Flavor is the sensory impression of a food or any other substance and is determined mainly by the chemical senses of taste and smell. The flavor of the food can be altered with natural or artificial flavorants, which affect these senses. Smell is the main determinant of a food item’s flavor. While the taste of food is limited to sweet, sour, bitter, salty, umami, and other basic tastes, the smells of a food are potentially limitless. A food’s flavor, therefore, can be easily altered by changing its smell while keeping its taste similar. This can be best exemplified in artificially flavored jellies, soft drinks and candies, which, while made of bases with a similar taste, have dramatically different flavors due to the use of different scents or fragrances.
The flavor and fragrance industry (F&F) consists of intermediary products to cater to the needs of its customers. The primary customers of flavors and fragrances include the food and beverage industry, and the manufacturers of household products and cosmetics industry. The competition in this market is high, and the four largest companies occupy more than half of the total market share. Companies should be more research-oriented to remain competitive as the market grows, and many new products are on the market at very competitive prices to increase penetration.
The key factors driving the growth of flavor & fragrance market are escalating global population, increasing urban population, rising disposable income and an increase in demand for packaged foods. Some of the noteworthy trends and developments of this industry are increasing health consciousness, increasing demand from emerging economies, decision-making trends and growing demand for natural ingredients, food safety concern, product launch and growth in the cosmetic industry. However, the expansion of flavor & fragrance market is hindered by fluctuations in raw material prices, entry barriers, and legal regulations.
The report “Global Flavors and Fragrances Market: Industry Analysis and Outlook (2018-2022)” provides an in-depth analysis of the market on a global scale discussing its major segments. The major trends, growth drivers as well as issues being faced by the industry are being presented in this report. The industry comprises few large players such as Givaudan, IFF, and Symrise. All these companies have been profiled in the present report highlighting their key financials and business strategies for growth.