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The global flavors and fragrances market was valued at USD 44.31 Billion in 2023, increasing at a CAGR of 4.6% from 2024 to 2033 and anticipated to reach USD 69.47 Billion by 2033. The increasing demand and consumption of processed food, personal care products, and cosmetics will drive market growth and development. The rise in disposable income among emerging economies like India and China, coupled with population growth, is anticipated to fuel further demand for personal care items and cosmetic products within this industry. Moreover, developing countries that adopt busy lifestyle patterns alongside developed nations continue to upsurge their need for processed foods and beverages, thus increasing the overall flavor demands in these markets. Asia Pacific is expected to grow the fastest during the forecast period. Also, the increasing sales of bakery and confectionery products, coupled with the ever-increasing product demand for several applications in industries such as food and beverages, personal care, and others, are expected to drive market growth during the forecast period.
The taste and olfactory senses of the body feel flavour and fragrance. While flavour refers to the specific taste of the substance, fragrance refers to the pleasant perfume of a product. They can both be infused into different food & non-food products. The primary motive of flavors as food additives is to enhance the flavor and aroma of food ingredients, including those used in dairy products, beverages, soups, snacks, baked goods, sauces, and other confectionery products. Conversely, the fragrance is mainly utilized to deliver high-quality scents in various consumer ingredients, including cosmetics, body care, dental care, and home care. Fragrance or spice refers to the material with an aromatic odour itself. Most pastries and cookies can be added with spices and fragrances to improve or enhance the aroma and flavor. These fragrances and spices are called a flavouring agent. The fragrance is compound spices made from several or dozens of spices via diluent blending. In the production of biscuits, commonly utilized food fragrances include orange, lemon, coconut, banana, and strawberry. In addition, there are other more common flavors like butter fragrance, cocoa fragrance, and vanilla fragrance. Water-soluble fragrances are formulated using ethanol, distilled water, glycerol or propylene glycol as a diluent.
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For example, in July 2021, Sensient Technologies Company acquired the assets of Flavor Solutions, which provides flavours & flavour technologies to the beverage, food, and nutraceutical industry. The acquisition of this business will grow Sensient's flavour portfolio by expanding its traditional flavour offering & adding savory reaction natural flavours, shelf-life extender technologies, and additional sweetness-enhancing and salt reduction taste-modulation technology platforms.
The growing preference of customers toward convenience foods: The ever-increasing preference of customers toward convenience foods is driving the flavors and fragrances market. Convenience foods refer to processed products that need less preparation before consumption. The convenience food category includes prepared foods like frozen foods, ready-to-eat foods, shelf-stable products and prepared mixes like a cake mix. Convenience food is available in various forms, including products like pre-cut vegetables, frozen meat and snacks, bottled and canned products, ready-to-serve (RTS) foods or ready-to-cook (RTC) and many more. The rising preferences towards convenience foods are anticipated to raise the utilization of fragrances and flavors, as they are widely utilized as a significant component to increase the taste & longevity of the products. However, the busy lifestyle pattern upheld in developed as well as developing countries is expected to boost the demand for processed foods & beverages, thereby enabling the demand for flavors.
The stringent government restrictions on the usage of synthetic flavors and fragrances: The high competition and strict government restrictions on the use of synthetic flavors and fragrances are restraining factors of market growth. However, compliance with regulatory and quality standards and fluctuating prices of essential oils are the retraining factors of the market growth.
Technological advancements: The rising investments in adopting technological advancements and R&D activities are the opportunity factor for market growth. Moreover, the rising disposable incomes combined with the increasing middle-class population are also helping to boost market growth. Additionally, the growing awareness of hygiene and cleanliness through marketing campaigns and advertisements is expected to propel market growth. Additionally, the increased demand for different fragrances in toiletries, such as soaps, hand washes, personal care products, detergents, and cosmetics, is also helping to boost the market growth during the projection period.
