Table of Content

"1    INTRODUCTION    35
1.1    OBJECTIVES OF THE STUDY    35
1.2    MARKET DEFINITION    35
1.2.1    FLAVORS & FRAGRANCES MARKET: INCLUSIONS & EXCLUSIONS    36
1.2.2    FLAVORS & FRAGRANCES: MARKET DEFINITION AND INCLUSIONS,
BY INGREDIENT    36
1.2.3    FLAVORS & FRAGRANCES: MARKET DEFINITION AND INCLUSIONS,
BY END-USE INDUSTRY    36
1.3    MARKET SCOPE    37
1.3.1    REGIONS COVERED    38
1.3.2    YEARS CONSIDERED FOR THE STUDY    38
1.4    CURRENCY    39
1.5    STAKEHOLDERS    39
1.6    SUMMARY OF CHANGES    39
2    RESEARCH METHODOLOGY    41
2.1    RESEARCH DATA    41
FIGURE 1    FLAVORS & FRAGRANCES MARKET: RESEARCH DESIGN    41
2.1.1    SECONDARY DATA    42
2.1.2    PRIMARY DATA    42
2.1.2.1    Primary interviews – demand and supply sides    42
2.1.2.2    Key industry insights    43
2.1.2.3    Breakdown of primary interviews    43
2.2    MARKET SIZE ESTIMATION    44
2.2.1    BOTTOM-UP APPROACH    44
FIGURE 2    MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1 (SUPPLY-SIDE): REVENUE OF PRODUCTS    44
FIGURE 3    MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 2, BOTTOM-UP (SUPPLY-SIDE): COLLECTIVE REVENUE OF ALL PRODUCTS    45
FIGURE 4    MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 3 – BOTTOM-UP (DEMAND-SIDE): PRODUCTS SOLD    45
2.2.2    TOP-DOWN APPROACH    46
FIGURE 5    MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 4 – TOP-DOWN    46
2.3    DATA TRIANGULATION    46
FIGURE 6    FLAVORS & FRAGRANCES MARKET: DATA TRIANGULATION    47
2.4    GROWTH RATE ASSUMPTIONS/GROWTH FORECAST    48
2.4.1    SUPPLY-SIDE    48
FIGURE 7    MARKET CAGR PROJECTIONS FROM THE SUPPLY-SIDE    48
2.4.2    DEMAND-SIDE    48
FIGURE 8    MARKET GROWTH PROJECTIONS FROM DEMAND-SIDE DRIVERS
AND OPPORTUNITIES    49
2.5    FACTOR ANALYSIS    49
2.6    ASSUMPTIONS    50
2.7    LIMITATIONS    50
2.8    RISK ASSESSMENT    50
TABLE 1    FLAVORS & FRAGRANCES MARKET: RISK ASSESSMENT    50
3    EXECUTIVE SUMMARY    51
FIGURE 9    SYNTHETIC INGREDIENT SEGMENT TO DOMINATE FLAVORS & FRAGRANCES MARKET DURING THE FORECAST PERIOD    51
FIGURE 10    BEVERAGES SEGMENT TO DOMINATE THE FLAVORS MARKET IN 2020    52
FIGURE 11    CONSUMER PRODUCTS SEGMENT TO DOMINATE THE FRAGRANCES MARKET    52
FIGURE 12    APAC WAS LARGEST FLAVORS & FRAGRANCES MARKET IN 2020    53
4    PREMIUM INSIGHTS    54
4.1    ATTRACTIVE OPPORTUNITIES IN THE FLAVORS & FRAGRANCES MARKET    54
FIGURE 13    FLAVORS & FRAGRANCES MARKET TO REGISTER MODERATE GROWTH DURING THE FORECAST PERIOD    54
4.2    APAC: FRAGRANCES MARKET, BY END-USE AND COUNTRY    54
FIGURE 14    CHINA LED THE APAC FRAGRANCES MARKET IN 2020    54
4.3    FLAVORS & FRAGRANCES MARKET, BY REGION    55
FIGURE 15    APAC TO BE FASTEST-GROWING MARKET BETWEEN 2021 AND 2026    55
4.4    FLAVORS MARKET, REGION VS END-USE INDUSTRY    55
FIGURE 16    BEVERAGES ACCOUNTED FOR LARGEST SHARE IN MOST OF THE
REGIONS IN 2020    55
4.5    FLAVORS MARKET ATTRACTIVENESS    56
FIGURE 17    INDIA TO BE FASTEST-GROWING MARKET BETWEEN 2021 AND 2026    56
5    MARKET OVERVIEW AND INDUSTRY TRENDS    57
5.1    INTRODUCTION    57
5.2    MARKET DYNAMICS    57
FIGURE 18    DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES IN THE
FLAVORS & FRAGRANCES MARKET    57
5.2.1    DRIVERS    58
5.2.1.1    Increasing demand for natural flavors and fragrances    58
5.2.1.2    Increasing consumer preference toward convenience foods    58
TABLE 2    FROZEN FOOD MARKET SIZE, BY REGION, 2020–2025 (USD BILLION)    58
5.2.1.3    Rising demand for natural products    59
5.2.1.4    Rising demand for consumer products    59
5.2.2    RESTRAINTS    59
5.2.2.1    Compliance with quality and regulatory standards    59
TABLE 3    FLAVORS AND FRAGRANCES: REGULATIONS SET BY DIFFERENT COUNTRIES    59
5.2.3    OPPORTUNITIES    60
5.2.3.1    Digitalization of the retail industry    60
FIGURE 19    ONLINE PURCHASES OF GOODS & SERVICES IN THE EUROPEAN
UNION (2018)    60
5.2.3.2    Innovation in end-use industries to drive the flavors
& fragrances market    60
5.2.4    CHALLENGES    61
5.2.4.1    Limited progression in value chain among developing economies    61
5.2.4.2    Lack of cold chain infrastructure in developing economies    61
5.3    PORTER’S FIVE FORCES ANALYSIS    61
FIGURE 20    PORTER’S FIVE FORCES ANALYSIS OF FLAVORS & FRAGRANCES MARKET    62
5.3.1    THREAT OF NEW ENTRANTS    62
