Portland, OR, April 29, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global flavors and fragrances market was estimated at $28.19 billion in 2019 and is expected to hit $35.91 billion by 2027, registering a CAGR of 4.7% from 2021 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Rise in demand for ready-to-eat meals & fast food, introduction of new flavors, heavy inflow of investment in R&D activities, and high demand for flavors across European countries to produce commercialized clean label or green food products that are free of additives and other harmful chemicals drive the global flavors and fragrances market. On the other hand, allergies associated with artificial flavors, chemicals, and preservatives restrain the growth. However, there is an upcoming trend of using natural flavors owing to rise in health awareness. This factor has paved the way for lucrative opportunities in the future.
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Covid-19 scenario-
- The outbreak of the pandemic has given way to distorted supply chain, lack of workers, and complete shutdown of hotels & restaurants. Accordingly, the global flavors and fragrances market has been impacted negatively.
- At the same time, the import and export restrictions on goods and several lockdown measures imposed in different countries are the key challenges confronted by the exporters during this pandemic.
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The global flavors and fragrances market is analyzed across ingredient, end use, and region. By type, the fragrances segment accounted for more than three-fifths of the total market share in 2019, and is anticipated to lead the trail by the end of 2027. The same segment would also cite the fastest CAGR of 5.0% throughout the forecast period.
Based on nature, the synthetic segment held nearly two-thirds of the total market revenue in 2019, and is projected to dominate by 2027. The natural segment, on the other hand, would garner the fastest CAGR of 5.4% from 2021 to 2027
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Based on region, Asia-Pacific garnered the highest share in 2019, holding around one-third of the global flavors and fragrances market. The market across the same region would also manifest the fastest CAGR of 6.6% throughout the forecast period. The other provinces discussed in the report include North America, Europe, and LAMEA.
The key market players analyzed in the global flavors and fragrances market report include Givaudan, Carmi Flavor & Fragrance Co., Inc., Robertet SA, Firmenich SA, Northwestern Extract, Flavorchem, International Flavors & Fragrances Inc., KAMENA, Symrise, and Mane SA. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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