The flavors and fragrances market is anticipated to strengthen its space at an average CAGR of 4.67% between 2023 and 2033. The market is anticipated to cross a market share of USD 45.68 billion by 2033, while it is likely to be valued at USD 28.94 billion in 2023.
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The demand is rising for perfect food flavors and cosmetic fragrances across the verticals that deal with taste and smell. This pushes market growth across all regions.
The trend of using natural and organic flavors is bringing a dynamic change in the flavors and fragrances market. Furthermore, there is a high demand for naturally/conventionally processed fragrances that contributes to market growth.
The proliferation in demand for convenient food and ready meals is also pushing the sales of added flavors that enrich the taste of these meals. The changing lifestyle and increased number of people working in corporates also have less time to cook.
A higher number of vehicle sales also garners one segment of the product. The sales of fragrances have increased with the increased requirements for vehicle perfume.
Apart from organic and natural flavors and fragrances, the demand for local tastes and smells has also gained traction. Local flavors are likely to have a major impact on the market prospects
Key Points
- The North American market holds a significant space in the flavors and fragrances market. The market growth is attributed to the expanding packaged consumables and ready meals market. Furthermore, the expanding cosmetic and personal care market thrives the regional growth at a CAGR of 2.9% during the forecast period.
- The APAC flavors and fragrances market is the region in the market with a CAGR of 6.6% between 2023 and 2033. The regional growth is attributed to the higher working population coupled with the enhanced processing units.
- Europe with higher penetration of local flavors and fragrances along with increased per capita income of people to consume luxury perfume and personal care products.
- The fragrance segment is likely to thrive in the product type category as it thrives on a CAGR of 4.13% between 2023 and 2033. The growth is attributed to factors like higher consumption of perfumes and personal care products.
- The synthetic segment tops the nature category with a CAGR of 4.5% during the forecast period. The growth of this segment is fueled by easy availability and cheaper manufacturing costs.
Competitive Landscape
The key competitors focus on adding new local flavors while limiting the cost and enhancing the organic content in their products. Companies focus on producing clean-label products in the market. Key competitors also merge, acquire, and partner with other companies to increase their supply chain and distribution channel. The key players in the market are Robertet SA, S H Kelkar and Company Limited, Sensient Technologies Corporation, Symrise AG, International Flavors and Fragrances Inc, Firmenich SA, Frutarom Industries Ltd, Givaudan International SA, Huabao International Holdings Limited, and Kerry Group PLC.
Recent Market Developments
- Sensient Technologies Corporation has introduced its exotic new flavors. Furthermore, the brand has added services that help end users define their requirements. These services involve taste modulation, plant-based solutions, sensory enhancers, clean-label solutions, and vegan flavors.
- Firmenich SA has appointed new leadership for the integrated perfumery and ingredients organization. The company has named its current perfumery head, llaria Resta as its president. The company has also been added to the list of World’s Most Ethical Companies.
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Key Segments
By Types:
- Flavors
- Fragrances
By Nature:
- Natural
- Synthetic
By Application:
- Food and Beverages
- Cosmetics and Personal Care
- Home Care
- Fabric Care
By Region:
- North America
- Latin America
- Europe
- Asia Pacific (APAC)
- The Middle East & Africa (MEA)
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