Flavors & Fragrances Market- Global Forecast to 2022

The global Flavors & Fragrances Market is estimated at USD 21.15 Billion in 2017 and is projected to reach USD 24.13 Billion by 2022, at a CAGR of 2.67% from 2017 to 2022.

On the basis of ingredients, the flavors & fragrances market has been segmented into synthetic and natural. The synthetic ingredients segment is projected to lead the flavors & fragrances market during the forecast period due to the low cost and growing usage in end-use products such as beverages, packaged food products, home care products, and personal care products.

Based on end use, the flavors market has been segmented into beverage, savory & snacks, bakery, dairy products, and confectionery, among others. Beverages is estimated to be the largest end-use segment of the flavors market during the forecast period. The demand for flavors for beverages is mainly due to the growing demand for soft drinks, energy drinks, and other drinks. In addition, aspirational purchase of global drink brands is also driving the demand for flavors for beverages. Based on end use, the fragrances market is segmented into consumer products and fine fragrances. Consumer products is estimated to be the largest end-use segment of the fragrances market during the forecast period. The high demand for consumer products is mainly due to the rise in disposable incomes; growing urbanization; the rise of organized retail chains; changing lifestyles; and increasing awareness related to hygiene and cleanliness created by advertisements, which is adding to the overall growth of the consumer products segment.

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The flavors & fragrances market has been studied for Asia Pacific, Europe, North America, the Middle East & Africa, and South America. Asia Pacific is the largest flavors & fragrances market globally, due to the rising population, rapid urbanization, and increasing per capita incomes of consumers which enable them to buy various fast-moving consumer goods, such as packaged foods, dairy products, baked goods, and beverages, among others. Moreover, the increasing demand for a variety of food products and other consumer goods due to the rapidly growing food & beverage and cosmetic industries is fueling the growth of the flavors & fragrances market in the region.

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. In October 2017, the company laid the foundation for a new production hub in Changzhou, Jiangsu Province, China. The new facility will be used for the production of fragrances, oral care flavors, and encapsulation. This is expected to help the company cater to the growing demand for flavors and fragrances in China. The company is also focusing on acquisitions and joint ventures to meet the growing demand for flavors & fragrances.

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. For instance, in October 2017, the company launched a new line of natural flavor solutions, Protein Shield Flavors. The new product helps manufacturers in the beverage industry to manufacture beverage products with high protein content.

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