Flavors and Fragrances Market: Global Trends & Forecasts to 2024

Flavors and Fragrances Market size is expected to acknowledge a remarkable growth over the forecast period owing to increasing demand in various industries such as food & beverages, natural cosmetic products comprising of essential oil and aroma and toiletries. Changing customer taste and preferences, growing customer awareness in purchasing products containing natural elements and rising purchasing power are key driver for the market growth.
Rising use of biotic ingredients and business expansion will foster the product market. Increasing demand for personal care products in emerging economies with substantial rise in disposable income and population will augment the flavors and fragrances market. Growing demand for junk food, confectionery food and beverages will have positive impact on this market. Also, rapid emerging supermarkets and retails stores will support the market growth over the forecasted period.
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Growing food and beverages items among consumers has raised the consumption of flavors and fragrances market as they are necessary part of foods. Synthetic and natural flavors used in ice-creams, toothpaste, cakes, juice and colas. Additionally, fragrances are used to add fresh smell in those items as well as in perfumes and household products.
Flavors and fragrances are made up of esters, acids, alcohol, ketones, aldehydes and lactones. On the basis of its ingredient types, market is segmented into essential oils and aroma chemicals. Rising awareness regarding beauty and aesthetics, hygiene and personal appearance are fostering the market growth.
Based on the end use application flavors and fragrances market is classified into cosmetics, detergents, soaps, perfumes, toiletries, air fresheners and household cleaners. Further, they can be subcategorized into dairy, confectionery, beverages and bakery industry. New innovations in food products and confectioneries is propelling the market. Increase in population and their upsurge in cravings to try new food products further augments the market. Additional, increasing research & development expenditure on emerging fragrance compounds is predictable to support the demand for aroma chemicals in next years.
North America, dominated by the U.S. holds the largest market share in 2016 due to expansion of customer awareness about cosmetic products and rising demand for snacks and convenience food. Rising demand of anti-ageing creams and beauty products has flourished the product market in the region. Several companies are now focusing on Hispanic groups due to high significant use of cosmetic products.
Europe, led by UK and Germany will experience moderate growth owing to concentration of cosmetics industries. Influence of health consciousness and demand of natural ingredient food items over synthetic ingredient foods is driving the product market in the region. Changing lifestyle and change in food patterns in this region will also play a vital role in booming of flavors and fragrances market over the forecasted years.
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Asia-Pacific will be the fastest growing rigid transparent plastic market owing to growing population and improving per capita income. Consumption of cosmetics, toiletries and food packages will foster the market growth. Rapid industrialization will generate enormous market opportunities for manufacturers to invest in the region, boosting the flavours and fragrances market. Retail stores, convenience food and new product innovation is expected key drivers of market growth.
Global flavors and fragrances market share is competitive with key players including Symrise, Takasago, MANE, Robertet group, Firmenich SA and Givaudan SA. Several other key vendors operating in the same field are BASF SE, royal DSM NV, Bedoukian Research, Aromtech SAS, Cargill Inc., ConAgra Foods, Kao corporation, Frutaroam industries, Kerry group plc and Solvay SA.
Increasing mergers and acquisitions strategy, IFF Company acquired David Michael Company in 2016. This acquisition would help IFF to expand its market growth also, it will expand the product line of the company generating more revenues for the company.
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