The Flavors & Fragrances Market is expected to reach USD 31.38 Billion by 2026, according to a new report by Reports and Data. Accelerated growth in industrialization over the globe has led to the increase of extensive production of flavored or scented products such as soaps, household cleaners, processed food and beverages, detergents, personal care products, and oral hygiene products. Moreover, the increasing demand for natural ingredients across a massive number of consumers could encourage the application in the flavors and fragrances market.
Increasing approval of flavors in nutraceuticals, pharmaceuticals, and dietary supplements are also predicted to expand the market soon. Natural fragrances are supposed to be healthier, therapeutic, and safe. Manufacturers sometimes impose a green premium on products produced using natural aromas. Growing awareness concerning health and wellness is expected to increase the adoption of natural flavor ingredients during the forecast period.
North America accounted for a market share of 27.3% in 2018. The market is expected to expand in this region owing to enhanced demand for the products from cosmetics, personal care, oral care, home care, therapy, and air freshener products.
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The Key players in the Flavors & Fragrances Market include:
Agilex Flavors & Fragrances Inc.
International Flavors & Fragrances Inc.
ABedoukian Research Inc.
Further key findings from the report suggest
- The Flavors & Fragrances Market is estimated to reach USD 31.38 Billion by 2026, at a CAGR of 4.3% during the forecast period.
- The aroma chemicals raw material accounts for a larger share of 56.7% of the market in 2018.
- Aroma chemicals are a primary group of organic molecules used as components in flavors and fragrances. Fragrance formulated from aroma chemicals is practiced globally, for presenting beautiful aroma and pleasant scents to toiletries, perfumes, and detergents.
- The fine fragrances end user segment is anticipated to witness the highest CAGR of 5.4% during the forecast period.
- Growing investments in innovative product developments to meet the demand from home care, pharmaceutical, personal care, automotive, and hospitality manufacturers are forecasted to increase growth.
- The natural product type is expected to witness a higher CAGR of 5.4% during the forecast period.
- Various players are developing strategies to mark their presence in the industry.
- Rising mergers and acquisitions strategy taken by manufacturers augment the growth. In 2016, IFF acquired David Michael Company. This acquisition helped IFF to increase its market growth. Also, it will extend the product line of the company producing more profits for the company.
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For the purpose of this study, Reports and Data have segmented the market on the basis of Product Type, Raw Material, End User, and region:
Segments covered in the report:
Product Type Outlook (Volume, Kilo Tons; and Revenue, USD Billion ; 2016-2026)
- Synthetic Ingredients
- Natural Ingredients
Raw Material Outlook (Volume, Kilo Tons; and Revenue, USD Billion ; 2016-2026)
- Aroma Chemical
- Essential Oils
End User Outlook (Volume, Kilo Tons; and Revenue, USD Billion ; 2016-2026)
- Fine Fragrances
Regional Outlook (Volume, Square Meters; and Revenue, USD Billion ; 2016-2026)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Key Questions Answered in the Report:
- What will be the expected revenue growth of the Flavors & Fragrances market till 2026?
- What key factors are expected to drive revenue growth of the market?
- What are the key drivers, restraints, opportunities, threats, and challenges the market will face in the coming years?
- Which segment and region are expected to account for largest share in the market in the forecast period?
- Which companies are operating in the Flavors & Fragrances market?
- What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis?
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