| 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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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Flavors And Fragrance Market
Request Now !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.
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.
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.
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.
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.
Covid-19 Impact Analysis
Key Benefits For Stakeholders
Key Market Segments
By Type
By Nature
By Application
By Region
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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.
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.
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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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