The global flavors and fragrances market size is expected to reach USD 44.6 billion by 2030, expanding at a CAGR of 5.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growth is majorly driven by the rising demand for natural products and aroma chemicals from the personal care & cosmetics products and food & beverages industries. The global industry for fragrances & flavors is expected to register remarkable growth over the forecast period owing to the increasing product demand in toiletries, cosmetics, beverages, and food application industries. The increasing use of flavors in the pharmaceutical, dietary supplements, and nutraceutical sectors is also projected to augment industry growth.
Flavors And Fragrances Market Report Highlights
- The natural product type segment will register the fastest growth rate from 2024 to 2030 owing to a rapid shift from the usage of synthetic and lab-processed products to more natural products, especially in the emerging markets
- The fragrances application segment will register the fastest growth rate during the forecast years due to growing usage in the pharmaceutical, hospitality, home care, and personal care & cosmetics industries
- Asia Pacific will emerge as the largest as well as the fastest-growing region during the forecast period
- The growth is attributed to the increased product demand from the nutraceutical, dietary supplements, pharmaceuticals, and food processing industries
- In addition, changes in consumer preference along with rising demand for exotic flavors are expected to have a positive impact on the regional market
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The health & wellness trend in the industry is expected to magnify the preference for natural flavor ingredients. Growing disposable income levels in emerging economies are also anticipated to augment the product demand for soaps & detergents, perfumes, toiletries, and cosmetics. Natural products are considered therapeutic, healthy, and safe. Manufacturers of natural fragrances often charge a “green premium” on their products. The demand for synthetic ones is also expected to rise, as they emit strong fragrances, offer greater freedom of creativity to manufacturers, and are long-lasting. Moreover, synthetic products are less expensive as compared to natural products.
The COVID-19 pandemic had an adverse impact on the global industry on account of the supply chain disruptions, complete & partial lockdown of manufacturing facilities, and lack of availability of labor as well as raw materials. Countries around the world had to restrict global trade due to which, imports and export were affected. However, since the first half of 2021, countries rapidly adjusted their economies and kept the agriculture and food industries in focus, thus stabilizing the industry growth. New product launches, a growing number of retail stores, and economic prices of convenience food and personal care products are also expected to be highly influential factors contributing to the industry’s growth
Product Segment Analysis
In terms of product, the natural chemicals segment dominated the industry. Increasing research spending for development of natural fragrance compounds is expected to have a positive impact on overall industry. Aroma chemicals are synthetic aromas, which are used in many applications, such as essential oils, food & beverages, and perfumes. The use of natural products is on rise due to high demand for exotic essential oils that are used in pharmaceuticals, aromatherapy, and natural cosmetics. The demand for fragrances where odor value of a fragrance is replaced with natural oils is high in developed countries. Thus, many exotic essential oils like sandal, junipers, rosemary, lavender, geranium, etc. find applications in multiple new blends.
Application Segment Analysis
The fragrances application segment dominated the global industry. The large share of this segment can be attributed to increased demand for various fragrances in toiletries, such as hand washes, detergents, soaps, personal care products, and cosmetics. Furthermore, fragrance plays an important role in aromatherapy applications, owing to which essential oils, materials, compounds, and aromatic oils demand is likely to be driven in aromatherapy applications. feed and feed additive manufacturers are focusing more on providing palatability solutions to increase feed intake. This, in turn, it is projected to propel demand for flavors in animal feed applications supporting overall market growth.
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Asia Pacific dominated global industry, shift in choices of consumers towards nutritional and healthy foods and beverages in most populated countries like India and China. Asian flavors and fragrances have also gained popularity in major regions of Europe and North America. Indonesia, India, China, and Vietnam are among the prominent food flavor markets. The Comprehensive Economic & Trade Agreement (CETA) is predicted to remove customs duty on food and agricultural products and several other industrial products. The trade agreement between Canada and the European Union is likely to enable it to participate in public bids in Canada. This is further intended to propel trade of essential oils between Europe and North America.
Major Companies In the Flavors And Fragrances Market
- Sensient Technologies Corp.
- Mane SA
- Takasago International Corp.
- Manohar Botanical Extracts Pvt. Ltd.
- Alpha Aromatics
- Ozone Naturals
- Elevance Renewable Sciences, Inc.
- Firmenich SA
- Symrise AG
- Vigon International, Inc.
- BASF SE
Segmented the global flavors and fragrances market based on product, application, and region:
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Table of Contents
Table 1 Essential oils - Import statistics (Kilo Tons)
Table 2 Oleoresins - Import statistics (Kilo Tons)
Table 3 Synthetic Chemicals - Import statistics (Kilo Tons)
Table 4 Essential oils - Export statistics (Kilo Tons)
Table 5 Oleoresins - Export statistics (Kilo Tons)
Table 6 Synthetic Chemicals - Import statistics (Kilo Tons)
Table 7 CAS numbers by key product
Table 8 Natural versus synthetic ingredients
Table 9 Profit margin by raw material
Table 10 Chocolates - Cost Stack Analysis
Table 11 Other Confectioneries - Cost Stack Analysis
Table 12 Beverages - Cost Stack Analysis
Table 13 Bakery products - Cost Stack Analysis
Table 14 Ice cream - Cost Stack Analysis
Table 15 Flavors Industry - Regulatory Framework
Table 16 Flavors & Fragrances market revenue estimates & forecasts, by product, 2018 - 2030 (USD Million)
Table 17 Natural flavors & fragrances market revenue estimates & forecasts, in essential oils by product, 2018 - 2030 (USD Million)
Table 18 Natural flavors & fragrances market revenue estimates & forecasts, in Oleoresins by product, 2018 - 2030 (USD Million)
Table 19 Natural flavors & fragrances market revenue estimates & forecasts, in Others by product, 2018 - 2030 (USD Million)
Table 20 Aroma chemicals-based flavors & fragrances market revenue estimates by product, 2018 - 2030 (USD Million)
Table 21 Flavors & fragrances market revenue estimates by application, 2018 - 2030 (USD Million)
Table 22 Flavors market revenue estimates, by end-use, 2018 - 2030 (USD Million)
Table 23 Fragrances market revenue estimates, by end-use, 2018 - 2030 (USD Million)
Table 24 Global flavors & fragrances market revenue estimates by region, 2018 - 2030 (USD Million)