The global flavor and fragrance market is expected to grow at a substantial CAGR in the years to come. This could be credited to opportunities in toiletries, cosmetics, fine fragrance, savory/snacks, dairy, air care, and household. The other drivers include changing preference of consumers, rise in disposable income, and increase in awareness regarding purchase of products containing natural ingredients.
The latest trend catching up on this count is usage of biotic ingredients in dairy products and beverages. This goes to state that beverage and dairy industry is all set to go through a major upsurge in the near future.
The flavor and fragrance market is segmented based on product, application, raw material, and geography. By product, the market spans flavor and fragrance. By application, the segmentation goes like flavor (dairy, savory/snacks, beverage, bakery/confectionery, and others), and fragrance (cosmetics and toiletries, soaps and detergents, air care and household, fine fragrance, and others). By raw material, the market consists of essential oils and aroma chemicals. Out of fragrance and flavor, “flavor” is estimated to be the largest segment by value owing to increasing popularity of low-sugar beverages, low-sodium foods, and nutritionally supplemented functional foods.
By geography, the market comprises North America (Canada and U.S.), LATAM (Chile, Peru, Brazil, Mexico, and others), Asia Pacific (ASEAN, New Zealand, Australia, Japan, India, and China), Western Europe (UK, Germany, Italy, Spain, Belgium, Nordic countries, Luxembourg, and The Netherlands), Eastern Europe (Russia and Poland), and MEA (South Africa, GCC, and North Africa). Asia Pacific is expected to rule the roost due to growth in per capita income and strengthening economies.
The players contributing to the flavor and fragrance market include T. Hasegawa, Robertet SA, Sensient Flavors, Mane SA, Takasago, Symrise, Firmenich, Givaudan, and Frutarom. Inorganic growth is in store. Mergers and acquisitions, partnerships, joint ventures are expected to be the talk of the town in the next 5-7 years.
Leading players of Flavor and Fragrance including:
• WILD Flavors
• Robertet SA
• T. Hasegawa
• Synergy Flavor
• Shanghai Apple
• Wanxiang International
Market split by Type, can be divided into:
Market split by Application, can be divided into:
• Food and Beverages
• Daily Chemicals
• Tobacco Industry
Market split by Sales Channel, can be divided into:
• Direct Channel
• Distribution Channel
Market segment by Region/Country including:
• North America (United States, Canada and Mexico)
• Europe (Germany, UK, France, Italy, Russia and Spain etc.)
• Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia etc.)
• South America Brazil, Argentina, Colombia and Chile etc.)
• Middle East & Africa (South Africa, Egypt, Nigeria and Saudi Arabia etc.)
Research Support Specialist, USA