The regions analyzed for the market include Europe, South America, Asia Pacific, North America, the Middle East, and Africa. North America emerged as the largest global flavors and fragrances market, with a 47.5% market revenue share in 2023. North America dominates the flavors and fragrances market due to rapid urbanization. Further, the increase in per capita income on consumer products in high-growth economies, increased focus on product differentiation strategies by manufacturers, and the increasing demand from the food & beverage industry is also helping to boost the market growth. However, growing urbanization, changing lifestyles, strengthening economies, the expanding use of e-commerce to distribute products and maintain exclusivity, and a rise in per capita income are expected to drive market growth in this region. Asia Pacific is expected to grow the fastest during the forecast period due to the increasing population in the region. Additionally, the changing lifestyles and rapid economic expansion of developing economies such as Indonesia, India, China, and Vietnam are expected to propel the market growth during the forecast period. Moreover, growing demand from different application industries and the availability of raw materials are expected to drive market growth in this region. However, the increasing adoption of multiple novel procedures for flavor extraction, along with the hefty investments placed by food manufacturers into R&D activities, is also helping to propel the market growth in this region during the forecast period. Moreover, the shift in consumers' choices towards nutritional and healthy foods and beverages in most populated countries such as China and India also propelled market growth during the forecast period.
North America Region Flavors and Fragrances Market Share in 2023 - 47.5%
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The ingredient segment is divided into synthetic and natural. The natural segment dominated, with a market share of 55.3% in 2023. This growth is attributed to the customers' preference for plant-based flavors and fragrances, especially in the healthcare, cosmetics, food & beverage sectors. However, the ever-increasing product usage in applications like aromatherapy, pharmaceuticals, and natural cosmetics is expected to grow the segment's market. Further, by 2032, the synthetic segment will likely dominate the market due to the increasing consumption of packaged and preserved food products.
The application segment is divided into beauty and personal care, food and beverages, pharmaceuticals and healthcare, homecare, and fabric care. In 2023, the food and beverages segment dominated the market with 29.3% and a revenue of USD 12.98 billion. This growth is attributed to the rise in awareness of healthy eating. Moreover, the high global demand for food & beverages like carbonated soft drinks, baked goods, snack foods, staple food, and caffeinated drinks are also helping to boost the segment's market growth. Further, by 2033, the beauty and personal care segment will likely dominate the market due to the introduction of cosmetics with natural, non-toxic, and organic ingredients. Additionally, the increasing number of appearance-conscious customers globally is also helping to boost the segment's market growth. However, beauty and personal care products such as colour cosmetics, skincare, and hair care are becoming an integral part of daily grooming among millennials.
Report Description:
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2023 | USD 44.31 Billion |
| Market size value in 2033 | USD 69.47 Billion |
| CAGR (2024 to 2033) | 4.60% |
| Historical data | 2020-2022 |
| Base Year | 2023 |
| Forecast | 2024-2033 |
| Region | The key regions are North America, South America, Europe, Asia Pacific, and Middle East & Africa. |
| Segments | Key Segments are Ingredient, application, and regions |
North America region emerged as the largest market for flavors and fragrances.
The market's growth will be influenced by the increasing demand for flavors and fragrances from various end-use industries.
The rising cost of raw materials and production costs could hamper the market growth.
The digitalization of the retail industry will provide huge opportunities to the market.
