USD 25.89 billion
Flavors & Fragrances Market Size, Share, Growth Analysis, By Application(Flavors, Fragrances and others), By Product(Aroma Chemicals, Natural, and others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15E2142 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
62
|Figures:
75
Flavors & Fragrances Market Insights
Flavors & Fragrances Market size was valued at USD 25.89 billion in 2021 and is poised to grow from USD 27.11 billion in 2022 to USD 39.14 billion by 2030, growing at a CAGR of 4.7% in the forecast period (2023-2030).
Flavors & Fragrances Markets are becoming popular since they Have divorce applications in a variety of industries including food and beverages, cosmetics, personal care, and household products.
This market is competitive and appeals to changing consumer preferences due to constant innovations with new and exciting scents and flavors being developed regularly. Due to this regular development, the demand for flavors and fragrances have been steadily increased due to the cruising consumer preference for scented and flavor products. In recent times, the flavors and fragrance market has seen a major investment as it has high-profit margins due to the value the product adds to the end products. It enhances the overall quality of the product and due to its long-lasting nature, the market has been competitive for a longer period.
US Flavors & Fragrances Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Fragrance.
Fastest Growth
Fragrance.
Growth Rate
4.7% CAGR
Global Flavors & Fragrances Market 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)
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Flavors & Fragrances Market Segmental Analysis
Global Flavors & Fragrances is segmented on the basis of application, Product, and region. By application, the Flavors & Fragrances Market is segmented into Flavors, Fragrances, and others. By product, the Flavors & Fragrances Market is segmented into Aroma Chemicals, Natural, and others. By region, the Flavors & Fragrances Market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Flavors & Fragrances Market Analysis by Application
By application, the global market is divided into many segments such as Flavors, Fragrances, and others. The fragrance segment held the largest Global Flavors & Fragrances market share due to the wide range of benefits provided by the Flavors & Fragrances Market in it. This segment is dominating due to the increased demand for various fragrances in toiletries such as hand washes, detergent, soap, personal care products, and cosmetics. Moreover, the growth in the demand for aromatherapy diffusers is likely to help in the growth of the industry in the coming years.
Global Flavors & Fragrances Market By Application 2022 (%)
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Flavors & Fragrances Market Regional Insights
In 2022, the Global Flavors & Fragrances market is projected to have the highest market share in the Asia-Pacific region, followed by North America. This growth can be attributed to several factors, such as the presence of leading market players, increasing disposable income, and other contributing factors.
The Asia Pacific region is expected to experience the fastest growth during the forecast period, driven by the rising acquisition of the Flavors & Fragrances Market, particularly in China and Japan. Over the past few years, the penetration of industries in the Asia Pacific region has doubled. Furthermore, many manufacturers are making significant investments to offer affordable products to consumers, which is anticipated to increase demand for the Flavors & Fragrances Market in the region.
Global Flavors & Fragrances Market By Geography, 2022-2030
- Largest
- Fastest
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Flavors & Fragrances Market Dynamics
Flavors & Fragrances Market Drivers
Increasing Disposable Income to Bolster Market Growth
- The Flavors & Fragrances Market is a type of key facilitator for the Food and beverage industry. As this industry requires a major amount of fragrance and flavors, therefore it aids in increasing the demand for flavors and fragrance market. Along with it advancements in technology have enabled the manufacturer to develop new flavors and fragrances and made the increasing demand for them which has helped the market to expand.
Flavors & Fragrances Market Restraints
Fluctuating Raw Material Prices to Hinder Market Growth
- Consumers majorly prefer to take the trending product that changes rapidly, leading to shorter product cycles and the need for constant innovations. Therefore, due to this increasing demand, the prices of raw materials used in the production of flavors and fragrances can fluctuate significantly, impacting the cost and product quality.
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Flavors & Fragrances Market Competitive Landscape
Competition in the Global Flavors & Fragrances market is expected to increase during the forecast period because new players are expected to enter the global market and the number of products compatible with the Flavors & Fragrances Market will also increase. Currently, only a few key players are providing their services in the global market but these numbers will increase in the upcoming years.
Flavors & Fragrances Market Top Player’s Company Profiles
- Givaudan SA
- Firmenich SA
- International Flavors & Fragrances Inc. (IFF)
- Symrise AG
- Takasago International Corporation
- Mane SA
- Sensient Technologies Corporation
- Robertet SA
- Kerry Group plc
- Frutarom Industries Ltd.
- Huabao International Holdings Limited
- T. Hasegawa Co., Ltd.
- Archer Daniels Midland Company
- BASF SE
- DowDupont Inc.
- Bell Flavors & Fragrances Inc.
- Takasago International (USA) Inc.
- Treatt plc
- Aromatech SAS
- Alpha Aromatics.
Flavors & Fragrances Market Recent Developments
- In May 2022, Royal DSM, the Dutch chemical giant, merged with Swiss ingredients maker Firmenich in a deal valued at roughly 21 billion dollars.
Flavors & Fragrances Key Market Trends
- There is a major trend where consumer trends products that are healthier and more sustainable along with height increasing concern about the environmental impact of the product they use and therefore the flavors and fragrance industry is responding by adopting sustainable practices such as renewable energy sources and reducing waste.
Flavors & Fragrances Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Flavors & Fragrances market analysis, the global market is estimated to have significant growth during the forecast period because of the benefits it consists of such as food and beverages, cosmetics, personal care, and household products. Flavors & Fragrances Markets will enable products to be more convenient for their users. The market has so much potential for new players also because of the high expected rate of growth and demand.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 25.89 billion |
| Market size value in 2031 | USD 39.14 billion |
| Growth Rate | 4.7% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Flavors & Fragrances Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Flavors & Fragrances Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Flavors & Fragrances Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Flavors & Fragrances Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Flavors & Fragrances Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Flavors & Fragrances Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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