Flavors and fragrances Market Expected to Reach$35.9 Billion by 2027-Allied Market Research
“The Flavors and Fragrances Market is expected to witness significant growth, owing to increase inuse of flavoring ingredients in bakery and confectionery items such as ice creams, desserts, smoothies and others, whichis fueling the growth of the Flavors and Fragrances Market. Moreover, increase in use of natural fragrances in cosmetics and personal care products further augment the growth of the market.”
According to a
new report published by Allied Market Research, titled, “Flavors and Fragrances Market by
Type, Natureand Application: Global Opportunity Analysis and Industry Forecast,
2021–2027,” the global Flavors and Fragrances Market size was valued at
$28.1 billion in 2019, and is projected to reach $35.9 billion by 2027,
registering a CAGR of 4.7% from 2021 to 2027.Natural flavors have the potential
to change the business landscape in the overall Flavors and Fragrances Market.
Changing consumer preferences toward natural flavors and fragrance gave rise to
awareness about the functional health benefits in the useof natural and organic
flavors. The demand for clean label food ingredient is increasing. As the
artificial flavors cause several mild as well as severe allergies, especially
in children, parents mostly prefer to buy natural flavor foods & beverages.
Hence there is growing number of manufacturers switching to both natural colors
& flavors to avoid the problem associated with chemical reactions.
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Increase in
demand for ready-to-eat meals & fast food is a key driver for the food
flavors industry across the globe. Moreover, innovative technologies,
introduction of new flavors, and heavy inflow of investment in R&D
activities are the other factors that supplement the growth of the food flavors
market. There is an upcoming trend of using natural flavors owing to rise in
health awareness. Furthermore, high demand for flavors across European
countries to produce commercialized clean label or green food products that are
free of additives and other harmful chemicals has propelled the growth of the
natural flavors market.
The global
coronavirus pandemic has created a number of challenges for exporters in the
developing and developed countries. Challenges for engaged stakeholders in the
flavors and fragrance marker are likely to prevail owing to widespread restrictions
across the globe. Supply chain disruption, lack of availability of worker,
complete lockdown and curfew practices globally has affected domestic as well
as international production of flavors and fragrance products, which, in turn,
hampers the growth of the overall market. Thus, the outbreak of COVID-19 has
negatively impacted the Flavors and Fragrances Market in 2020, as sales of
companies have reduced and operations have been halted.
Over the next
five years, demand for natural flavors and fragranceis expected to grow
strongly. Customers prefer to use natural fragrance cosmetic& personal care
products that are less harmful and have minimum side effects. Further,
manufacturers are anticipated to use natural fragrance ingredients in their
skin care and hair care products to satisfy consumer needs. Many big players in
the market such as L’Oréal, Unilever, Color Bar, and Avon are planning to
invest big budgets in an effort to promote natural aspects of their flavors and
fragrance products.
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Key
Findings Of The Study
- By type,
the flavors segment dominated the global market in 2019, and is expected
to retain its dominance throughout theFlavors and Fragrances Market
forecast period.
- By
nature, the syntheticsegment led the global Flavors and Fragrances Market
demand in 2019, and is expected to retain its dominance throughout the
forecast period.
- By
application, the food & beveragessegment dominated the global market
in 2019, and is expected to retain its dominance throughout the forecast
period.
- By
region, Asia-Pacific accounted for the highest flavors and fragrancemarket
share in 2019, and is expected to grow at a CAGR of 6.6%.
The key
players profiled in the flavors and fragrance industry report includes
Firmenich SA, Frutarom Industries Ltd., Givaudan International SA, Huabao
International Holdings Limited, Kerry Group, PLC, Robertet SA, S H Kelkar and
Company Limited, Sensient Technologies Corporation, Symrise AG and
International Flavors &Fragrances, Inc.
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