Dublin, Sept. 27, 2022 (GLOBE NEWSWIRE) -- The "Flavors and Fragrances Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The global flavors and fragrance market is expected to grow from $30.04 billion in 2021 to $31.56 billion in 2022 at a compound annual growth rate (CAGR) of 5.05%. The flavors and fragrance market is expected to grow to $36.95 billion in 2026 at a compound annual growth rate (CAGR) of 4.02%.
The flavors and fragrances market consists of sales of flavors and fragrances by entities (organizations, sole traders, partnerships) that refer to the aromatic products used to provide distinctive taste or fragrance to various consumer products such as food & beverages, personal care products, home care products, pharmaceuticals and others. Flavors are used to enhance, add, or change the taste of the base product, whereas fragrance is a pleasant and desirable scent to a person's body.
Asia Pacific was the largest region in the flavors and fragrances market in 2021 and is expected to be the fastest-growing region in the forecast period. The regions covered in the flavors and fragrances market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing preference of consumers toward convenience foods is driving the flavors and fragrances market. Convenience foods refer to processed food products that require less time to prepare prior to consumption. They include ready-to-eat food products, packaged foods, and preserved foods. Increasing preferences towards convenience foods are expected to increase the utilization of flavors and fragrances, as they are widely used as a major ingredient to increase the taste and longevity of the products.
According to a research paper published in the Current Journal of Applied Science and Technology, In March 2020, the majority of working women, approximately 41.7%, spent more than 30% of their total food expenditure on convenience foods, while among non-working women, that is 55% of them spent only 10 to 20% on convenience foods, revealing a higher use of convenience foods by working women. Therefore, the increase in consumer preference for convenience food is expected to boost demands for flavors and fragrances during the forecast period.
Increasing usage of natural ingredients in the manufacturing of flavors and fragrances is the key trend gaining popularity in the flavors and fragrances market. Natural flavors and fragrances refer to aromatic products derived from natural ingredients that contain no artificial constituents.
The companies operating in the flavors and fragrances market are focusing on manufacturing innovative natural flavors and fragrances with multifunctional properties to meet end-customer demands and strengthen their market position. For instance, in July 2021, International Flavors & Fragrances, Inc., a USA-based manufacturer of flavors and fragrances, launched GUARDIAN Chelox 30 C, a cost-effective, natural flavor with multifunctional properties in North America.
In February 2021, International Flavors & Fragrances Inc., a United States-based corporation, merged with DuPont's Nutrition & Biosciences for $26.2 billion. The combined entity is expected to be a combination of IFF's expertise in food flavors and fragrances and Dupont's experience in probiotics, enzymes and food protection. DuPont is a USA-based company formed by a merger between Dow Chemical and E. I. du Pont de Nemours and Company. The company is involved in the manufacturing and distribution of industrial chemicals, synthetic fibres, petroleum-based fuels and lubricants, and other products.
The main types of flavors and fragrances include flavors, and fragrances. The flavors refer to ingredients made by mixture of spices, herbs, taste components, and used in foods to intensify or improvise flavors. These flavors and fragrances in liquid and dry forms are used in various industries ranging from food & beverages, cosmetics & personal care, pharmaceutical, home & floor care, fine fragrances, and others.
The countries covered in the flavors and fragrances market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Major players in the flavors and fragrances market are
- Givaudan
- Firmenich SA
- International Flavors & Fragrances
- Symrise AG
- Takasago
- The Archer Daniels Midland Company
- Sensient Technologies
- Robertet
- Kerry Group PLC
- S H Kelkar Company Limited
- Huabao International Holdings Limited
- Mane SA
- T Hasegawa
- Bell Flavors & Fragrances
- Sigma Aldrich
Key Topics Covered:
1. Executive Summary
2. Flavors and Fragrances Market Characteristics
3. Flavors and Fragrances Market Trends And Strategies
4. Impact Of COVID-19 On Flavors and Fragrances
5. Flavors and Fragrances Market Size And Growth
5.1. Global Flavors and Fragrances Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Flavors and Fragrances Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Flavors and Fragrances Market Segmentation
6.1. Global Flavors and Fragrances Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Flavors
- Fragrance
6.2. Global Flavors and Fragrances Market, Segmentation By Form, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Liquid
- Dry
6.3. Global Flavors and Fragrances Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Food & Beverage
- Cosmetics & Personal Care
- Pharmaceutical
- Home & Floor Care
- Fine Fragrances
- Others
7. Flavors and Fragrances Market Regional And Country Analysis
7.1. Global Flavors and Fragrances Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Flavors and Fragrances Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
Flavors and Fragrances Market Competitive Landscape And Company Profiles
- Givaudan
- Firmenich SA
- International Flavors & Fragrances
- Symrise AG
- Takasago
For more information about this report visit https://www.researchandmarkets.com/r/cmbsd