1. Introduction
1.1. Objectives of the Study
1.2. Market Definition
1.3. Research Scope
1.4. Currency
1.5. Key Target Audience
2. Research Methodology and Assumptions
3. Executive Summary
4. Premium Insights
4.1. Porter’s Five Forces Analysis
4.2. Value Chain Analysis
4.3. Top Investment Pockets
4.3.1. Market Attractiveness Analysis By Ingredient
4.3.2. Market Attractiveness Analysis By Application
4.3.3. Market Attractiveness Analysis By Region
4.4. Industry Trends
5. Market Dynamics
5.1. Market Evaluation
5.2. Market Evaluation
5.3. Drivers
5.3.1. The increasing demand for flavors and fragrances from various end-use industries
5.3.2. The growing demand for premium personal care products
5.3.3. The growing preference of customers toward convenience foods
5.3.4. The increase in the demand for natural products
5.4. Restraints
5.4.1. The rising cost of raw materials and production costs
5.4.2. The stringent government restrictions on the usage of synthetic flavors & fragrances
5.5. Opportunities
5.5.1. The digitalization of the retail industry
5.5.2. The growth in the pharmaceuticals and cosmetics industries
6. Global Flavors and Fragrances Market Analysis and Forecast, By Ingredient
6.1. Segment Overview
6.2. Synthetic
6.3. Natural
7. Global Flavors and Fragrances Market Analysis and Forecast, By Application
7.1. Segment Overview
7.2. Beauty and Personal Care
7.3. Food and Beverages
7.4. Pharmaceuticals and Healthcare
7.5. Homecare
7.6. Fabric Care
8. Global Flavors and Fragrances Market Analysis and Forecast, By Regional Analysis
8.1. Segment Overview
8.2. North America
8.2.1. U.S.
8.2.2. Canada
8.2.3. Mexico
8.3. Europe
8.3.1. Germany
8.3.2. France
8.3.3. U.K.
8.3.4. Italy
8.3.5. Spain
8.4. Asia-Pacific
8.4.1. Japan
8.4.2. China
8.4.3. India
8.5. South America
8.5.1. Brazil
8.6. Middle East and Africa
8.6.1. UAE
8.6.2. South Africa
9. Global Flavors and Fragrances Market-Competitive Landscape
9.1. Overview
9.2. Market Share of Key Players in Global Flavors and Fragrances Market
9.2.1. Global Company Market Share
9.2.2. North America Company Market Share
9.2.3. Europe Company Market Share
9.2.4. APAC Company Market Share
9.3. Competitive Situations and Trends
9.3.1. Product Launches and Developments
9.3.2. Partnerships, Collaborations, and Agreements
9.3.3. Mergers & Acquisitions
9.3.4. Expansions
10. Company Profiles
10.1. Mane SA
10.1.1. Business Overview
10.1.2. Company Snapshot
10.1.3. Company Market Share Analysis
10.1.4. Company Product Portfolio
10.1.5. Recent Developments
10.1.6. SWOT Analysis
10.2. Takasago International Corp.
10.2.1. Business Overview
10.2.2. Company Snapshot
10.2.3. Company Market Share Analysis
10.2.4. Company Product Portfolio
10.2.5. Recent Developments
10.2.6. SWOT Analysis
10.3. Manohar Botanical Extracts Pvt. Ltd.
10.3.1. Business Overview
10.3.2. Company Snapshot
10.3.3. Company Market Share Analysis
10.3.4. Company Product Portfolio
10.3.5. Recent Developments
10.3.6. SWOT Analysis
10.4. Ozone Naturals
10.4.1. Business Overview
10.4.2. Company Snapshot
10.4.3. Company Market Share Analysis
10.4.4. Company Product Portfolio
10.4.5. Recent Developments
10.4.6. SWOT Analysis
10.5. Alpha Aromatics
10.5.1. Business Overview
10.5.2. Company Snapshot
10.5.3. Company Market Share Analysis
10.5.4. Company Product Portfolio
10.5.5. Recent Developments
10.5.6. SWOT Analysis
10.6. Sensient Technologies Corp.
10.6.1. Business Overview
10.6.2. Company Snapshot
10.6.3. Company Market Share Analysis
10.6.4. Company Product Portfolio
10.6.5. Recent Developments
10.6.6. SWOT Analysis
10.7. Firmenich SA
10.7.1. Business Overview
10.7.2. Company Snapshot
10.7.3. Company Market Share Analysis
10.7.4. Company Product Portfolio
10.7.5. Recent Developments
10.7.6. SWOT Analysis
10.8. Elevance Renewable Sciences, Inc.
10.8.1. Business Overview
10.8.2. Company Snapshot
10.8.3. Company Market Share Analysis
10.8.4. Company Product Portfolio
10.8.5. Recent Developments
10.8.6. SWOT Analysis
10.9. BASF SE
10.9.1. Business Overview
