The flavors & fragrances market is projected to grow from an estimated USD 21.15 billion in 2017 to USD 24.13 billion by 2022, at a CAGR of 2.67% between 2017 and 2022.
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Expansions, acquisitions, new product launches, joint ventures, investments, and partnerships are the strategies adopted by key players to strengthen their positions in the flavors & fragrances market. The maximum number of strategic developments took place in the Asia Pacific and North America between January 2015 and December 2017.
The growing demand for flavors & fragrances from end-use industries such as food & beverage and consumer goods is expected to drive the flavors & fragrances market. The flavors & fragrances market is also expected to grow due to rising demand for consumer products and changing consumer preferences for convenience food products.
The market has been segmented on the basis of ingredients, end use, and region. Based on ingredients, the natural ingredients segment is projected to grow at the highest CAGR between 2017 and 2022. This growth of the natural ingredients segment is attributed to the strict regulations related to the use of synthetic flavors & fragrances and growing awareness among populations concerning health and wellness.
Based on end use, the flavors market is segmented into beverage, savory & snacks, bakery, dairy products, and confectionery, among others. Dairy products is estimated to be the fastest-growing end-use segment of the flavors market during the forecast period. Growing awareness among the younger population related to functional ingredients contained in dairy products is driving the demand for dairy products, which in turn is driving the dairy flavors market.
Based on region, the Asia Pacific is projected to be the largest market for flavors & fragrances between 2017 and 2022. The increasing demand for a variety of food products and consumer goods, such as home care and personal care products due to rapidly growing populations, increase in disposable incomes, and change in consumer preferences is fueling the growth of the flavors & fragrances market in the region. Most of the key players operating in the flavors & fragrances market have their offices and manufacturing units in the region.
Key players operating in the flavors & fragrances market include Givaudan (Switzerland), International Flavors & Fragrances Inc.(IFF) (US), Firmenich (Switzerland), MANE (France), Symrise (Germany), Sensient (US),Takasago (Japan), Frutarom (Israel), Robertet (France), and T.HASEGAWA (Japan).
Givaudan is a leading manufacturer of flavors and fragrances globally. The company offers a range of flavors & fragrances for confectionery, beverage, dairy, savory, functional cleaners, laundry, and personal care products. Firmenich is another leading manufacturer of flavors & fragrances.
The company has a wide product portfolio catering to almost all the flavors & fragrances end-use industries. It has been focusing on new product launches to strengthen its position in the market. IFF is one of the largest manufacturers of flavors & fragrances. The company has a strong geographical footprint and is focusing on expansions and acquisitions strategies to strengthen its position in the market.
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