5.3.2    THREAT OF SUBSTITUTES    62
5.3.3    BARGAINING POWER OF SUPPLIERS    63
5.3.4    BARGAINING POWER OF BUYERS    63
5.3.5    INTENSITY OF COMPETITIVE RIVALRY    63
TABLE 4    FLAVORS & FRAGRANCES MARKET: PORTER’S FIVE FORCES ANALYSIS    63
5.4    MACROECONOMIC INDICATORS    64
5.4.1    GDP TRENDS AND FORECAST OF MAJOR ECONOMIES    64
TABLE 5    GDP TRENDS AND FORECAST, BY MAJOR ECONOMY,
2018–2026 (USD BILLION)    64
5.5    COVID-19 IMPACT    65
5.5.1    INTRODUCTION    65
5.5.2    COVID-19 HEALTH ASSESSMENT    65
FIGURE 21    COUNTRY-WISE SPREAD OF COVID-19    65
5.5.3    COVID-19 ECONOMIC ASSESSMENT    66
FIGURE 22    REVISED GDP FORECASTS FOR SELECT G20 COUNTRIES IN 2021    66
5.5.3.1    COVID-19 Impact on the Economy—Scenario Assessment    67
FIGURE 23    FACTORS IMPACTING THE GLOBAL ECONOMY    67
FIGURE 24    SCENARIOS OF COVID-19 IMPACT    68
5.6    IMPACT OF COVID-19: CUSTOMER ANALYSIS    69
5.7    SUPPLY CHAIN ANALYSIS    69
FIGURE 25    FLAVORS & FRAGRANCES MARKET: SUPPLY CHAIN    70
5.7.1    RAW MATERIAL    70
5.7.2    INGREDIENT MANUFACTURING    70
5.7.3    DISTRIBUTION    70
5.7.4    END-USE INDUSTRIES    71
5.8    FLAVORS & FRAGRANCE MARKET: REALISTIC, PESSIMISTIC, OPTIMISTIC,
AND NON-COVID-19 SCENARIOS    71
FIGURE 26    MARKET SIZE UNDER REALISTIC, PESSIMISTIC, OPTIMISTIC,
AND NON-COVID-19 SCENARIOS    71
TABLE 6    FLAVORS & FRAGRANCE MARKET FORECAST SCENARIO,
2019–2026 (USD MILLION)    71
5.8.1    NON-COVID-19 SCENARIO    71
5.8.2    OPTIMISTIC SCENARIO    72
5.8.3    PESSIMISTIC SCENARIO    72
5.8.4    REALISTIC SCENARIO    72
5.9    TRENDS/DISRUPTIONS IMPACTING CUSTOMER’S BUSINESS    72
5.9.1    REVENUE SHIFTS & REVENUE POCKETS FOR FLAVORS
& FRAGRANCE MARKET    72
FIGURE 27    REVENUE SHIFT FOR FLAVORS & FRAGRANCE MARKET    73
5.10    CONNECTED MARKETS: ECOSYSTEM    73
FIGURE 28    FLAVORS & FRAGRANCES MARKET: ECOSYSTEM    73
TABLE 7    FLAVORS & FRAGRANCES MARKET: SUPPLY CHAIN    74
5.11    TECHNOLOGY ANALYSIS    75
5.12    CASE STUDY ANALYSIS    76
5.12.1    A CASE STUDY ON SLEEPSCORE LABS AND INTERNATIONAL
FLAVORS & FRAGRANCES INC.    76
5.12.2    A CASE STUDY ON GIVAUDAN AND MEDIAFLY    77
5.13    TRADE ANALYSIS    77
5.13.1    IMPORT SCENARIO OF FLAVORS & FRAGRANCES    77
FIGURE 29    FLAVORS & FRAGRANCES IMPORTS, BY KEY COUNTRY, 2012–2020    77
TABLE 8    IMPORTS OF FLAVORS & FRAGRANCES, BY REGION,
2012–2020 (USD MILLION)    78
5.13.2    EXPORT SCENARIO OF FLAVORS & FRAGRANCES    78
FIGURE 30    FLAVORS & FRAGRANCES EXPORTS, BY KEY COUNTRY, 2012– 2020    78
TABLE 9    EXPORTS OF FLAVORS & FRAGRANCES, BY REGION,
2012–2020 (USD MILLION)    79
5.14    TARIFF AND REGULATORY LANDSCAPE    79
5.15    PATENT ANALYSIS    81
5.15.1    APPROACH    81
5.15.2    DOCUMENT TYPE    81
TABLE 10    GRANTED PATENTS ACCOUNTED FOR 4% OF THE TOTAL COUNT
IN LAST 11 YEARS    81
FIGURE 31    PATENTS REGISTERED FOR FLAVORS & FRAGRANCES, 2010–2020    82
FIGURE 32    PATENTS PUBLICATION TRENDS FOR FLAVORS & FRAGRANCES, 2010–2020    82
5.15.3    JURISDICTION ANALYSIS    83
FIGURE 33    MAXIMUM PATENTS FILED BY COMPANIES IN CHINA    83
5.15.4    TOP APPLICANTS    83
FIGURE 34    HUBEI CHINA TOBACCO INDUSTRY CO. LTD. REGISTERED MAXIMUM NUMBER OF PATENTS BETWEEN 2010 AND 2020    83
TABLE 11    TOP 10 PATENT OWNERS (US) IN LAST 11 YEARS    86
6    FLAVORS & FRAGRANCES MARKET, BY INGREDIENT    87
6.1    INTRODUCTION    88
FIGURE 35    NATURAL INGREDIENTS EXPECTED TO BE FASTER-GROWING SEGMENT DURING THE FORECAST PERIOD    88
TABLE 12    FLAVORS & FRAGRANCES MARKET SIZE, BY INGREDIENT,
2016–2019 (USD MILLION)    88
TABLE 13    FLAVORS & FRAGRANCES MARKET SIZE, BY INGREDIENT,
2020–2026 (USD MILLION)    89
6.2    SYNTHETIC INGREDIENT    89
6.2.1    TREND IN REPLICATION OF NATURAL FLAVORS INTO SYNTHETIC INGREDIENTS TO DRIVE THE MARKET    89
TABLE 14    SYNTHETIC INGREDIENT MARKET SIZE, BY TYPE, 2016–2019 (USD MILLION)    89
TABLE 15    SYNTHETIC INGREDIENT MARKET SIZE, BY TYPE, 2020–2026 (USD MILLION)    89
6.3    NATURAL INGREDIENT    90
6.3.1    INCREASING HEALTH AWARENESS AMONG CONSUMERS
TO DRIVE THE MARKET    90
TABLE 16    NATURAL INGREDIENT MARKET SIZE, BY TYPE, 2016–2019 (USD MILLION)    90
TABLE 17    NATURAL INGREDIENT MARKET SIZE, BY TYPE, 2020–2026 (USD MILLION)    90
7    FLAVORS & FRAGRANCES MARKET, BY END-USE INDUSTRY    91
7.1    INTRODUCTION    92
7.2    FLAVORS    92
FIGURE 36    BEVERAGES SEGMENT TO LEAD FLAVORS MARKET DURING
