The flavors & fragrances market is projected to grow at a CAGR of 2.67% during the forecast period
The flavors & fragrances market is expected to grow from an estimated USD 21.15 billion in 2017 to USD 24.13 billion by 2022, at a CAGR of 2.67% between 2017 and 2022. The growth of the flavors & fragrances market can be attributed to growing population, rapid urbanization, and increase in per capita spending on consumer products in high-growth economies, such as China, India, South Korea, and Indonesia. In addition, increase in awareness among the population concerning health and wellness is expected to drive the demand for flavors & fragrances between 2017 and 2022. However, factors such as compliance with quality & regulatory standards is expected to restrain demand during the forecast period.
Consumer product segment is expected to be the largest end-use segment of the fragrances market
Fragrances are used in consumer products, such as home care products, personal hygiene, and beauty products. Consumer products is projected to be the largest end-use segment of the flavors & fragrances market between 2017 and 2022. Growing awareness among the population related to hygiene and cleanliness is expected to drive the demand for consumer products, which in turn is expected to drive the demand for fragrances.
The Middle East & Africa is projected to be the fastest-growing flavors & fragrances market during the forecast period
The flavors & fragrances market in the Middle East & Africa is projected to grow at the highest CAGR between 2017 and 2022. Economic growth in countries, such as Saudi Arabia, Iran, and Turkey, escalating population and increase in disposable incomes are making Middle East & Africa an attractive market for flavors & fragrances manufacturers.
Breakdown of profiles of primary interviews for the report:
- By Company Type – Tier 1 – 55%, Tier 2 – 27%, and Tier 3 – 18%
- By Designation – C Level – 46%, Director Level – 27%, and Others – 27%
- By Region – North America – 28%, Europe – 18%, APAC – 27%, Middle East & Africa – 9%, and South America – 18%
Some of the key companies profiled in this report are Givaudan (Switzerland), International Flavors & Fragrances (US), Firmenich (Switzerland), MANE (France), Symrise (Germany), Sensient (US.),Takasago (Japan), Frutarom (Israel), Robertet (France), and T.HASEGAWA (Japan).
The flavors & fragrances market has been segmented on the basis of ingredients, end use, and region. On the basis of ingredients, the market has been segmented into natural and synthetic. Based on end use, the market has been segmented into beverage, savory & snacks, bakery, dairy products, confectionery, consumer products, and fine fragrances. The market has also been studied for Asia Pacific, Europe, North America, the Middle East & Africa, and South America.
Key Benefits of Buying the Report
This report covers the following studies:
- Market segmentation based on ingredients, end use, and region
- Market dynamics, including drivers, restraints, and opportunities
- Porter’s Five Forces analysis with respect to the flavors & fragrances market
- Profile of key players in the flavors & fragrances market