Flavors and Fragrances Market Updates by 2031
MARKET ANALYSIS
Flavor is a substance or extract that provides a particular taste. In food industry, the major function of flavors is to add taste to foods, as they have no nutritional properties. Flavors come in varieties such as natural and artificial. Artificial flavors are carefully selected to provide a larger and more diverse variety of flavors. Natural flavors incorporate natural derivatives such as fruits, spices and vegetables to achieve varieties of flavors. Further, fragrance is a substance, such as a perfume or cologne, designed to emit a pleasant odor. Fragrances are highly used in home care and personal care products. They mask the harsh scent of chemical cleaners, creating a more pleasant in-use experience.
GROWTH DRIVERS AND CHALLENGES
The flavors and fragrance market growth is mainly driven by the strong growth of the application industries such as food & beverage and cosmetics & personal care. In food manufacturing, the flavor and fragrance are the essential components. Many food products have a distinct and unacceptably unpleasant odor, hence the introduction of flavors and fragrances help to mask and improve the food quality while also increasing the acceptance of the food products. According to the China Chain Store & Franchise Association, the country’s food and beverage sector reached approximately $595 billion in 2021, a 7.8 percent increase over 2021. Moreover, India’s food processing sector is one of the largest in the world and its output is expected to reach US$ 535 billion by 2031-26, as per the India Brand Equity Foundation. Further, the rising customer demand for natural and sustainable products is also driving the growth of the food & beverage industry and subsequently the demand for natural flavors. In cosmetic and personal care products, flavors are used in a wide variety of products to enhance the taste of cosmetics and personal care products. They are also be used to produce or to mask a particular flavor. Fragrances are used in different cosmetic care products to enhance the user experience. Fragrances also provide a pleasant odor and make the products more recognizable or distinct, and help mask the smell of some ingredients. Further, along with women, there is a growth in the use of different cosmetic products among men in their daily routine. Moreover, cosmetic product manufacturers are focusing on product branding, advertising, and new product launching strategies to increase the sales of cosmetics products. Thus, the factors mentioned above are contributing to the strong growth of the cosmetics industry. Hence, the strong growth of the food & beverage and cosmetic and personal care industry is driving the flavor and fragrance market growth. However, various norms and regulation of different regulatory bodies are expected to hinder the flavor and fragrance market growth. There are different regulatory standards for the use of flavors and fragrances in food & beverage, cosmetic and personal care, and many other industries.
REPORT SEGMENTATION AND SCOPE
The "Global Flavors and Fragrances Market Analysis to 2031" is a specialized and in-depth study with a major focus on the global flavors and fragrances market trends and growth opportunities. The report aims to provide an overview of the global flavors and fragrances market with detailed market segmentation by type, source, application, and geography. The global flavors and fragrances market has been witnessing high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the consumption of flavors and fragrances worldwide along with their demand in major regions and countries. In addition, the report provides the qualitative assessment of various factors affecting the flavors and fragrances market performance in major regions and countries. The report also includes a comprehensive analysis of the leading players in the flavors and fragrances market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative flavors and fragrances market opportunities that would, in turn, aid in identifying the major revenue pockets.
Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global flavors and fragrances market, which helps understand the entire supply chain and various factors affecting the market growth.
SEGMENTAL ANALYSIS
The global flavors and fragrances market is segmented on the basis of type, source, and application. Based on type, the flavors and fragrances market is segmented as, flavors and fragrances. On the basis of source, the market is classified as, natural and synthetic. The flavors and fragrances market is categorized on the basis of application into, food and beverage, personal care, home care, and others.
Based on type, the fragrances segment accounted for a significant flavors and fragrances market share which can be attributed to increasing their use in food, cosmetic and personal care products, home care products, and many other products. Fragrances are highly used in cleaning products to mask the harsh scent of chemical cleaners. Fragrances enhance consumer enjoyment of using products of personal hygiene. Based on source, natural segment accounted for a significant flavors and fragrances market share due to increasing demand for natural flavors and fragrances. Increasing consumer focus on using natural products is driving the demand for natural ingredients. Synthetic ingredients in various cosmetic and personal care products are a concern for many, particularly those with sensitive skin. This is driving the demand for natural fragrances. The demand for flavor and fragrances from the personal care segment is expected to grow significantly over the coming years owing to various factors such as increasing demand for men’s personal care products, growth of e-commerce platforms, and strong growth of the personal care industry. The personal care industry is heading for a major boom in sales owing to social media marketing, rising digitization, and the advent of e-commerce beauty platforms. Moreover, improving socio-economic standards are resulting in an increasing demand for personal care products.