10.9.2. Company Snapshot
10.9.3. Company Market Share Analysis
10.9.4. Company Product Portfolio
10.9.5. Recent Developments
10.9.6. SWOT Analysis
10.10. Vigon International, Inc.
10.10.1. Business Overview
10.10.2. Company Snapshot
10.10.3. Company Market Share Analysis
10.10.4. Company Product Portfolio
10.10.5. Recent Developments
10.10.6. SWOT Analysis
10.11. Akay Flavors & Aromatics Pvt. Ltd.
10.11.1. Business Overview
10.11.2. Company Snapshot
10.11.3. Company Market Share Analysis
10.11.4. Company Product Portfolio
10.11.5. Recent Developments
10.11.6. SWOT Analysis
10.12. Ungerer & Company
10.12.1. Business Overview
10.12.2. Company Snapshot
10.12.3. Company Market Share Analysis
10.12.4. Company Product Portfolio
10.12.5. Recent Developments
10.12.6. SWOT Analysis
10.13. Symrise AG
10.13.1. Business Overview
10.13.2. Company Snapshot
10.13.3. Company Market Share Analysis
10.13.4. Company Product Portfolio
10.13.5. Recent Developments
10.13.6. SWOT Analysis
10.14. Universal Oleoresins
10.14.1. Business Overview
10.14.2. Company Snapshot
10.14.3. Company Market Share Analysis
10.14.4. Company Product Portfolio
10.14.5. Recent Developments
10.14.6. SWOT Analysis
10.15. Flavex Naturextrakte GmbH
10.15.1. Business Overview
10.15.2. Company Snapshot
10.15.3. Company Market Share Analysis
10.15.4. Company Product Portfolio
10.15.5. Recent Developments
10.15.6. SWOT Analysis
10.16. Synthite Industries Ltd.
10.16.1. Business Overview
10.16.2. Company Snapshot
10.16.3. Company Market Share Analysis
10.16.4. Company Product Portfolio
10.16.5. Recent Developments
10.16.6. SWOT Analysis
10.17. Falcon Essential Oils
10.17.1. Business Overview
10.17.2. Company Snapshot
10.17.3. Company Market Share Analysis
10.17.4. Company Product Portfolio
10.17.5. Recent Developments
10.17.6. SWOT Analysis
10.18. Young Living Essential Oils
10.18.1. Business Overview
10.18.2. Company Snapshot
10.18.3. Company Market Share Analysis
10.18.4. Company Product Portfolio
10.18.5. Recent Developments
10.18.6. SWOT Analysis
10.19. Biolandes SAS
10.19.1. Business Overview
10.19.2. Company Snapshot
10.19.3. Company Market Share Analysis
10.19.4. Company Product Portfolio
10.19.5. Recent Developments
10.19.6. SWOT Analysis
10.20. doTERRA International
10.20.1. Business Overview
10.20.2. Company Snapshot
10.20.3. Company Market Share Analysis
10.20.4. Company Product Portfolio
10.20.5. Recent Developments
10.20.6. SWOT Analysis
10.21. Givaudan
10.21.1. Business Overview
10.21.2. Company Snapshot
10.21.3. Company Market Share Analysis
10.21.4. Company Product Portfolio
10.21.5. Recent Developments
10.21.6. SWOT Analysis
10.22. International Flavors and Fragrances, Inc.
10.22.1. Business Overview
10.22.2. Company Snapshot
10.22.3. Company Market Share Analysis
10.22.4. Company Product Portfolio
10.22.5. Recent Developments
10.22.6. SWOT Analysis
List of Table
1. Global Flavors and Fragrances Market, By Ingredient, 2020-2033 (USD Billion)
2. Global Synthetic, Flavors and Fragrances Market, By Region, 2020-2033 (USD Billion)
3. Global Natural, Flavors and Fragrances Market, By Region, 2020-2033 (USD Billion)
4. Global Flavors and Fragrances Market, By Application, 2020-2033 (USD Billion)
5. Global Beauty and Personal Care, Flavors and Fragrances Market, By Region, 2020-2033 (USD Billion)
6. Global Food and Beverages, Flavors and Fragrances Market, By Region, 2020-2033 (USD Billion)
7. Global Pharmaceuticals and Healthcare, Flavors and Fragrances Market, By Region, 2020-2033 (USD Billion)
8. Global Homecare, Flavors and Fragrances Market, By Region, 2020-2033 (USD Billion)
9. Global Fabric Care, Flavors and Fragrances Market, By Region, 2020-2033 (USD Billion)
10. North America Flavors and Fragrances Market, By Ingredient, 2020-2033 (USD Billion)
11. North America Flavors and Fragrances Market, By Application, 2020-2033 (USD Billion)
12. U.S. Flavors and Fragrances Market, By Ingredient, 2020-2033 (USD Billion)
13. U.S. Flavors and Fragrances Market, By Application, 2020-2033 (USD Billion)
