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WASHINGTON, May 25, 2023 (GLOBE NEWSWIRE) -- Global flavors and fragrances market is valued at USD 26.10 Billion in 2022 and is projected to reach a value of USD 36.83 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 4.40% over the forecast period 2023-2030.
One of the most significant economic areas is the Flavors and Fragrances business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight of the sector. Additionally, it provides details on the significant industry players and their expansion strategies.
The report provides a thorough analysis of international producers and suppliers, as well as their current situation and future prospects. It also goes into detail about the global drivers of the demand for Flavors and Fragrances, including rising investment requirements, developing technology, and new laws.
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According to Vantage Market Research, some of the key factors anticipated to accelerate the Flavors and Fragrances market growth over the forecast period. One of the main factors that favorably affect the demand for Flavors and Fragrances is the increasing demand for natural flavors and fragrances. Consumers are becoming more aware of the potential health risks associated with using synthetic chemicals in food and personal care products. They are therefore seeking out natural and organic alternatives. This has led to a surge in demand for natural flavors and fragrances from plant extracts, essential oils, and other natural sources.
In addition, the increase in popularity of plant-based diets and lifestyles drives demand for natural flavors and fragrances derived from fruits, vegetables, and other plant-based sources, as consumers seek products that align with their values and beliefs.
The Asia Pacific flavors and fragrances market has witnessed significant expansion in recent years, with increasing demand from the food and beverage and cosmetics industries. Factors such as a growing population, rising disposable incomes, and changing consumer preferences toward natural and organic products have fueled the region's demand for flavors and fragrances. Additionally, the proliferation of e-commerce platforms and the growing trend of online shopping has further helped drive the growth of the market. As a result, Asia Pacific is expected to remain a key market for flavors and fragrances, with countries such as China, India, Japan, and South Korea contributing the most to the market's growth.
Top Players in the Global Flavors and Fragrances Market
Sensient Technologies Corporation Mane SA Givaudan Takasago International Corporation Firmenich SA International Flavors and Fragrances Inc. Symrise AG BASF SE Alpha Aromatics Ozone Naturals
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Changing Consumer Preferences to Drive Market Growth:
Changing consumer preferences is a crucial market driver in the current scenario. Consumers nowadays are more inclined towards organic and natural flavors and fragrances due to their increased awareness of sustainable living choices. This shift in preferences has led to the discontinuation of synthetic ingredients in favor of natural and organic components. Furthermore, consumers are also willing to pay more for premium products with high-quality and safe ingredients.
Rising Popularity of Convenience Foods to Impact the Market:
Convenience foods have gained immense popularity in recent years. With an increasing number of working individuals and busy lifestyles, consumers often look for easy-to-make meals that save time and effort. This has led to a surge in the demand for ready-to-eat meals, snacks, and packaged foods. These products require specific flavors and fragrances to enhance the taste and aroma, driving the market for flavors and fragrances.
Top Trends in Global Flavors and Fragrances Market
One trend that Vantage Market Research (VMR) expects to see in the flavors and fragrances industry is the natural and clean-label ingredients. Consumers increasingly prefer natural and organic ingredients in their food and personal care products. This trend has also affected the flavors and fragrances industry, as consumers seek products free from synthetic ingredients. Another trend that VMR predicts will continue in the Flavors and Fragrances industry is digitalization and innovation. Technology is transforming the flavors and fragrances industry using artificial intelligence, machine learning, and big data analytics to improve ingredient sourcing, product development, and consumer insights.
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Top Report Findings
Based on the Ingredients, the Natural segment in the global flavors and fragrances market is experiencing significant growth, fueled by increasing consumer demand for clean and natural products. Consumers are becoming more aware of synthetic fragrances' health and environmental impacts, leading to a shift towards natural alternatives. This trend has led to a rise in the use of essential oils, botanical extracts, and other natural ingredients in creating flavors and fragrances. Companies are investing in research & development to meet the growing demand for natural products. Based on the End-Use, the Fragrances category contributes to most of the overall market's revenue. The Fragrances segment in the global flavors and fragrances market includes various products, ranging from perfumes and colognes to scented candles and air fresheners. The increasing demand for personal grooming and home care products drives this sector. With innovations in scent technology and changing consumer preferences, this segment is expected to continue to grow.
Top 10 Players Generates Most of the Revenue of Global Flavors and Fragrances Market
The manufacturers of flavors and fragrances are increasingly investing in research and development of new natural ingredients and formulations to meet the growing demand for natural products, which is expected to drive the global flavors and fragrances market growth in the coming years. The report also found that the most prominent players in the Flavors and Fragrances market include Sensient Technologies Corporation, Mane SA, Givaudan, Takasago International Corporation, Firmenich SA, International Flavors and Fragrances Inc., Symrise AG, BASF SE, Alpha Aromatic, and Ozone Naturals. As per latest report published by Vantage Market Research, the top 10 companies are responsible for generating most of the revenue of the global market.
Flavors Category in Flavors and Fragrances Market to Generate Over 40% Revenue
The global flavors and fragrances market is segmented into various categories, and the flavors segment is one of the major segments in this market. This segment deals with multiple natural and artificial flavors used in the food and beverage, pharmaceuticals, and cosmetics industries. The growing population, rising disposable incomes, and changing lifestyles have increased the demand for flavored products, which has driven the growth of the flavors segment in the global market.
The flavors segment is further divided into artificial and natural flavors. Natural flavors are derived from plant and animal sources, while synthetic flavors are made from chemicals. The natural flavors segment is expected to grow more due to the increasing demand for organic and natural products. In addition, consumers are becoming more conscious of their health and shifting towards organic and natural products, which drives the growth of natural flavors.
The food & beverage industry is the largest consumer of flavors, accounting for the majority share of the global flavors market. Flavors enhance the taste and aroma of food and beverages, vital for product differentiation and attracting consumers. The beverages industry also uses flavors to add taste and flavor to their products, which are popular among consumers.
Moreover, the pharmaceuticals and cosmetics industries are also contributing positively to the growth of the flavors segment. Medicines use flavors to mask the bitter taste of active ingredients and improve patient adherence. In the cosmetics industry, flavors are used in perfumes, soaps, and lotions to enhance the fragrance and improve the overall product appeal.
Overall, the global flavors segment is expected to continue contributing to this growth, driven by increasing demand for natural and organic products and the growing popularity of flavored products among consumers.
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on flavors and fragrances Market Forecast Report (2023-2030).
Global Flavors and Fragrances Market Segmentation
North America Europe Asia Pacific Latin America Middle East & Africa
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Scope of the Report:
We, at Vantage Market Research, provide quantified B2B high quality research on more than 20,000 emerging markets, in turn, helping our clients map out constellation of opportunities for their businesses. We, as a competitive intelligence market research and consulting firm provide end to end solutions to our client enterprises to meet their crucial business objectives. Our clientele base spans across 70% of Global Fortune 500 companies.
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