(MENAFN- EIN Presswire) Flavors and Fragrances Market
NEW YORK, WYOMING, UNITED STATES, September 19, 2023/EINPresswire/ -- According to the new market research report by IMARC Group, the global flavors and fragrances market size size reached US$ 31.0 Billion in 2022. Looking forward, the market expected to reach US$ 41.6 Billionq by 2028, exhibiting a growth rate (CAGR) of 3.8% during 2023-2028.
Flavors and fragrances are widely used in order to enhance the smell and taste of a product. They are generally prepared using aroma compounds that aid in improving the aesthetic value of a particular substance. Some of the commonly utilized flavors and fragrances include sweet, woody, fruity, floral, and musky, which provide pleasing scents to various home and personal care and confectionary products. Along with this, they are also used in aromatherapy as healing scents for mental well-being and hygiene as well as for beauty and ailment treatments.
Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being Givaudan SA, Firmenich SA, International Flavors & Fragrances, Inc., Symrise AG, Takasago International Corporation, Sensient Technologies Corporation, V. MANE FILS, SA, Robertet SA, T. Hasegawa Co., Ltd., Frutarom Industries Ltd., Bell Flavors & Fragrances, Inc., Archer Daniels Midland Company (ADM), Kerry Group plc, Ogawa & Co., Ltd. and Huabao International Holdings Limited, etc.
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Flavors and Fragrances Market Trends and Drivers:
The global market is primarily driven by the shifting lifestyle preferences of the masses. Coupled with the rising consciousness among individuals toward maintaining an appealing appearance, this is creating a positive outlook for the market. In line with this, inflating disposable income levels of the masses is also providing a boost to the market growth. Along with this, the increasing adoption of various flavor and fragrance substances across the food and beverages sector is one of the key factors driving the growth of the market.
Moreover, due to the rising health-consciousness among individuals, leading players are heavily investing in the formulation of organic flavor and fragrance variants, which is contributing to the market growth. Other factors, including the increasing popularity of aromatherapy for treating various chronic illnesses, the rising product utilization in the pharmaceutical industry and extensive research and development (R&D) activities conducted by key players to introduce diversified product variants, are also projected to drive the market further.
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Key Market Segmentation:
Global Flavors Market:
Breakup by Product Type:
Natural-Identical
Artificial
Natural
Breakup by Form:
Liquid
Dry
Breakup by Application:
Beverages
Dairy and Frozen Desserts
Bakery and Confectionery Products
Savories and Snacks
Others
Breakup by Region:
North America
Europe
Asia Pacific
Middle East and Africa
Latin America
Global Fragrances Market:
Breakup by Product Type:
Cosmetics and Toiletries
Fine Fragrances
Household Cleaners and Air Fresheners
Soap and Detergents
Others
Breakup by Ingredients:
Natural
Synthetic
Breakup by Region:
North America
Europe
Asia Pacific
Middle East and Africa
Latin America
Competitive Landscape
The report has also analysed the competitive landscape of the market with some of the key players being Givaudan, Firmenich, International Flavors & Fragrances, Symrise, Takasago, Sensient, Mane, Robertet, T.Hasegawa, Frutarom, Bell Flavors & Fragrances, Archer Daniels Midland, Kerry, Ogawa & Co., Ltd., Huabao, etc.
Objectives of the study:
To segment the global flavors and fragrances market by Product Type Insights, Form Insights, Application Insights and region
To estimate and forecast the global market by region, namely, North America, Asia-Pacific, Europe, and Latin America and Middle East & Africa
To estimate and forecast the market size in terms of value (41.6 billion), at global and regional levels
To analyse the key market drivers, restraints, growth, opportunities, and challenges influencing the global market
To identify the profile of the top key market players and analyse their core competencies in each segment of the global market.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
Elena Anderson
IMARC Group
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