Flavors and Fragrances market growth depends on higher demand

Flavor means the sense (taste and smell) of the food or other things in mouth and throat. In another hand fragrant is added to the substance to create a smell.

By Hexaresearch Report, shifting consumer preference towards organic ingredients in food and personal care products is projected to drive growth over the approaching years. In addition, growing applications in food and beverages and cosmetics industries is projected to drive demand for flavors and fragrances. The global flavors and fragrances market is anticipated to reach USD 28.65 billion by 2025. It is anticipated to witness a growth of 4.5% from 2014 to 2025.

Major end-use industries such as cosmetics and personal care are also increasingly utilizing flavors and fragrances to improve the sensory appeal and product value. Personal care product sector has recovered quickly from a recent economic downturn compared to other industrial segments. Hence, it is expected to witness prospective growth over the forecast period.

Flavors and fragrances offer long-lasting sensory impressions, often determined when finely applied to medical products, food and beverage, and other substances. These products enhance the overall appeal and aesthetic value of consumer goods. Flavors and fragrances are mostly prepared using volatile chemicals and essential oils to deliver a specific flavor or to enhance existing flavors. Food flavoring can be categorized into natural and synthetic. Increasing consumer preference for fresh and natural products has contributed to lucrative segment growth.

Positive outlook, predominantly in the Middle East and Brazil, Russia, India, China, and South Africa (BRICS), is one of the significant drivers for the global flavors and fragrances market. Rising domestic consumption of foods and beverages in the light of expanding the retail network, new product launches, and population growth is expected to encourage drive demand from BRICS. In addition, regulatory support aimed at facilitating Foreign Direct Investments (FDI) at domestic level, on account of political changes, particularly in India and China, is projected to increase regional manufacturing output. This factor is poised to amplify growth of the food and beverage sector.

Manufacturers are continuously focusing on combining their production and distribution channels for better market approachability. Many players manufacture variety of products and are vertically integrated to cater to various applications. Manufacturing and labeling are controlled by various regulations, laws, and guidelines issued by authorities such as the U.S. Department of Agriculture (USDA), Food & Drug Administration (FDA), Health Canada, World Health Organization (WHO), and European Food Safety Authority (EFSA). Growing demand for personal care products and processed food, especially in emerging economies is expected to positively influence the market for flavors and fragrances.

Key companies operating in the global flavors and fragrances market are Biolandes SAS; Young Living Essential Oils; d?TERRA International; Falcon Essential Oils; Universal Oleoresins; Synthite Industries Limited; Ungerer & Company, Inc.; Akay; Indo World; BASF SE; Flavex Naturextrakte GmbH; Vigon International, Inc.; Symrise AG; Firmenich SA; Elevance Renewable Sciences, Inc.; Ozone Naturals; Alpha Aromatics; and Manohar Botanical Extracts Pvt. Ltd.

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