THE FORECAST PERIOD    92
TABLE 18    FLAVORS MARKET, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)    92
TABLE 19    FLAVORS MARKET, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)    93
7.2.1    BEVERAGES    93
7.2.1.1    Changing lifestyle and curiosity to try differently flavored
beverages are driving the market    93
TABLE 20    FLAVORS MARKET SIZE IN BEVERAGES, BY REGION,
2016–2019 (USD MILLION)    93
TABLE 21    FLAVORS MARKET SIZE IN BEVERAGES, BY REGION,
2020–2026 (USD MILLION)    94
7.2.2    SAVORY & SNACKS    94
7.2.2.1    Demand for plant-based products and growing preference for
less salt, fat, and sugar to drive the market    94
TABLE 22    FLAVORS MARKET SIZE IN SAVORY & SNACKS, BY REGION,
2016–2019 (USD MILLION)    94
TABLE 23    FLAVORS MARKET SIZE IN SAVORY & SNACKS, BY REGION,
2020–2026 (USD MILLION)    95
7.2.3    DAIRY PRODUCTS    95
7.2.3.1    Demand for health & wellness and emotional need for dairy
products to drive the market    95
TABLE 24    FLAVORS MARKET SIZE IN DAIRY PRODUCTS, BY REGION,
2016–2019 (USD MILLION)    95
TABLE 25    FLAVORS MARKET SIZE IN DAIRY PRODUCTS, BY REGION,
2020–2026 (USD MILLION)    96
7.2.4    BAKERY    96
7.2.4.1    APAC is largest market for flavors in the bakery segment    96
TABLE 26    FLAVORS MARKET SIZE IN BAKERY, BY REGION, 2016–2019 (USD MILLION)    96
TABLE 27    FLAVORS MARKET SIZE IN BAKERY, BY REGION, 2020–2026 (USD MILLION)    97
7.2.5    CONFECTIONERY    97
7.2.5.1    Continuous innovation and fast-changing consumer demand
to drive the market    97
TABLE 28    FLAVORS MARKET SIZE IN CONFECTIONERY, BY REGION,
2016–2019 (USD MILLION)    97
TABLE 29    FLAVORS MARKET SIZE IN CONFECTIONERY, BY REGION,
2020–2026 (USD MILLION)    98
7.2.6    OTHERS    98
7.2.6.1    Changing consumer preferences and growing demand for new
flavors to drive the market    98
TABLE 30    FLAVORS MARKET SIZE IN OTHER END-USE INDUSTRIES, BY REGION,
2016–2019 (USD MILLION)    98
TABLE 31    FLAVORS MARKET SIZE IN OTHER END-USE INDUSTRIES, BY REGION,
2020–2026 (USD MILLION)    99
7.3    FRAGRANCES    99
FIGURE 37    CONSUMER PRODUCTS SEGMENT TO DOMINATE FRAGRANCES MARKET DURING THE FORECAST PERIOD    99
TABLE 32    FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    99
TABLE 33    FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    100
7.3.1    CONSUMER PRODUCTS    100
7.3.1.1    In-depth research on consumer products and changing
preferences to drive the market    100
TABLE 34    FRAGRANCES MARKET SIZE IN CONSUMER PRODUCTS, BY REGION,
2016–2019 (USD MILLION)    100
TABLE 35    FRAGRANCES MARKET SIZE IN CONSUMER PRODUCTS, BY REGION,
2020–2026 (USD MILLION)    101
7.3.2    FINE FRAGRANCES    101
7.3.2.1    Increasing connection of perfumers to diverse local cultures
and trends can drive the market    101
TABLE 36    FRAGRANCES MARKET SIZE IN FINE FRAGRANCES, BY REGION,
2016–2019 (USD MILLION)    101
TABLE 37    FRAGRANCES MARKET SIZE IN FINE FRAGRANCES, BY REGION,
2020–2026 (USD MILLION)    102
8    FLAVORS & FRAGRANCES MARKET, BY REGION    103
8.1    INTRODUCTION    104
FIGURE 38    APAC EXPECTED TO REGISTER HIGHEST CAGR BETWEEN 2021 AND 2026    104
TABLE 38    FLAVORS & FRAGRANCES MARKET SIZE, BY TYPE,
2016–2019 (USD MILLION)    104
TABLE 39    FLAVORS & FRAGRANCES MARKET SIZE, BY TYPE,
2020–2026 (USD MILLION)    104
TABLE 40    FLAVORS & FRAGRANCES MARKET SIZE, BY REGION,
2016–2019 (USD MILLION)    105
TABLE 41    FLAVORS & FRAGRANCES MARKET SIZE, BY REGION,
2020–2026 (USD MILLION)    105
TABLE 42    FLAVORS MARKET SIZE, BY REGION, 2016–2019 (USD MILLION)    105
TABLE 43    FLAVORS MARKET SIZE, BY REGION, 2020–2026 (USD MILLION)    106
TABLE 44    FRAGRANCES MARKET SIZE, BY REGION, 2016–2019 (USD MILLION)    106
TABLE 45    FRAGRANCES MARKET SIZE, BY REGION, 2020–2026 (USD MILLION)    106
8.2    APAC    107
FIGURE 39    APAC MARKET SNAPSHOT: CHINA ACCOUNTED FOR LARGEST
SHARE IN 2020    107
8.2.1    APAC FLAVORS & FRAGRANCE MARKET, BY END-USE INDUSTRY    108
TABLE 46    APAC: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    108
TABLE 47    APAC: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    108
TABLE 48    APAC: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    108
TABLE 49    APAC: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    109
8.2.2    APAC FLAVORS & FRAGRANCE MARKET, BY COUNTRY    109
