Rising Demand from APAC to Have Long-Term Impact on the Flavors & Fragrances Market

The Flavors & Fragrances Market is projected to grow from an estimated USD 21.15 billion in 2017 to USD 24.13 billion by 2022, at a CAGR of 2.67% between 2017 and 2022.

Browse 91 Tables and 42 Figures spread through 122 Pages and in-depth TOC on "Flavors & Fragrances Market by Ingredients (Natural, Synthetic), End use (Beverage, Savory & Snacks, Bakery, Dairy Products, Confectionery, Consumer Products, Fine Fragrances), and Region (Asia Pacific, North America, Europe) - Global Forecast to 2022".

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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.

IFF is one of the largest manufacturers of flavors & fragrances. The company has a strong geographical footprint and is focusing on expansions and acquisitions strategies to strengthen its position in the market. In January 2017, the company acquired Fragrance Resources (US), a key manufacturer of specialty fine fragrances. The acquisition helped the company increase its presence in the fine fragrances segment in the US. In September 2017, the company expanded its flavors facility in Cairo. The expansion has helped the company in providing enhanced services to customers and strengthen its presence in Egypt.

Based on end use, the fragrances market is segmented into consumer products and fine fragrances. Fine fragrances are estimated to be the fastest-growing end-use segment of the fragrances market during the forecast period, due to increasing consumer spending on premium fragrances.

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Based on region, the Asia Pacific is projected to be the largest market for flavors & fragrances between 2017 and 2022. The increasing demand for a variety of food products and consumer goods, such as home care and personal care products due to rapidly growing populations, increase in disposable incomes, and change in consumer preferences is fueling the growth of the flavors & fragrances market in the region. Most of the key players operating in the flavors & fragrances market have their offices and manufacturing units in the region.

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