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2021
Flavors And Fragrance Market

Flavors and Fragrance Market

by Type (Flavors and Fragrance), Nature (Natural and Synthetic), and Application (Food & Beverages, Cosmetics & Personal Care, Home Care and Fabric Care): Global Opportunity Analysis and Industry Forecast, 2021-2027
Update Available On-Demand

Report Code: A05257
Pages: 190
Apr 2021 | 10161 Views
Author(s) : Nitesh C, Himanshu V , Roshan D
Tables: 91
Charts: 43
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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The global flavors and fragrance market size was valued at $28,193.1 million in 2019, and is projected to reach $35,914.3 million by 2027, registering a CAGR of 4.7% from 2021 to 2027. Personal care is a significant application segment, owing to increase in demand for deodorants, perfumes, soaps, creams, talcum powders, and hair oils. Rise in demand for car and room fresheners and increase in popularity of aromatherapy are also expected to drive growth of the market for fragrance ingredients. The hospitality sector is also experiencing a growth in demand for fragrances to create a pleasant atmosphere. Fragrances are widely approved for industrial use, such as ambience fragrances for consumer durables and personal care accessories, which was an unexplored category previously. In addition, owing to growth in disposable income, more local consumers, especially young consumers, opt for quality goods. In the wake of the global pandemic, a greater focus on hygiene products has driven the market for new and creative fragrances used in products such as hand washes, sanitizers, and floor cleaners.

Increase in demand for ready-to-eat meals & fast food is a key driver for the food flavors industry across the globe. Moreover, innovative technologies, introduction of new flavors, and heavy inflow of investment in R&D activities are the other factors that supplement the growth of the flavors products. There is an upcoming trend of using natural flavors owing to rise in health awareness. Furthermore, 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 has propelled the growth of the flavors and fragrance market.

flavors-and-fragrances-market-2020-2027-1619590097

 

However, one of the major factors restraining the growth of the flavors and fragrance market is allergies associated with artificial flavors, chemicals and preservatives. Despite the existence of many natural colors made from food like beets, carrots and other vegetables, many manufacturers prefer to use artificial flavors as these are relatively cheaper than the natural flavor and are available easily in the market. However, artificial flavors & colors may have potential health issues, especially in children.  Several consumers also have allergies with plant-based sources used to manufacture dairy and meat alternative products. Whereas sulfites are used to preserve dried fruit, canned goods and wines and can trigger an asthma attack in some people; thus, certain artificial flavors and fragrance used by manufacturer to preserve food can cause severe allergies to the consumers. Hence, artificial flavors and colors in the food hinders the growth of the flavors and fragrance market.

The flavors and fragrance industry has been segmented on the basis of type, nature, application, and region. On the basis of type, the market is divided into flavors and fragrance. By nature, it is divided into natural and synthetic. On the basis of application, it is categorized into food & beverages, cosmetics & personal care, home care and fabric care. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

On the basis of type, the flavors segment constituted a major flavors and fragrance market share in 2019; however, the fragrance segment is projected to experience growth at the highest CAGR during the forecast period. Increase in use of flavors in food & beverages for enhancing taste and texture of food is boosting the growth of the flavors and fragrance market.

Flavors and Fragrance Market
By Type

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Fragrance segment dominates the global market and is expected to retain its dominance throughout the forecast period.

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On the basis of nature, the synthetic segment dominated in terms of the flavors and fragrance market size in 2019, and is projected to remain dominant during the forecast period. Use of synthetic flavors and fragrance has increased in food & beverages and cosmetics & personal care industries owing to its low cost and more life span properties.

Flavors and Fragrance Market
By Nature

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Natural segment is expected to grow at a highest CAGR of 5.4% during the forecast period.

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On the basis of application, the food & beverages segment held a major share in the market in 2019, and is projected to remain dominant during the forecast period.

Flavors and Fragrance Market
By Application

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Fabric care segment is expected to grow at a highest CAGR of 8.0% during the forecast period.

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The key players profiled in the flavors and fragrance market report are 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.

