Austin, July 30, 2024 (GLOBE NEWSWIRE) -- The Flavors & Fragrances Market Size was valued at USD 30.5 billion in 2023 and is expected to reach USD 49.3 billion by 2032 and grow at a CAGR of 5.5% over the forecast period 2024-2032.
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The global flavors and fragrances market has shown remarkable growth on the back of consumer demand for natural and sustainable products. Innovation and expansion of product portfolios by major companies have ensued to meet this demand. In March 2023, Firmenich launched a new line of natural fragrances using responsible sourcing—a part of a broader trend of companies taking up environmental responsibility. Givaudan also completed its acquisition of Myrissi in January 2024, boosting its AI-powered fragrance creation capabilities and once again showing how technology is linked with the more traditional flavor and fragrance creation. International Flavors & Fragrances worked in partnership with the Nutrition & Biosciences business of DuPont to introduce new flavor solutions for the creation by customers of a wide portfolio of plant-based food products in high demand by consumers.
Moreover, in May 2024, Pepsi ups the ante with a new campaign featuring "Grills Night Out," pitching Pepsi as the perfect drink to complement America's favorite time-of-year activity: grilling. In support, Pepsi partnered with world-renowned grill master Chef Bobby Flay to give consumers exclusive tips on firing up their grills ahead of Memorial Day Weekend—all to explore how their favorite flame-kissed foods tasted even better with Pepsi. It brought home the flavors associated with eating, so this campaign speaks to a broader trend in flavor innovation in the marketplace.
Successful businesses have responded time and again to trends and changes in taste, as is shown here by Beck Flavors with its new "Flavors of the Year" for 2024. Restaurants, cafés, grocers, and food manufacturing businesses learned what consumers will be craving in the new year. Beck Flavors annually executes deep consumer research to pinpoint flavor trends and crown its top four trending flavors. This initiative mirrored the focus of the market on understanding and reacting to changing consumer tastes and preferences, hence more growth and innovation. Food and beverage remain the largest end-use category, as the market remains active with growing demand for functional and fortified foods. The personal care and cosmetics segment further holds a substantial share in the market growth.
Flavors & Fragrances Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 30.5 billion |
| Market Size by 2032 | USD 49.3 billion |
| CAGR | 5.5% by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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Key Players:
Some of the major players in the Flavors & Fragrances Market are Firmenich SA, Sensient Technologies Corp., Takasago International Corp., Manohar Botanical Extracts Pvt. Ltd., Alpha Aromatics, Vigon International, Inc., BASF SE, Akay Flavors & Aromatics Pvt. Ltd., Synthite Industries Ltd., Symrise AG, Indo World, Universal Oleoresins, Flavex Naturextrakte GmbH, Young Living Essential Oils, Biolandes SAS, Mane SA, Givaudan, Ozone Naturals, doTERRA International, Elevance Renewable Sciences, Inc., Ungerer & Company, Falcon Essential Oils, International Flavors and fragrances, and other players
Segment Analysis
By Product Type
- Natural
- Essential Oils
- Corn mint Essential Oils
- Eucalyptus Essential Oils
- Pepper Mint Essential Oils
- Lemon Essential Oils
- Citronella Essential Oils
- Patchouli Essential Oils
- Clove Essential Oils
- Ylang Ylang/Canaga Essential Oils
- Lavender Essential Oils
- Oleoresins
- Paprika Oleoresins
- Black Pepper Oleoresins
- Turmeric Oleoresins
- Ginger Oleoresins
- Others
- Essential Oils
- Aroma Chemicals
- Esters
- Alcohol
- Aldehydes
- Phenol
- Terpenes
- Others
In 2023, the natural chemicals segment dominated the flavors & fragrances market with a revenue share of more than 70%. This has been due to the extensive use of these products in various industries such as Pharmaceuticals, Aromatherapy, and Natural Cosmetics. Further, growing investment in research for the formulation of fragrance compounds from natural origin is likely to drive the growth of the overall sector.
By Application
- Flavors
- Beverages
- Savory & Snacks
- Dairy Products
- Bakery
- Confectionary
- Animal Feed
- Others
- Fragrances
- Fine Fragrances
- Cosmetics & Toiletries
- Soaps & Detergents
- Aromatherapy
- Others
Investments into the Flavors & Fragrances Industry: Now and in the Future
Firmenich has been working on the development of new innovative natural fragrances; Givaudan is now acquiring Myrissi to improve its AI-driven fragrance technologies. On the same token, International Flavors & Fragrances has invested heavily in new flavor solution development to capture rising demand from the large and fast-growing plant-based segment. This points to a growing trend towards natural and integrating technology into the industry.
Moreover, future investments would most likely be directed toward technology and sustainability, with more research in natural and organic ingredients and state-of-the-art technologies like AI. This would encompass emerging markets and more sustainable means of production in a bid to stay up to speed with changing consumer demands and environmental standards while looking at newer avenues of growth.
Regional Analysis
Asia-Pacific dominated the flavors and fragrances market in 2023 with a market share of more than 30% and is projected to continue the trend due to rapid economic growth in China and India, raising disposable incomes and demand for personal care products. South Korea, with its powerful economy and spending-class middlemen, also drove the growth of the market. Although faced with challenges in the world economy, South Korea's GDP was slightly lower in 2020. From 2021 to 2023, the annual average growth rate is 2.7% The major import categories were mainly composed of perfumes, scents, and hair care products. On the use of flavors and fragrances, cosmetics and personal care items have undergone several beautifying processes, enhancing attraction and user experience by their inclusion.
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Key Takeaways:
- The flavors and fragrances market is driven by the increase in demand for natural and sustainable products.
- Growth in the natural flavors segment is quite huge, particularly in the food and beverage industry.
- The market is dominated by the Asia-Pacific region due to economic growth and changes in consumer preferences.
- Market expansion and innovation depend on technological developments and strategic partnerships.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Flavors & Fragrances Market Segmentation, By Product Type
8. Flavors & Fragrances Market Segmentation, By Application
9. Regional Analysis
10. Company Profiles
11. Competitive Landscape
12. Use Case and Best Practices
13. Conclusion
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