Flavors and Fragrances Market Powerful Evolution by Key Vendors, Distinctive Growth Rate Foreseen Till 2024
The demand for flavor and fragrances has significantly risen as it is an essential component in various packaged and consumer goods. Adding fragrance into various products provides a fresh smell that can either be of variety of flowers to fruits and essential oils. Over the coming years, the flavor and fragrance market is expected to grow at a significant rate. The demand for flavor and fragrance is high in toiletries, food and beverages, perfumes, cosmetics, and household products. emerging middle class in developing economies has also contributed to the growth of this market.
The global flavor and fragrances market could be classified into product type, ingredient type, and end user type. Based on product type, the market could be split into fragrance blends, lavor blends, and aroma chemicals. The aroma chemicals segment can be further bifurcated into synthetic aroma chemicals and natural aroma chemicals. Under the end-user category, the market could be further divided into dairy segment, beverages, savory, confectionery, and bakery segments.
Key factors affecting the growth of the global flavor and fragrances market are elaborated in this report published by TMR. It contains key driver and restraints that help in understanding the different growth factors directly or indirectly affecting the market performance. Additionally, trends and opportunities provided in the report give insights related to the recent innovation-taking place in the market. Competitive landscape, geographic analysis, and segmentation are also provided in the report.
Global Flavors and Fragrances Market: Trends and Opportunities
Rapid growth in industrialization across the globe has led the growth of massive production of scented or flavored products such as processed food and beverages, soaps, personal care products, detergents, household cleaners, and oral hygiene products. Moreover, rising demand for natural ingredients across a large number of consumers that could drive the demand in the flavors and fragrances market. On the other hand, fluctuating prices of raw material are expected to deter the demand in this market. Strict rules and regulation imposed by various government across countries on using flavors and fragrances such as US Food and Drug Administration (FDA), European Food Safety Authority, and International Fragrance Association (IFRA) are likely to restrain market’s growth.
Global Flavors and Fragrances Market: Regional Analysis
Regions in which the global flavors and fragrances market is classified includes Europe, North America, the Middle East and Africa, Latin America, and Asia Pacific. Among these regions, Asia Pacific held dominated share in terms of revenue in 2014. Growing economic development in emerging countries like China and India are considered responsible for the dominance of Asia Pacific. In addition, emerging economies are growing at a significant rate; therefore, the investors are investing heavily in these markets. This is likely to create huge growth opportunities for the flavor and fragrances market. The demand for flavor and fragrances is expected to remain high in developed countries for example, in 2016 the U.S. held one-third share of the total demand.
The report also provides detailed information about the various key competitors operating in the market and what strategy these players are adopting. This section helps in understanding the current market status and dynamics. Givaudan SA, Symrise AG, Firmenich SA, Agilex Flavors & Fragrances, Inc., International Flavors & Fragrances, Inc., Aromatech SAS, and Bedoukian Research, Inc. are some of the prominent players of the flavor and fragrances market. Leading players in the market are focusing on investing in merger and acquisitions and are preparing to launch new products to cement their position in the global market.
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