Increase in demand for ready-to-eat meals & fast food and introduction of new flavors fuel the growth of the global flavors and fragrances market. According to the report, the global flavors and fragrances industry was projected atย $28.19 billionย in 2019, and is anticipated to hitย $35.91 billionย by 2027, registering a CAGR of 4.7% from 2021 to 2027.
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Increase in demand for ready-to-eat meals & fast food, introduction of new flavors, heavy inflow of investment in R&D activities, and high demand for flavors across European countries to produce commercialized clean label or green food products that are free of additives and other harmful chemicals fuel the global flavors and fragrances market. On the other hand, allergies associated with artificial flavors, chemicals, and preservatives impede the growth to some extent. Nevertheless, there is an upcoming trend of using natural flavors owing to rise in health awareness. This factor has created multiple opportunities for the key players in the industry.
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The key players profiled in the flavors and fragrance industry report includes Firmenich SA, Frutarom Industries Ltd., Givaudan International SA, Huabao International Holdings Limited, Kerry Group, PLC, Robertet SA, S H Kelkar and Company Limited, Sensient Technologies Corporation, Symrise AG and International Flavors &Fragrances, Inc.
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Asia-Pacific, followed by North America, to dominate in terms of revenue-
Based on region, Asia-Pacific, followed by North America, held the major share in 2019, garnering around one-third of the global flavors and fragrances market. The market across the same region would also exhibit the fastest CAGR of 6.6% during the forecast period. Rise in purchasing power of the Asia-Pacific population, changes in their eating habits, increase in urbanization, lack of regulatory framework, wide customer base, growth in stress among individuals, and preference for tasty food products drive the market growth
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