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The global Flavors & Fragrances Market is estimated at USD 21.15 Billion in 2017 and is projected to reach USD 24.13 Billion by 2022, at a CAGR of 2.67% from 2017 to 2022.On the basis of ingredients, the flavors & fragrances market has been segmented into synthetic and natural.
The synthetic ingredients segment is projected to lead the flavors & fragrances market during the forecast period due to the low cost and growing usage in end-use products such as beverages, packaged food products, home care products, and personal care products.Based on end use, the flavors market has been segmented into beverage, savory & snacks, bakery, dairy products, and confectionery, among others.
The demand for flavors for beverages is mainly due to the growing demand for soft drinks, energy drinks, and other drinks.
The new facility will be used for the production of fragrances, oral care flavors, and encapsulation.
This is expected to help the company cater to the growing demand for flavors and fragrances in China.
The company has a wide product portfolio catering to almost all the flavors & fragrances end-use industries.
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