Flavor And Fragrance Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.87 % |
| Fastest Growing Market | Asia |
| Largest Market | Asia |
| Market Concentration | High |
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*Disclaimer: Major Players sorted in no particular order |
Flavor And Fragrance Market Analysis
The flavors and fragrances market size is projected to grow from USD 36.40 billion in 2023 to USD 46.16 billion by 2028, at a CAGR of 4.87% during the forecast period.
Increasing consumer interest in nutritionally enriched and natural food products promotes the demand for high-value premium and natural additives. Furthermore, the growing demand for exotic or ethnic flavors drives the sales of variant flavor blends. According to a recent study by a taste and nutrition company, nostalgic flavors are becoming increasingly popular as people seek out familiar and convenient food options. These nostalgic flavors can be found in various contexts, ranging from traditional family favorites such as chocolate and peanut butter to more modern flavors such as apple and caramel to mixed berries, oranges, and strawberries in drinks. Additionally, consumers seek products with fortified ingredients, including probiotics, ginger, adaptogens, moringa, turmeric, and coffee bean extract, to support their health objectives. Using herbal and botanical extracts, such as lavender, roses, chamomiles, cinnamon, and cardamom, helps with mood, beauty, or antioxidant intake goals. Moreover, companies are creating a flavor that can be an easy-to-use solution for vegan bakery products. For instance, in January 2022, International Taste Solutions launched Vegan Boost, a natural flavor enhancer. It is available in liquid and powder formulations and is designed to replicate the taste of traditional bakery products without using eggs or dairy. It provides a comprehensive solution to enhance the flavor profile of vegan cake and patisserie products by improving the buttery and creaminess of the flavors.
Flavor And Fragrance Market Trends
Escalating Demand For Flavor Ingredients For Vegan And Meat Alternatives
Food flavor and enhancer manufacturers have turned to plant-based sources such as plant extracts or vegetable powders in their quest for organic, vegetarian, and vegan products. In addition, the vegan community has been growing in recent years, leading to enhanced demand for plant-based food flavors and enhancers. For instance, in 2022, according to the International Food Council, a survey revealed that 15% of American consumers prefer purchasing products labeled as 'plant-based.'In addition, 12% of Americans follow a plant-based diet, and 2% of consumers follow a vegan diet. With a rising desire for meat substitutes among flexitarians, the demand for products besides traditional meat, fish, and dairy products has soared in recent years. Surging demand for vegan and meat alternative products, along with the increasing willingness of consumers to spend more on plant-based food products, is setting the bar for innovation in vegan meat cuisine globally. In 2021, according to a study conducted by DuPont, over 75% of APAC consumers were willing to spend a similar price on meat for plant-based alternatives. The increased consumption of processed foods pushed the food flavor industry, wherein plant-based/vegan flavors are commonly used, as these ingredients are perceived to have low-fat, low-salt, and low-carbohydrate content.
Asia-Pacific Dominates the Market
Since China is the fastest-growing food and beverage market in Asia, the flavors industry here is highly competitive and moderately fragmented. The rising popularity of Chinese cuisine across other Asian countries has triggered the demand for traditional food flavors that are popular in China.
India has always been a land of olfactory indulgence, where aromatherapy, incense, and ittar have existed since ancient times, and essential oil perfume was a part of the old royal lore. The earliest scents used were the healing scents introduced through Ayurveda, which recommended aromatic herbs and fragrant plants for mental well-being, beauty, treatment of ailments, hygiene, and age control, which are well known even today. The rapidly evolving retail landscape and the influx of multiple brands across various product categories have boosted the food flavors market in the country.
Japanese food has been influenced by North American and European dietary habits in recent years, promoting the food flavors market. However, the Japanese are more reserved for their refined food culture, which includes the concept of healthiness, thus regulating the market for natural ingredients over artificial ones.
Flavor And Fragrance Industry Overview
The flavor and fragrance market is concentrated, with key players holding the majority of the market share. The key players are based primarily in the North American and European regions. Some major players in the market studied include International Flavours & Fragrances, Firmenich SA, Givaudan SA, Symrise AG, and BASF SE. The players operating in this market focus on key strategies, such as market expansions, product launches, and mergers and acquisitions, to uphold their market share, a stronger consumer base, and a competitive edge over competitors. As a part of their strategic expansion, companies target regional markets and strengthen their global footprint through new product developments.
Flavor And Fragrance Market Leaders
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International Flavors & Fragrances Inc.
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Firmenich SA
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Givaudan SA
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Symrise AG
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BASF SE
*Disclaimer: Major Players sorted in no particular order
Flavor And Fragrance Market News
- In March 2023, Robertet Group acquired Aroma Esencial, a company based in Girona, Spain. For fractionation and molecular distillation, Aroma Esencial provides a sophisticated industrial tool and various strategic products for the fine fragrance sector.
- In October 2022, Sensient Technologies Corporation opened a new customer and innovation lab in Somerset, New Jersey. The 21,000-square-foot facility was designed to foster collaborative R&D and innovation. The facility serves customers seeking beauty and personal care and savory flavor and extract. The facility's teams will work on innovations and applications in both market segments.
- In October 2022, as part of its global network of research, creative, and application centers, IFF opened the Singapore Innovation Center to integrate the technologies, capabilities, and expertise of its four business divisions: Nourish, Health & Biosciences, Scent, and Pharma Solutions. With almost 11,000 square meters, it is IFF's largest facility in the region.
