Flavors And Fragrances Market Trends, Growth Opportunities & Forecast 2023-2028

The global flavors and fragrances market size size reached US$ 31.0 Billion in 2022. Looking forward, the market expected to reach US$ 41.6 Billion by 2028, exhibiting a growth rate (CAGR) of 3.8% during 2023-2028, according to the new market research report by IMARC Group.

Flavors and fragrances are widely used in order to enhance the smell and taste of a product. They are generally prepared using aroma compounds that aid in improving the aesthetic value of a particular substance. Some of the commonly utilized flavors and fragrances include sweet, woody, fruity, floral, and musky, which provide pleasing scents to various home and personal care and confectionary products. Along with this, they are also used in aromatherapy as healing scents for mental well-being and hygiene as well as for beauty and ailment treatments.

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being Givaudan SA, Firmenich SA, International Flavors & Fragrances, Inc., Symrise AG, Takasago International Corporation, Sensient Technologies Corporation, V. MANE FILS, SA, Robertet SA, T. Hasegawa Co., Ltd., Frutarom Industries Ltd., Bell Flavors & Fragrances, Inc., Archer Daniels Midland Company (ADM), Kerry Group plc, Ogawa & Co., Ltd. and Huabao International Holdings Limited, etc.

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Flavors and Fragrances Market Trends and Drivers:

The global market is primarily driven by the shifting lifestyle preferences of the masses. Coupled with the rising consciousness among individuals toward maintaining an appealing appearance, this is creating a positive outlook for the market. In line with this, inflating disposable income levels of the masses is also providing a boost to the market growth. Along with this, the increasing adoption of various flavor and fragrance substances across the food and beverages sector is one of the key factors driving the growth of the market.

Moreover, due to the rising health-consciousness among individuals, leading players are heavily investing in the formulation of organic flavor and fragrance variants, which is contributing to the market growth. Other factors, including the increasing popularity of aromatherapy for treating various chronic illnesses, the rising product utilization in the pharmaceutical industry and extensive research and development (R&D) activities conducted by key players to introduce diversified product variants, are also projected to drive the market further.

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Key Market Segmentation:

Global Flavors Market:

Breakup by Product Type:

• Natural-Identical
• Artificial
• Natural

Breakup by Form:

• Liquid
• Dry

Breakup by Application:

• Beverages
• Dairy and Frozen Desserts
• Bakery and Confectionery Products
• Savories and Snacks
• Others

Breakup by Region:

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

Global Fragrances Market:

Breakup by Product Type:

• Cosmetics and Toiletries
• Fine Fragrances
• Household Cleaners and Air Fresheners
• Soap and Detergents
• Others

Breakup by Ingredients:

• Natural
• Synthetic

Breakup by Region:

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

Competitive Landscape

The report has also analysed the competitive landscape of the market with some of the key players being Givaudan, Firmenich, International Flavors & Fragrances, Symrise, Takasago, Sensient, Mane, Robertet, T.Hasegawa, Frutarom, Bell Flavors & Fragrances, Archer Daniels Midland, Kerry, Ogawa & Co., Ltd., Huabao, etc.

Key highlights of the report:

• Market Performance
• Market Outlook
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Competitive Structure
• Profiles of Key Players

Objectives of the study:

• To segment the global flavors and fragrances market by Product Type Insights, Form Insights, Application Insights and region
• To estimate and forecast the global market by region, namely, North America, Asia-Pacific, Europe, and Latin America and Middle East & Africa
• To estimate and forecast the market size in terms of value (41.6 billion), at global and regional levels
• To analyse the key market drivers, restraints, growth, opportunities, and challenges influencing the global market
• To identify the profile of the top key market players and analyse their core competencies in each segment of the global market.

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