The global flavor and fragrance market is anticipated to grow at a significant cagr during the forecast period (2022-2028). Flavors and fragrances are used in a wide range of consumer products, including prepared foods, personal care, and household products, fine perfumes, cosmetics, and drinks, to generate aromas and tastes.
Some driving factors for the global flavor and fragrance market are:
- The market for fragrance ingredients is predicted to develop as demand for car and room fresheners rises, additionally, the popularity of aromatherapy.
- The hospitality industry is additionally, seeing an increase in demand for perfumes to create a relaxing environment. Scents are now generally approved for industrial application, including ambiance fragrances for consumer durables and personal care accessories, a hitherto untapped market.
- Furthermore, as disposable income rises, more local consumers, particularly young consumers, choose quality goods which will further support the market growth during the forecast period
- The global food tastes industry is being driven by an increase in demand for ready-to-eat meals and fast food over the projected period.
- Other elements that contribute to the expansion of taste products include breakthrough technologies, the introduction of new flavors, and a large inflow of investment in R&D operations.
- Natural flavors are becoming more popular as people become more health-conscious.
- Furthermore, the flavors and fragrance industry has grown due to the rising demand for flavors in European countries to manufacture commercialized clean label or green food products that are free of additives and other dangerous chemicals.
Some major players in the market include Sensient Technologies, International Flavors & Fragrances Inc., Merck Group, Solvay S.A., and Kerry Group plc, among others. The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, in order to stay competitive in the market. For instance,
- In January 2021, Eugenol Synth introduced by Solvay for fragrance purposes, and it has odor qualities similar to cloves.
- In October 2020, in order to better serve its customers’ particular demands and drive growth in the African, Middle Eastern, Turkish, and Indian markets, IFF has opened a new Dubai Taste Creation Center in the United Arab Emirates. Snacks, beverages, savory, sweet, and dairy products will all benefit from the new lab’s creation and application capabilities.
- In February 2019, Solvay introduced two new natural vanillin solutions, Rhovanil Natural CW and Rhovanil US NAT, which are both widely recognized as natural ingredients for the US food market, in order to meet the growing consumer demand for GMO-free, natural, and true-to-nature goods.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Nature
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Sensient Technologies, International Flavors & Fragrances Inc., Merck Group, Solvay S.A., Kerry Group plc, and other players.
A full report is available at: https://orionmarketreports.com/global-flavor-and-fragrance-market/112616/
Global Flavor And Fragrance Market Report by Segment
By Type
- Flavors
- Fragrance
By Nature
- Natural
- Synthetic
By Application
- Food & Beverages
- Cosmetics & Personal Care
- Home Care
- Fabric Care
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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