TABLE 50    APAC: FLAVORS MARKET SIZE, BY COUNTRY, 2016–2019 (USD MILLION)    109
TABLE 51    APAC: FLAVORS MARKET SIZE, BY COUNTRY, 2020–2026 (USD MILLION)    110
TABLE 52    APAC: FRAGRANCES MARKET SIZE, BY COUNTRY,
2016–2019 (USD MILLION)    110
TABLE 53    APAC: FRAGRANCES MARKET SIZE, BY COUNTRY,
2020–2026 (USD MILLION)    111
8.2.2.1    China    111
8.2.2.1.1    Growing industrial activities and change in consumer’s lifestyle to drive the market    111
TABLE 54    CHINA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    112
TABLE 55    CHINA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    112
TABLE 56    CHINA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    112
TABLE 57    CHINA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    113
8.2.2.2    Japan    113
8.2.2.2.1    Growing investment in manufacturing sector to
drive the flavors & fragrance market    113
TABLE 58    JAPAN: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    113
TABLE 59    JAPAN: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    114
TABLE 60    JAPAN: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    114
TABLE 61    JAPAN: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    114
8.2.2.3    India    115
8.2.2.3.1    Growing FDI investments in manufacturing industry to support market growth    115
TABLE 62    INDIA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    115
TABLE 63    INDIA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    116
TABLE 64    INDIA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    116
TABLE 65    INDIA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    116
8.2.2.4    South Korea    117
8.2.2.4.1    Increased exports to EU to drive the flavors and
fragrance market    117
TABLE 66    SOUTH KOREA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    117
TABLE 67    SOUTH KOREA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    118
TABLE 68    SOUTH KOREA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    118
TABLE 69    SOUTH KOREA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    118
8.2.2.5    Indonesia    119
8.2.2.5.1    Strong rebound of economy and anticipated change in
food consumption patterns to drive the market    119
TABLE 70    INDONESIA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    119
TABLE 71    INDONESIA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    120
TABLE 72    INDONESIA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    120
TABLE 73    INDONESIA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    120
8.2.2.6    Thailand    121
8.2.2.6.1    Increased exports of processed foods to drive the market    121
TABLE 74    THAILAND: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    121
TABLE 75    THAILAND: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    122
TABLE 76    THAILAND: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    122
TABLE 77    THAILAND: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    122
8.2.2.7    Australia    122
8.2.2.7.1    Demand for energy drinks among white-collar workers to drive the market    122
TABLE 78    AUSTRALIA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    123
TABLE 79    AUSTRALIA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    123
TABLE 80    AUSTRALIA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    123
TABLE 81    AUSTRALIA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    124
8.2.2.8    Vietnam    124
8.2.2.8.1    Beverages segment is largest and fastest-growing user
of flavors    124
TABLE 82    VIETNAM: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    124
TABLE 83    VIETNAM: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    125
TABLE 84    VIETNAM: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    125
TABLE 85    VIETNAM: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    125
8.2.2.9    Philippines    126
8.2.2.9.1    Demand for western food products from youth
population to drive the market    126
TABLE 86    PHILIPPINES: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    126
TABLE 87    PHILIPPINES: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    126
TABLE 88    PHILIPPINES: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    127
TABLE 89    PHILIPPINES: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    127
