The global flavors and fragrances industry was projected at $28.19 billion in 2019, and is anticipated to hit $35.91 billion by 2027, registering a CAGR of 4.7% from 2021 to 2027.
𝐏𝐥𝐚𝐜𝐞 𝐀 𝐃𝐢𝐫𝐞𝐜𝐭 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐎𝐫𝐝𝐞𝐫 𝐎𝐟 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 𝐀𝐭: https://www.alliedmarketresearch.com/checkout-final/ced931e301e3390c3c03611a01b441bd
Drivers, restraints, and opportunities-
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.
𝐓𝐨𝐩 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 𝐀𝐫𝐞:
- Frutarom Industries Ltd.
- Givaudan International SA
- Huabao International Holdings Limited
- Kerry Group, PLC
- Symrise AG
- International Flavors & Fragrances, Inc.
- Firmenich SA
- Robertet SA
- S H Kelkar and Company Limited
- Sensient Technologies Corporation
𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐒𝐚𝐦𝐩𝐥𝐞 𝐰𝐢𝐭𝐡 𝐃𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬: https://www.alliedmarketresearch.com/request-sample/5622
Over the next five years, demand for natural flavors and fragranceis expected to grow strongly. Customers prefer to use natural fragrance cosmetic& personal care products that are less harmful and have minimum side effects. Further, manufacturers are anticipated to use natural fragrance ingredients in their skin care and hair care products to satisfy consumer needs. Many big players in the market such as L’Oréal, Unilever, Color Bar, and Avon are planning to invest big budgets in an effort to promote natural aspects of their flavors and fragrance products.
Based on nature, the synthetic segment accounted for nearly two-thirds of the global flavors and fragrances market revenue in 2019, and is anticipated to lead the trail by 2027. In composition, they are often more flexible than natural varieties, which are limited to florals, musk, and botanicals. They can be produced in a single molecule laboratory and blended with essential oils to produce an endless array of fragrances. These factors propel the growth of the segment. The natural segment, on the other hand, would grow at the fastest CAGR of 5.4% from 2021 to 2027, due to rise in demand for clean label products globally.
Key Findings Of The Study
- By type, the flavors segment dominated the global market in 2019, and is expected to retain its dominance throughout theFlavors and Fragrances Market forecast period.
- By nature, the syntheticsegment led the global Flavors and Fragrances Market demand in 2019, and is expected to retain its dominance throughout the forecast period.
- By application, the food & beveragessegment dominated the global market in 2019, and is expected to retain its dominance throughout the forecast period.
- By region, Asia-Pacific accounted for the highest flavors and fragrancemarket share in 2019, and is expected to grow at a CAGR of 6.6%.
𝐒𝐩𝐞𝐚𝐤 𝐓𝐨 𝐀𝐧𝐚𝐥𝐲𝐬𝐭: https://www.alliedmarketresearch.com/connect-to-analyst/5622
𝐀𝐛𝐨𝐮𝐭 𝐔𝐬
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