The global flavors & fragrances market is estimated at USD 21.15 Billion in 2017 and is projected to reach USD 24.13 Billion by 2022, at a CAGR of 2.67% from 2017 to 2022. Increase in demand for flavors & fragrances from end-use segments, such as beverage, savory & snacks, bakery, dairy products, confectionery, consumer products, and fine fragrances among others, is mainly due to rise in disposable incomes of consumers, growing awareness among populations about ingredients used and increase in consumption of fast moving consumer goods, such as ready-to-eat food, convenience food, home care and personal care products, which is driving demand in the flavors & fragrances market.
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Natural ingredients are projected to grow at the highest CAGR during the forecast period
The flavors & fragrances market has been segmented on the basis of ingredients into synthetic and natural. The natural ingredients segment is projected to grow at the highest CAGR during the forecast period. Natural ingredients are extracted from plants and animal sources. Increasing availability of natural ingredients and rising awareness among consumers towards healthier lifestyles are the major factors driving the market for natural ingredients.
Beverages end-use segment is expected to lead the flavors market during the forecast period
Beverages was the largest end-use segment of the flavors market in 2016. This end-use segment is projected to drive the flavors market from 2017 to 2022 due to the changing lifestyles and rise in consumer spending on soft drinks, and sports drinks in emerging countries, such as India, China, Brazil, and South Africa, among others. In addition, increasing demand for dietary drinks owing to the rising percentage of health-conscious individuals in countries such as the US, the UK, Germany, France, and Japan is also expected to drive the demand for flavors in beverages.
Asia Pacific is expected to be the largest market for flavors & fragrances during the forecast period
The flavors & fragrances market has been studied for five regions, namely, Asia Pacific, North America, Europe, the Middle East & Africa, and South America. The Asia Pacific is projected to be the largest flavors & fragrances market during the forecast period due to the growing population and rapid urbanization. Increase in per capita spending on consumer products in high-growth economies, such as China, India, South Korea, and Indonesia is also expected to drive the flavors & fragrances market in the Asia Pacific.
Some of the key players in the flavors & fragrances market include Givaudan (Switzerland), International Flavors & Fragrances, Inc. (US), Firmenich (Switzerland), MANE (France), Symrise (Germany), Sensient (US), Takasago (Japan), Frutarom (Israel), Robertet (France), and T.HASEGAWA (Japan).
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