8.2.2.10    Bangladesh    127
8.2.2.10.1    Signs of recovery in economy and exports to drive
the market    127
TABLE 90    BANGLADESH: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    128
TABLE 91    BANGLADESH: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    128
TABLE 92    BANGLADESH: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    128
TABLE 93    BANGLADESH: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    129
8.2.2.11    Pakistan    129
8.2.2.11.1    Rising middle-class population and preference for higher quality and safer food to drive the market    129
TABLE 94    PAKISTAN: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    129
TABLE 95    PAKISTAN: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    130
TABLE 96    PAKISTAN: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    130
TABLE 97    PAKISTAN: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    130
8.3    EUROPE    131
FIGURE 40    EUROPE FLAVORS & FRAGRANCE MARKET SNAPSHOT: GERMANY ACCOUNTED FOR LARGEST MARKET SHARE IN 2020    131
8.3.1    EUROPE FLAVORS & FRAGRANCES MARKET, BY END-USE INDUSTRY    132
TABLE 98    EUROPE: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    132
TABLE 99    EUROPE: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    132
TABLE 100    EUROPE: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    132
TABLE 101    EUROPE: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    133
8.3.2    EUROPE FLAVORS & FRAGRANCES MARKET, BY COUNTRY    133
TABLE 102    EUROPE: FLAVORS MARKET SIZE, BY COUNTRY, 2016–2019 (USD MILLION)    133
TABLE 103    EUROPE: FLAVORS MARKET SIZE, BY COUNTRY, 2020–2026 (USD MILLION)    134
TABLE 104    EUROPE: FRAGRANCES MARKET SIZE, BY COUNTRY,
2016–2019 (USD MILLION)    134
TABLE 105    EUROPE: FRAGRANCES MARKET SIZE, BY COUNTRY,
2020–2026 (USD MILLION)    134
8.3.2.1    Germany    135
8.3.2.1.1    Strong economic recovery post-COVID-19 pandemic to support market growth    135
TABLE 106    GERMANY: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    135
TABLE 107    GERMANY: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    136
TABLE 108    GERMANY: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    136
TABLE 109    GERMANY: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
 2020–2026 (USD MILLION)    136
8.3.2.2    France    137
8.3.2.2.1    Increase in production concentration and exports to support the market    137
TABLE 110    FRANCE: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    137
TABLE 111    FRANCE: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    138
TABLE 112    FRANCE: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    138
TABLE 113    FRANCE: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    138
8.3.2.3    UK    139
8.3.2.3.1    Adoption of healthier lifestyle and increase in usage of natural flavors & fragrances to drive the market    139
TABLE 114    UK: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    139
TABLE 115    UK: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    139
TABLE 116    UK: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    140
TABLE 117    UK: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    140
8.3.2.4    Italy    140
8.3.2.4.1    Marketing initiatives taken by the government to support the flavors and fragrance market    140
TABLE 118    ITALY: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    141
TABLE 119    ITALY: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    141
TABLE 120    ITALY: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    141
TABLE 121    ITALY: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    142
8.3.2.5    Spain    142
8.3.2.5.1    Demand for healthy and natural ingredients-based
ready-to-eat food to drive the market    142
TABLE 122    SPAIN: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    142
TABLE 123    SPAIN: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    143
TABLE 124    SPAIN: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    143
TABLE 125    SPAIN: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    143
8.3.2.6    Russia    144
8.3.2.6.1    New export routes to Southeast Asian countries to
support the market growth    144
TABLE 126    RUSSIA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    144
TABLE 127    RUSSIA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    144