Flavors & Fragrances Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Deliverables and Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Market Drivers
- 4.1.1 Demand for Vegan and Meat Alternatives
- 4.1.2 Multi-sensory Medication
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4.2 Market Restraints
- 4.2.1 Changing Regulatory Landscape
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4.3 Porter's Five Forces Analysis
- 4.3.1 Threat of New Entrants
- 4.3.2 Bargaining Power of Buyers/Consumers
- 4.3.3 Bargaining Power of Suppliers
- 4.3.4 Threat of Substitute Products
- 4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 By Type
- 5.1.1 Natural
- 5.1.2 Synthetic
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5.2 By Application
- 5.2.1 Food
- 5.2.1.1 Savory and Snacks
- 5.2.1.2 Dairy Products
- 5.2.1.3 Bakery
- 5.2.1.4 Confectionery
- 5.2.1.5 Meat Products
- 5.2.1.6 Other Food Applications
- 5.2.2 Beverages
- 5.2.3 Beauty and Personal Care
- 5.2.4 Pharmaceuticals
- 5.2.5 Other Applications
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5.3 By Geography
- 5.3.1 North America
- 5.3.1.1 United States
- 5.3.1.2 Canada
- 5.3.1.3 Mexico
- 5.3.1.4 Rest of North America
- 5.3.2 Europe
- 5.3.2.1 Spain
- 5.3.2.2 United Kingdom
- 5.3.2.3 Germany
- 5.3.2.4 France
- 5.3.2.5 Italy
- 5.3.2.6 Russia
- 5.3.2.7 Rest of Europe
- 5.3.3 Asia-Pacific
- 5.3.3.1 China
- 5.3.3.2 Japan
- 5.3.3.3 India
- 5.3.3.4 Australia
- 5.3.3.5 Rest of Asia-Pacific
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Rest of South America
- 5.3.5 Middle East and Africa
- 5.3.5.1 South Africa
- 5.3.5.2 Saudi Arabia
- 5.3.5.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Strategies Adopted by Leading Players
- 6.2 Market Share Analysis
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6.3 Company Profiles
- 6.3.1 International Flavors & Fragrances Inc.
- 6.3.2 Kerry Group PLC
- 6.3.3 Archer Daniels Midland Company
- 6.3.4 BASF SE
- 6.3.5 Givaudan SA
- 6.3.6 Robertet SA
- 6.3.7 Symrise AG
- 6.3.8 Mane Group
- 6.3.9 Sensient Technologies Corporation
- 6.3.10 Corbion NV
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityFlavor And Fragrance Industry Segmentation
Flavors and fragrances are used to impart aroma and enhance the taste of consumer products, including prepared foods, personal care products, household products, fine fragrances, cosmetics, and beverages. The flavor and fragrance market is segmented by type, application, and geography. Based on the type, the market is bifurcated into natural and synthetic. Based on the application, the market is segmented into food, beverages, beauty and personal care, pharmaceuticals, and other applications. The food segment is further sub-segmented into savory and snacks, dairy products, bakery, confectionery, meat and meat alternative products, and other food applications. Based on geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. The report offers the market size in value terms in USD for all the abovementioned segments.
| By Type | Natural | |
| Synthetic | ||
| By Application | Food | Savory and Snacks |
| Dairy Products | ||
| Bakery | ||
| Confectionery | ||
| Meat Products | ||
| Other Food Applications | ||
| By Application | Beverages | |
| Beauty and Personal Care | ||
| Pharmaceuticals | ||
| Other Applications | ||
| By Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Rest of North America | ||
| By Geography | Europe | Spain |
| United Kingdom | ||
| Germany | ||
| France | ||
| Italy | ||
| Russia | ||
| Rest of Europe | ||
| By Geography | Asia-Pacific | China |
| Japan | ||
| India | ||
| Australia | ||
| Rest of Asia-Pacific | ||
| By Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| By Geography | Middle East and Africa | South Africa |
| Saudi Arabia | ||
| Rest of Middle East and Africa |
Flavors & Fragrances Market Research FAQs
What is the current Flavor and Fragrance Market size?
The Flavor and Fragrance Market is projected to register a CAGR of 4.87% during the forecast period (2024-2029)
Who are the key players in Flavor and Fragrance Market?
International Flavors & Fragrances Inc., Firmenich SA, Givaudan SA , Symrise AG and BASF SE are the major companies operating in the Flavor and Fragrance Market.
Which is the fastest growing region in Flavor and Fragrance Market?
Asia is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Flavor and Fragrance Market?
In 2024, the Asia accounts for the largest market share in Flavor and Fragrance Market.
What years does this Flavor and Fragrance Market cover?
The report covers the Flavor and Fragrance Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Flavor and Fragrance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Flavors and Fragrances Industry Report
The report covers the Global Flavors and Fragrances Market Companies and Analysis. The market is segmented by source (natural and synthetic); by application (food, beverages, and beauty and personal care); and by geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The market size is provided in terms of value during the forecasted years for the above segments. Statistics for the Flavor and Fragrance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Flavor and Fragrance analysis includes a market forecast outlook and historical overview.
The market research highlights the industry analysis, industry growth, and industry overview. The report provides insights into market share, market size, and market growth. It also delves into market segmentation and market statistics, offering a comprehensive market analysis. The industry report includes detailed industry statistics, industry worth, and market value.
Additionally, the report encompasses industry trends, industry outlook, and market trends. The market forecast and market outlook are crucial for understanding future developments. The report also includes industry reports, industry research, and market data.
Moreover, the report features industry sales, industry information, and market review. The analysis pdf and report pdf provide thorough insights. The report example serves as a reference for understanding the market predictions and market leaders. Research companies can benefit from the detailed industry size and industry revenue information.
Finally, the report provides a complete overview of the target market, global market, and market cap. The market trend analysis and industry pdf offer valuable information for stakeholders. The report concludes with insights into the market outlook and market overview, ensuring a comprehensive understanding of the market dynamics.
