The global flavors and fragrances market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Flavors and fragrances are specialty chemicals used for aroma purposes in various end-use industries ranging from cosmetics to toiletries. Flavors and fragrances are segmented based on type and application of ingredients. Some of the common flavors and fragrances include benzoin, menthone and others.
Based on type, flavors & fragrances can be
Based on application flavors and fragrances market can be perfumes, deodorants, cosmetics, toiletries, room freshener products and others.
As flavors and fragrances are the major ingredients used in cosmetics and toiletries markets, demand from these markets is expected to increase the growth of flavors and fragrances market. Demand from cosmetics and toiletries markets is actually increasing because of growing population and extra income in developing countries. Growing grooming importance among consumers is further expected to complement market growth.
Drivers and Restraints of Flavors And Fragrances Market
Growing investments in cosmetics and toiletries markets in regions like Europe and the Americas are likely to offer tremendous possibilities for flavors and fragrances market in the future. As a result of accessibility to raw material, multinational businesses are investing in resource-rich regions to be able to limit the overall production cost.
Flavors and fragrances have a probability of volatility in supply and prices. Feedstock chemicals affect the cost of production of flavors and fragrances. Health concerns on the usage of certain synthetic flavors and fragrances are a growing trend in the market. Existing and future health regulations concerning the use of certain flavors and fragrances are likely to challenge the market growth.
Europe was the largest consumer of flavors and fragrances and this pattern is anticipated to continue to be identical over the following few years. Consumption in Europe is showing upward trend because of increase in population growth and economic activity. Growing demand for perfumes, cosmetics and toiletries markets will drive flavors and fragrances market in Europe. With major production capacities in France, the region is likely to grow in terms of global supply capability. Demand from North America was relatively stable and is likely to stay same in the next few years. Consumption of flavors and fragrances in Asia is likely to grow at a significant rate.
Top players in this market include Firmenich SA, Givaudan SA, Symrise AG, Agilex Flavors & Fragrances, Inc., International Flavors & Fragrances, Inc., Bedoukian Research, Inc., Aromatech SAS, BASF SE, Bell Flavors & Fragrances Inc., Sensient Technologies Corp., Takasago International Corp. and Royal DSM NV among others.
The report covers exhaustive analysis on:
- Global Market Size
- Global Market Segments
- Market Regional Analysis
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Potential and niche segments, regions showing promising growth