growth. Additionally, the rising population, rapid urbanization, and increasing environmental awareness among consumers regarding using natural ingredients instead of synthetic ones are expected to propel the market growth over the forecast period.
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Some of the major players operating in the flavors and fragrances market are:
• Mane SA
• Takasago International Corp.
• Manohar Botanical Extracts Pvt. Ltd.
• Ozone Naturals
• Alpha Aromatics
• Sensient Technologies Corp.
• Firmenich SA
• Elevance Renewable Sciences, Inc.
• BASF SE
• Vigon International, Inc.
• Akay Flavors & Aromatics Pvt. Ltd.
• Ungerer & Company
• Symrise AG
• Universal Oleoresins
• Flavex Naturextrakte GmbH
• Synthite Industries Ltd.
• Falcon Essential Oils
• Young Living Essential Oils
• Biolandes SAS
• doTERRA International
• Givaudan
• International Flavors and Fragrances, Inc.
Key Segments cover in the market:
By Ingredient:
• Synthetic
• Natural
By Application:
• Beauty and Personal Care
• Food and Beverages
• Pharmaceuticals and Healthcare
• Homecare
• Fabric Care
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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