TABLE 128    RUSSIA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    145
TABLE 129    RUSSIA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    145
8.4    NORTH AMERICA    145
FIGURE 41    NORTH AMERICA FLAVORS & FRAGRANCES MARKET SNAPSHOT:
US EXPECTED TO DOMINATE THE MARKET    146
8.4.1    NORTH AMERICA FLAVORS & FRAGRANCE MARKET, BY END-USE INDUSTRY    146
TABLE 130    NORTH AMERICA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    146
TABLE 131    NORTH AMERICA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    147
TABLE 132    NORTH AMERICA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)    147
TABLE 133    NORTH AMERICA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)    147
8.4.2    NORTH AMERICA FLAVORS & FRAGRANCES MARKET, BY COUNTRY    148
TABLE 134    NORTH AMERICA: FLAVORS MARKET SIZE, BY COUNTRY,
2016–2019 (USD MILLION)    148
TABLE 135    NORTH AMERICA: FLAVORS MARKET SIZE, BY COUNTRY,
2020–2026 (USD MILLION)    148
TABLE 136    NORTH AMERICA: FRAGRANCES MARKET SIZE, BY COUNTRY,
2016–2019 (USD MILLION)    148
TABLE 137    NORTH AMERICA: FRAGRANCES MARKET SIZE, BY COUNTRY,
2020–2026 (USD MILLION)    149
8.4.2.1    US    149
8.4.2.1.1    Savory & snacks segment is fastest-growing
end-user of flavors    149
TABLE 138    US: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    149
TABLE 139    US: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    150
TABLE 140    US: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    150
TABLE 141    US: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    150
8.4.2.2    Canada    151
8.4.2.2.1    Increasing health awareness and demand for natural-based flavors and fragrances to drive the market    151
TABLE 142    CANADA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    151
TABLE 143    CANADA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    151
TABLE 144    CANADA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    152
TABLE 145    CANADA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    152
8.4.2.3    Mexico    152
8.4.2.3.1    Rapid urbanization and increase in population of
working women to support the market    152
TABLE 146    MEXICO: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    153
TABLE 147    MEXICO: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    153
TABLE 148    MEXICO: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    153
TABLE 149    MEXICO: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    154
8.5    SOUTH AMERICA    154
8.5.1    SOUTH AMERICA FLAVORS & FRAGRANCES MARKET, BY END-USE INDUSTRY    154
TABLE 150    SOUTH AMERICA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    154
TABLE 151    SOUTH AMERICA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    155
TABLE 152    SOUTH AMERICA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)    155
TABLE 153    SOUTH AMERICA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)    155
8.5.2    SOUTH AMERICA FLAVORS & FRAGRANCES MARKET, BY COUNTRY    156
TABLE 154    SOUTH AMERICA: FLAVORS MARKET SIZE, BY COUNTRY,
2016–2019 (USD MILLION)    156
TABLE 155    SOUTH AMERICA: FLAVORS MARKET SIZE, BY COUNTRY,
2020–2026 (USD MILLION)    156
TABLE 156    SOUTH AMERICA: FRAGRANCES MARKET SIZE, BY COUNTRY,
2016–2019 (USD MILLION)    156
TABLE 157    SOUTH AMERICA: FRAGRANCES MARKET SIZE, BY COUNTRY,
2020–2026 (USD MILLION)    157
8.5.2.1    Brazil    157
8.5.2.1.1    Rising demand for dairy products and premium fragrances to drive the market    157
TABLE 158    BRAZIL: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    157
TABLE 159    BRAZIL: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    158
TABLE 160    BRAZIL: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    158
TABLE 161    BRAZIL: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    158
8.5.2.2    Argentina    159
8.5.2.2.1    Turmoil in manufacturing sector to have a negative
impact on the market    159
TABLE 162    ARGENTINA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    159
TABLE 163    ARGENTINA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    159
TABLE 164    ARGENTINA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    160
TABLE 165    ARGENTINA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    160
8.6    MIDDLE EAST & AFRICA    160
