The global flavors and fragrances market size was valued at USD 27.50 billion in 2023 and is projected to grow from USD 28.72 billion in 2024 to USD 42.27 billion by 2032, exhibiting a CAGR of 5.0% during the forecast period. The market is anticipated to grow during the projected period due to rapid development in the pharmaceuticals and cosmetics sector. Fortune Business Insights™ publishes this information in a report titled, "Flavors and Fragrances Market, 2025-2032".
The Flavors and Fragrances Market plays a critical role in industries like food and beverages, cosmetics, and personal care, with significant growth expected due to rising consumer demand for new sensory experiences. Here is an overview of the market's size, share, industry analysis, segmentation, and key drivers.
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List of Key Players Profiled in the Flavors and Fragrances Market Report:
- Givaudan (Switzerland)
- International Flavors and Fragrances (IFF) (U.S.)
- Symrise AG (Germany)
- Robertet Group (France)
- Kerry Group plc (Ireland)
- Sensient Technologies (U.S.)
- Firmenich SA (Switzerland)
- Takasago International Corp (Japan)
- Hasegawa Co., Ltd. (Japan)
- Mane (France)
- Archer Daniel Midland Company (U.S.)
- Solvay S.A. (Belgium)
- BASF (Germany)
Segments:
Flavors Segment to Lead the Market Due to its Unique Properties
By type, the market is bifurcated into flavors and fragrances. The flavors segment is further categorized into natural and synthetic. The fragrances segment is also divided into natural and synthetic.
Food & Beverage Sub-Segment to Dominate the Market
Based on type (cross application), the market is segregated into flavors used in the food & beverage sector for beverages, bakery, confectionery, dairy, and others. These flavors are also used in pharmaceuticals and other sectors. The fragrance segment is further classified into fine fragrances, cosmetics & personal care, home & floor care, and others.
Geographically, the market share is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report sheds light on the current market state and recent developments in the market. The impact of COVID-19 pandemic on the market growth is highlighted in this report. Furthermore, the report sheds light on drivers and restraints affecting the market development and expansion during the forecast period. Also, a list of key market players is given, along with the regional insights on segmented market areas.
Key Drivers:
Rising Demand for Processed Food and Beverages:
- The increasing consumption of processed and packaged food products worldwide is driving the demand for flavors, particularly in the food and beverage industry.
Shift Toward Natural and Organic Products:
- Consumers are moving toward natural ingredients, clean labels, and organic products, boosting the demand for natural flavors and fragrances.
Innovation and R&D Investments:
- Manufacturers are heavily investing in research and development to innovate new flavors and fragrances to meet changing consumer preferences.
Growth in Personal Care and Cosmetics Industry:
- The growing use of cosmetics and personal care products, driven by rising disposable incomes, is propelling the fragrance segment.
Regional Insights:
Europe Holds Dominant Market Share Due to Rising Demand from Food & Beverage Sector
Europe dominates the global flavors and fragrances market share due to the rising product demand from food & beverage manufacturers. The regional market stood at USD 8.16 billion in 2021.
Asia Pacific holds the second-largest global market share owing to the increasing demand for flavors and fragrances from various end-use industries.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/flavors-and-fragrances-market-102329
Competitive Landscape:
New Product Launch Allows Key Market Players to Enhance their Product Portfolio
The key market players acquire various companies operating in the industry to improve their business performance. Also, rising investments in the adoption of technological advancements and R&D activities allow the leading market players to introduce new product ranges to the global market and increase business profitability.
Key Industry Development:
- March 2022: Symrise submitted a binding offer to acquire R. Romani - Société Française d’Aromatiques (SFA Romani) and Neroli Invest DL (Groupe Neroli). Both companies are based in the Grasse area in France. With these transactions, Symrise intends to reinforce its fine fragrance presence in southern France, strengthen its competitiveness in creating fragrance compositions, and broaden its presence in key countries in Europe, Africa, and the Middle East.
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