Flavors and Fragrance Market
By Region

2027
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific dominates the market and is expected to grow with a CAGR of 6.6% during the forecast period

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Covid-19 Impact Analysis

  • COVID-19 is an infectious disease that originated in Hubei province of the Wuhan city in China in late December 2020.
  • Supply chain disruption, lack of availability of worker, and complete shutdown of hotels & restaurants has negatively affected the flavors and fragrance market.
  • Countries around the world imposed lockdowns, and curfews, which has hugely impacted lifestyles, health & wellbeing, and affected manufacturing industries.
  • Import and export restrictions on goods and quarantine and lockdown measures imposed by governments are key challenges faced by exporters during this pandemic.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the flavors and fragrance market analysis from 2019 to 2027 to identify the prevailing market opportunities.
  • Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier–buyer network.
  • In-depth analysis of the flavors and fragrance market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global industry.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the flavors and fragrance market players.
  • The report includes analysis of regional as well as global flavors and fragrance market trends, key players, market segments, application areas, and flavors and fragrance market growth strategies.

Key Market Segments

By Type   

  • Flavors
  • Fragrance

By Nature

  • Natural
  • Synthetic

By Application

  • Food & Beverages
  • Cosmetics & Personal Care
  • Home Care
  • Fabric Care

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Russia
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • Australia & New Zealand
    • South Korea
    • Rest of Asia-pacific
  • LAMEA
    • Brazil
    • South Africa
    • Turkey
    • Saudi Arabia
    • Rest of LAMEA
 

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According to perspective of top-level CXOs, innovation is the key for growth of the Flavors and Fragrances Market, in terms of value sales. Rise in demand for various cosmetics and personal care products among customers makes way for manufacturers to come up with new natural fragrances cosmetics products along with affordable prices and eco-friendly packaging. Moreover, innovation of enhanced flavors and consistent improvement in the technology fuels the growth of the food flavors. Many companies with their promising R&D initiatives are expecting a positive response from the food flavor industry. However, stringent regulatory framework and rise in health awareness among people are expected to hamper the market growth during the forecast period.

Flavors and Fragrances Market have witnessed prominent adoption in the developing countries such as India, owing to swift change in consumer lifestyle, increase in disposable income, and surge in need for cosmetics and food & beverages products derived from natural extracts. Furthermore, increase in penetration of various online portals globally and rise in number of offers or discounts attract large consumer base to purchase flavors and fragrance products through online channels. Moreover, online sales channel has increased consumer reach,making it a key source of revenue for many companies. In addition, increase in demand for unique & exotic flavors and unusual flavor combinations, such as exotic & classical fruits in emerging economies, supplements market growth.

Natural flavors have the potential to change the business landscape in the overall Flavors and Fragrances Market. Changing consumer preferences toward natural flavors and fragranceis owing to rise in awareness about benefits of using natural and organic flavors. The demand for clean label food ingredient is increasing. As the artificial flavors cause several mild as well as severe allergies, especially in children, parents mostly prefer to buy natural flavor foods & beverages. Hence there is growing number of manufacturers switching to both natural colors & flavors to avoid the problem associated with chemical reactions.

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FREQUENTLY ASKED QUESTIONS?

A. The global Flavors and Fragrances Market size was valued at $28,193.1 million in 2019, and is projected to reach $35,914.3 billion by 2027, registering a CAGR of 4.7% from 2021 to 2027.

A. The top companies in the Flavors and Fragrances Market are 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.

A. Kindly raise an inquiry on the portal and our salesperson will get in touch with you with available purchase options.

A. The base year calculated in the Flavors and Fragrances Market report is 2019.

A. The CAGR of Flavors and Fragrances Market is 4.7% from 2021 to 2027.

A. The Flavors and Fragrances Market has been segmented on the basis of type, nature, application, and region.

A. The forecast period in the market report is from 2021-2027.

A. Fragrance market holds the maximum market share of the Flavors and Fragrances Market.

A. The COVID-19 pandemic will have negative impact on the Flavors and Fragrances Market in 2021.

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