8.6.1    MIDDLE EAST & AFRICA FLAVORS & FRAGRANCE MARKET,
BY END-INDUSTRY    161
TABLE 166    MIDDLE EAST & AFRICA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)    161
TABLE 167    MIDDLE EAST & AFRICA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)    161
TABLE 168    MIDDLE EAST & AFRICA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)    161
TABLE 169    MIDDLE EAST & AFRICA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)    162
8.6.2    MIDDLE EAST & AFRICA FLAVORS & FRAGRANCE MARKET, BY COUNTRY    162
TABLE 170    MIDDLE EAST & AFRICA: FLAVORS MARKET SIZE, BY COUNTRY,
2016–2019 (USD MILLION)    162
TABLE 171    MIDDLE EAST & AFRICA: FLAVORS MARKET SIZE, BY COUNTRY,
2020–2026 (USD MILLION)    163
TABLE 172    MIDDLE EAST & AFRICA: FRAGRANCES MARKET SIZE, BY COUNTRY,
2016–2019 (USD MILLION)    163
TABLE 173    MIDDLE EAST & AFRICA: FRAGRANCES MARKET SIZE, BY COUNTRY,
2020–2026 (USD MILLION)    164
8.6.2.1    Saudi Arabia    164
8.6.2.1.1    Higher penetration of premium consumer products supports the market growth    164
TABLE 174    SAUDI ARABIA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    164
TABLE 175    SAUDI ARABIA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    165
TABLE 176    SAUDI ARABIA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    165
TABLE 177    SAUDI ARABIA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    165
8.6.2.2    Iran    166
8.6.2.2.1    Growing urban middle-class population, changing lifestyle to make significant impact on the market    166
TABLE 178    IRAN: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    166
TABLE 179    IRAN: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    166
TABLE 180    IRAN: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    167
TABLE 181    IRAN: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    167
8.6.2.3    Turkey    167
8.6.2.3.1    Rise in disposable income to support growth of flavors
& fragrance industry    167
TABLE 182    TURKEY: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    168
TABLE 183    TURKEY: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    168
TABLE 184    TURKEY: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    168
TABLE 185    TURKEY: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    169
8.6.2.4    South Africa    169
8.6.2.4.1    Beverages segment is largest consumer of flavors in
South Africa    169
TABLE 186    SOUTH AFRICA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    169
TABLE 187    SOUTH AFRICA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    170
TABLE 188    SOUTH AFRICA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2016–2019 (USD MILLION)    170
TABLE 189    SOUTH AFRICA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,
2020–2026 (USD MILLION)    170

9    COMPETITIVE LANDSCAPE    171
9.1    INTRODUCTION    171
9.2    STRATEGIES ADOPTED BY KEY PLAYERS    171
9.2.1    OVERVIEW OF STRATEGIES ADOPTED BY FLAVORS & FRAGRANCES MANUFACTURERS    171
9.3    MARKET SHARE ANALYSIS    173
9.3.1    RANKING OF KEY MARKET PLAYERS, 2020    173
FIGURE 42    RANKING OF TOP FOUR PLAYERS IN THE FLAVORS & FRAGRANCES
MARKET, 2020    173
9.3.2    MARKET SHARE OF KEY PLAYERS    174
TABLE 190    FLAVORS & FRAGRANCES MARKET: DEGREE OF COMPETITION    174
FIGURE 43    GIVAUDAN IS LEADING PLAYER IN THE FLAVORS & FRAGRANCES MARKET    174
9.3.3    GIVAUDAN    175
9.3.4    INTERNATIONAL FLAVORS & FRAGRANCES (IFF)    175
9.3.5    FIRMENICH    175
9.3.6    SYMRISE AG    175
9.4    REVENUE ANALYSIS    176
FIGURE 44    REVENUE ANALYSIS FOR KEY COMPANIES IN PAST 5 YEARS    176
9.5    COMPANY PRODUCT FOOTPRINT ANALYSIS    177
FIGURE 45    FLAVORS & FRAGRANCES MARKET: COMPANY FOOTPRINT    177
TABLE 191    FLAVORS & FRAGRANCES MARKET: INGREDIENT FOOTPRINT    178
TABLE 192    FLAVORS & FRAGRANCES MARKET: END-USE INDUSTRY FOOTPRINT    179
TABLE 193    FLAVORS & FRAGRANCES MARKET: COMPANY REGION FOOTPRINT    180
9.6    COMPANY EVALUATION QUADRANT    181
9.6.1    STARS    181
9.6.2    EMERGING LEADERS    181
FIGURE 46    COMPANY EVALUATION QUADRANT FOR FLAVORS & FRAGRANCES
MARKET (TIER 1)    181
9.7    START-UP/SMES EVALUATION QUADRANT    182
9.7.1    RESPONSIVE COMPANIES    182
9.7.2    DYNAMIC COMPANIES    182
9.7.3    STARTING BLOCKS    182
FIGURE 47    STARTUP/SMES EVALUATION QUADRANT FOR FLAVORS
& FRAGRANCES MARKET    183
