PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1536663
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1536663
In terms of value, the flavors & fragrances market is estimated to grow from USD 35.3 billion in 2024 to USD 42.3 billion by 2029, at a CAGR of 3.7%. Natural flavors and fragrances are becoming a growing trend due to their sensory and experiential attributes. Customers who are cautious of artificial additives and complicated chemical names are drawn to natural flavors and fragrances since they tend to have a clearer and more transparent ingredient list. Consumers gravitate towards natural solutions because of their need for authenticity and high-quality sensory experiences.
Scope of the Report | |
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Years Considered for the Study | 2018-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Million) |
Segments | Ingredient Type, End-use Industry, and Region |
Regions covered | Asia Pacific, North America, Europe, Middle East & Africa, and South America |
"Synthetic ingredient segment was the largest ingredient type of flavors & fragrances market, in terms of value, in 2023."
Synthetic ingredients are the most used ingredient type in the flavors & fragrances market, in terms of value, in 2023. Synthetic ingredients' adaptability and flexibility for innovation add to their dominance in the flavors & fragrances market. Numerous flavors and fragrances that might not be readily obtained from natural sources can be created via synthetic chemistry. In a competitive market, having the freedom to explore and develop novel sensory experiences is a major advantage.
"Dairy products segment is projected to witness the highest CAGR in the flavors market, in terms of value, during the forecast period."
The dairy products segment is projected to witness the highest CAGR in the flavors & market, in terms of value, during the forecast period. There is a growing demand for new flavors in dairy products due to product diversity and innovation. As more people choose vegan or lactose-free diets, plant-based dairy substitutes like almond, soy, and oat milk have become increasingly popular. To increase their attractiveness and set them apart from conventional dairy products, these products need unique flavors.
"Fine fragrances segment was the second largest end-use industry of fragrances market, in terms of value, in 2023."
Fine fragrances segment stands as the second-largest end-use industry in the fragrances market. The growing inclination of consumers towards experiencing luxury and customized indulgence is contributing to the attraction of high-quality fragrances. Sensual pleasure, emotional fulfilment, and a feeling of personal identity are becoming increasingly important to modern customers, especially those in wealthier groups. Fine fragrances satisfy these needs by providing a sensual experience that goes beyond the ordinary, enabling consumers to showcase their uniqueness and elegance.
"Europe is projected to be the second largest region, in terms of value, during the forecast period in the flavors & fragrances market."
Europe was the second-largest region in the flavors & fragrances market. Europe served as a pioneer when it comes to the creation and enhancement of flavors and fragrances. Ancient perfumery and culinary arts traditions abound in the region, with France and Italy being recognized for their centuries-long mastery in these art forms. Europe is recognized worldwide as a leader in the production and enjoyment of complex, premium flavors and fragrances owing to its rich legacy. Market needs for customization and regional specialties are still on the rise due to which companies do not cease to develop new solutions that would appeal to the target markets across Europe.
The key players profiled in the report include Givaudan SA (Switzerland), International Flavors & Fragrances Inc. (US), DSM-Firmenich AG (Switzerland), Symrise AG (Germany), ADM (US), Takasago International Corporation (Japan), Sensient Technologies Corporation (US), MANE (France), Robertet Group (France), T. Hasegawa Co., Ltd. (Japan), and Bell Flavors & Fragrances (US).
Research Coverage
This report segments the market for flavors & fragrances based on ingredient type, end-use industry, and region and provides estimations of value (USD Million) for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, services, and key strategies, associated with the market for flavors & fragrances.
Reasons to Buy this Report
This research report is focused on various levels of analysis - industry analysis (industry trends), market share analysis of top players, and company profiles, which together provide an overall view of the competitive landscape, emerging and high-growth segments of the flavors & fragrances market; high-growth regions; and market drivers, restraints, and opportunities.