14. Canada Flavors and Fragrances Market, By Ingredient, 2020-2033 (USD Billion)
15. Canada Flavors and Fragrances Market, By Application, 2020-2033 (USD Billion)
16. Mexico Flavors and Fragrances Market, By Ingredient, 2020-2033 (USD Billion)
17. Mexico Flavors and Fragrances Market, By Application, 2020-2033 (USD Billion)
18. Europe Flavors and Fragrances Market, By Ingredient, 2020-2033 (USD Billion)
19. Europe Flavors and Fragrances Market, By Application, 2020-2033 (USD Billion)
20. Germany Flavors and Fragrances Market, By Ingredient, 2020-2033 (USD Billion)
21. Germany Flavors and Fragrances Market, By Application, 2020-2033 (USD Billion)
22. France Flavors and Fragrances Market, By Ingredient, 2020-2033 (USD Billion)
23. France Flavors and Fragrances Market, By Application 2020-2033 (USD Billion)
24. U.K. Flavors and Fragrances Market, By Ingredient, 2020-2033 (USD Billion)
25. U.K. Flavors and Fragrances Market, By Application 2020-2033 (USD Billion)
26. Italy Flavors and Fragrances Market, By Ingredient, 2020-2033 (USD Billion)
27. Italy Flavors and Fragrances Market, By Application 2020-2033 (USD Billion)
28. Spain Flavors and Fragrances Market, By Ingredient, 2020-2033 (USD Billion)
29. Spain Flavors and Fragrances Market, By Application 2020-2033 (USD Billion)
30. Asia Pacific Flavors and Fragrances Market, By Ingredient, 2020-2033 (USD Billion)
31. Asia Pacific Flavors and Fragrances Market, By Application 2020-2033 (USD Billion)
32. Japan Flavors and Fragrances Market, By Ingredient, 2020-2033 (USD Billion)
33. Japan Flavors and Fragrances Market, By Application 2020-2033 (USD Billion)
34. China Flavors and Fragrances Market, By Ingredient, 2020-2033 (USD Billion)
35. China Flavors and Fragrances Market, By Application 2020-2033 (USD Billion)
36. India Flavors and Fragrances Market, By Ingredient, 2020-2033 (USD Billion)
37. India Flavors and Fragrances Market, By Application 2020-2033 (USD Billion)
38. South America Flavors and Fragrances Market, By Ingredient, 2020-2033 (USD Billion)
39. South America Flavors and Fragrances Market, By Application 2020-2033 (USD Billion)
40. Brazil Flavors and Fragrances Market, By Ingredient, 2020-2033 (USD Billion)
41. Brazil Flavors and Fragrances Market, By Application 2020-2033 (USD Billion)
42. Middle East and Africa Flavors and Fragrances Market, By Ingredient, 2020-2033 (USD Billion)
43. Middle East and Africa Flavors and Fragrances Market, By Application 2020-2033 (USD Billion)
44. UAE Flavors and Fragrances Market, By Ingredient, 2020-2033 (USD Billion)
45. UAE Flavors and Fragrances Market, By Application 2020-2033 (USD Billion)
46. South Africa Flavors and Fragrances Market, By Ingredient, 2020-2033 (USD Billion)
47. South Africa Flavors and Fragrances Market, By Application 2020-2033 (USD Billion)
List of Figures
1. Global Flavors and Fragrances Market Segmentation
2. Global Flavors and Fragrances Market: Research Methodology
3. Market Size Estimation Methodology: Bottom-Up Approach
4. Market Size Estimation Methodology: Top-Down Approach
5. Data Triangulation
6. Porter’s Five Forces Analysis
7. Value Chain Analysis
8. Global Flavors and Fragrances Market Attractiveness Analysis By Ingredient
9. Global Flavors and Fragrances Market Attractiveness Analysis By Application
10. Global Flavors and Fragrances Market Attractiveness Analysis By Region
11. Global Flavors and Fragrances Market: Dynamics
12. Global Flavors and Fragrances Market Share By Ingredient (2023 & 2033)
13. Global Flavors and Fragrances Market Share By Application (2023 & 2033)
14. Global Flavors and Fragrances Market Share By Regions (2023 & 2033)
15. Global Flavors and Fragrances Market Share By Company (2023)
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global flavors and fragrances based on below mentioned segments:
Global Flavors and Fragrances Market by Ingredient:
Global Flavors and Fragrances Market by Application:
Global Flavors and Fragrances by Region:
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