REGIONAL ANALYSIS
The report provides a detailed overview of the global flavors and fragrances market with respect to five major regions, namely; North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA) and South & Central America. Asia Pacific is estimated to account for a significant flavors and fragrances market share globally. The strong growth of the food & beverage and personal care industries in China, Japan, South Korea, and India is driving the growth of the flavors and fragrances market in Asia Pacific. In India, the food & beverage industry is growing due to the high demand for packaged, healthy and immunity booster food products and strong growth of the online food ordering business. Moreover, the government’s ‘Atmanirbhar Bharat’ initiative places priority on food & beverage sector and offers support through various policies. Moreover, in Asia Pacific, improving socio-economic standards and large-scale development of digital and manufacturing sectors are resulting in an increasing demand for cosmetic products. The cosmetics and personal care industry is growing faster, with more and more people in the region are buying personal care and beauty products. Hence, the strong growth of the cosmetic industry in different countries from the region provide more opportunities for the growth of market.
INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES
Partnership, acquisitions and new product launches were found to be the major strategies adopted by the players operating in the global flavors and fragrances market.
- In September 2022, Solvay expanded the range of one of its flagship products, Rhovanil Natural CW, with three new natural flavor ingredients: Rhovanil Natural Delica, Alta and Sublima. With these new products, the company enable the food & beverage industries to cost effectively switch to natural and address growing consumer expectations for healthier, safer, tastier, and more natural products.
- In December 2019, Blue California announced the expansion of its natural flavor and fragrance portfolio of captive ingredients by producing a clean, sustainable nerolidol.
- In April 2023, Coverpla partnered with Asian fragrance brand Daniche to create the bottle, cap and pump for Pirate Song—Daniche’s new fragrance.
IMPACT OF COVID/IMPACT OF GEOPOLITICAL SCENARIO/IMPACT OF RECESSION
The covid-19 pandemic led to a decline in the progress of many industries across the globe. Shutdown of manufacturing plants and restricted trade across the globe led to supply chain constraints for the manufacturers across the globe. Flavors and fragrances market experienced a slump during the pandemic owing to the limited trade of flavors and fragrances across the globe. Moreover, food & beverage, personal care, and home care products industries also witnessed a decline during this period owing to the shortage of raw materials and limited supply of labor. Reduced production of food & beverages, personal care products, and home care products, declined the demand for flavors and fragrances.
However, in countries, various industries have resumed their business operations. Increased production of food & beverages, personal care products, and home care products has driven the demand for different flavors and fragrances in 2021. The flavors and fragrances market has recovered quite well from the aftermath of the pandemic and is expected to grow over the coming years.
COMPETITIVE LANDSCAPE AND KEY COMPANIES
Some of the key players operating in the flavors and fragrances market include, ADM; Givaudan; Firmenich SA; International Flavors and Fragrances Inc.; Bell Flavors and Fragrances; Robertet; Sensient Technologies Corporation; Symrise AG; T. Hasegawa Co., Ltd.; Takasago International Corporation; Synergy; Carmi Flavor & Fragrance Co., Inc; FLAVOR PRODUCERS, LLC; Sunimpex; and Parfex, among others.
REGIONAL FRAMEWORKFlavors and Fragrances Market Report Analysis
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CAGR (2023 - 2031)XX% -
Market Size 2023
US$ XX Million -
Market Size 2031
US$ XX Million
Report Coverage
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Industry landscape and competition analysis & recent developments
- Detailed company profiles
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
Key Players
- Bell Flavors Fragrances
- Firmenich SA
- Givaudan
- International Flavors Fragrances Inc
- Mane
- Robertet Group
- Sensient Technologies Corporation
- Symrise AG
- T Hasegawa U S A Inc
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Flavors and Fragrances Market Report Scope
Report Attribute | Details |
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Market size in 2023 | US$ XX Million |
Market Size by 2031 | US$ XX Million |
Global CAGR (2023 - 2031) | XX% |
Historical Data | 2021-2022 |
Forecast period | 2024-2031 |
Regions and Countries Covered | North America
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Market leaders and key company profiles |
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
The List of Companies
- Bell Flavors & Fragrances
- Firmenich SA
- Givaudan
- International Flavors & Fragrances Inc.
- Mane
- Robertet Group
- Sensient Technologies Corporation
- Symrise AG
- T. Hasegawa U.S.A. Inc.
- Takasago International Corporation