9.8    COMPETITIVE SITUATION AND TRENDS    184
9.8.1    PRODUCT LAUNCHES    184
TABLE 194    FLAVORS & FRAGRANCES MARKET: PRODUCT LAUNCHES, 2018- 2021    184
9.8.2    DEALS    185
TABLE 195    FLAVORS & FRAGRANCES MARKET: DEALS, 2018-2021    185
9.8.3    OTHER DEVELOPMENTS    191
TABLE 196    FLAVORS & FRAGRANCES MARKET: EXPANSIONS, INVESTMENTS,
AND INNOVATIONS, 2016- 2021    191"

"10    COMPANY PROFILES    194
10.1    MAJOR PLAYERS    194
(Business Overview, Products Offered, Recent Developments, New product launch, Deals, Other developments, MnM View, Key strengths/right to win, Strategic choices made, Weaknesses and competitive threats)*
10.1.1    GIVAUDAN    194
FIGURE 48    GIVAUDAN: COMPANY SNAPSHOT    194
TABLE 197    GIVAUDAN: BUSINESS OVERVIEW    195
10.1.2    FIRMENICH    200
TABLE 198    FIRMENICH: BUSINESS OVERVIEW    200
10.1.3    INTERNATIONAL FLAVORS & FRAGRANCES INC.    204
FIGURE 49    INTERNATIONAL FLAVORS & FRAGRANCES INC.: COMPANY SNAPSHOT    204
TABLE 199    INTERNATIONAL FLAVORS & FRAGRANCES INC.: BUSINESS OVERVIEW    205
10.1.4    SYMRISE AG    208
FIGURE 50    SYMRISE AG: COMPANY SNAPSHOT    208
TABLE 200    SYMRISE AG: BUSINESS OVERVIEW    209
10.1.5    TAKASAGO    213
FIGURE 51    TAKASAGO: COMPANY SNAPSHOT    213
TABLE 201    TAKASAGO: BUSINESS OVERVIEW    214
10.1.6    ARCHER DANIELS MIDLAND COMPANY    216
FIGURE 52    ARCHER DANIELS MIDLAND COMPANY (ADM): COMPANY SNAPSHOT    216
TABLE 202    ARCHER DANIELS MIDLAND COMPANY (ADM): BUSINESS OVERVIEW    217
10.1.7    SENSIENT TECHNOLOGIES    219
FIGURE 53    SENSIENT TECHNOLOGIES: COMPANY SNAPSHOT    219
TABLE 203    SENSIENT TECHNOLOGIES: BUSINESS OVERVIEW    220
10.1.8    MANE SA    223
FIGURE 54    MANE SA: COMPANY SNAPSHOT    223
TABLE 204    MANE SA: BUSINESS OVERVIEW    224
10.1.9    ROBERTET    227
FIGURE 55    ROBERTET: COMPANY SNAPSHOT    227
TABLE 205    ROBERTET: BUSINESS OVERVIEW    228
10.1.10    T. HASEGAWA CO. LTD.    230
FIGURE 56    T. HASEGAWA CO. LTD.: COMPANY SNAPSHOT    230
TABLE 206    T. HASEGAWA CO. LTD.: BUSINESS OVERVIEW    231
10.1.11    BELL FLAVORS & FRAGRANCES    234
TABLE 207    BELL FLAVORS & FRAGRANCES: BUSINESS OVERVIEW    234
10.2    STARTUP/SME PLAYERS    236
10.2.1    KERRY    236
TABLE 208    KERRY: COMPANY OVERVIEW    236
10.2.2    OGAWA & CO. LTD.    236
TABLE 209    OGAWA & CO. LTD.: COMPANY OVERVIEW    236
10.2.3    HUABAO    237
TABLE 210    HUABAO: COMPANY OVERVIEW    237
10.2.4    BIOLANDES SAS    237
TABLE 211    BIOLANDES SAS: COMPANY OVERVIEW    237
10.2.5    FLAVEX NATUREXTRAKTE GMBH    238
TABLE 212    FLAVEX NATUREXTRAKTE GMBH: COMPANY OVERVIEW    238
10.2.6    SYNTHITE INDUSTRIES LIMITED    238
TABLE 213    SYNTHITE INDUSTRIES LIMITED: COMPANY OVERVIEW    238
10.2.7    UNGERER & COMPANY    239
TABLE 214    UNGERER & COMPANY: COMPANY OVERVIEW    239
10.2.8    AKAY NATURAL INGREDIENTS PRIVATE LIMITED    239
TABLE 215    AKAY NATURAL INGREDIENTS PRIVATE LIMITED: COMPANY OVERVIEW    239
10.2.9    SOLVAY SA    240
TABLE 216    SOLVAY SA: COMPANY OVERVIEW    240
10.2.10    OZONE NATURALS    240
TABLE 217    OZONE NATURALS: COMPANY OVERVIEW    240
10.2.11    BASF SE    241
TABLE 218    BASF SE: COMPANY OVERVIEW    241
10.2.12    ROYAL DSM NV    241
TABLE 219    ROYAL DSM NV: COMPANY OVERVIEW    241
10.2.13    AROMTECH SAS    242
TABLE 220    AROMTECH SAS: COMPANY OVERVIEW    242
10.2.14    BEDOUKIAN RESEARCH, INC.    242
TABLE 221    BEDOUKIAN RESEARCH, INC.: COMPANY OVERVIEW    242
*Details on Business Overview, Products Offered, Recent Developments, New product launch, Deals, Other developments, MnM View, Key strengths/right to win, Strategic choices made, Weaknesses and competitive threats might not be captured in case of unlisted companies.
11    ADJACENT & RELATED MARKETS    243
11.1    INTRODUCTION    243
11.2    LIMITATION    243
11.3    AROMA INGREDIENTS MARKET    243
11.3.1    MARKET DEFINITION    243
11.3.2    MARKET OVERVIEW    243
11.4    AROMA INGREDIENTS MARKET, BY REGION    244
TABLE 222    AROMA INGREDIENTS MARKET SIZE, BY REGION,
2016–2023 (USD MILLION)    244
11.4.1    EUROPE    244
TABLE 223    EUROPE: AROMA INGREDIENTS MARKET SIZE, BY COUNTRY,
2016–2023 (USD MILLION)    244
TABLE 224    EUROPE: AROMA INGREDIENTS MARKET SIZE, BY TYPE,
2016–2023 (USD MILLION)    245
TABLE 225    EUROPE: AROMA INGREDIENTS MARKET SIZE, BY APPLICATION,
2016–2023 (USD MILLION)    245"