Report Scope & Overview:
Flavors & Fragrances Market Size was valued at USD 30.53 billion in 2021, and is expected to reach USD 43.83 billion by 2028, and grow at a CAGR of 5.3 % over the forecast period 2022-2028.
Personal care is a big market because people are buying more deodorants, perfumes, soaps, creams, talcum powders, and hair oils. The market for fragrance ingredients is likely to grow because more people are using car and room fresheners and because aromatherapy is becoming more popular. The hospitality industry is also seeing more demand for fragrances that make places smell nice. Fragrances are widely accepted for use in industry. For example, ambience fragrances for consumer durables and personal care accessories were a previously unexplored category. Also, more local people, especially young people, choose quality goods because they have more money to spend. In the wake of the global pandemic, people are paying more attention to hygiene products. This has made the market for new and different fragrances for things like hand washes, hand sanitizers, and floor cleaners grow.
Increasing Demand for Natural Flavors and Fragrances
More and more people are choosing convenience foods.
More people want natural products
Demand for consumer goods is going up
Standards for quality and regulation are met
Different countries have different rules about flavours and scents.
The retail industry is becoming more digital.
The flavours and fragrances market will be driven by innovation in the industries that use them.
Developing economies aren't making much progress in the value chain.
Developing economies don't have enough cold chain infrastructure.
Impact of Covid-19:
Almost every part of the world has been affected by the pandemic. Disruptions in the global supply chain are likely to have a small effect on the flavours and fragrances market. The food and drink and consumer goods markets are very important to the market. China is one of the world's largest exporters and manufacturers. Industrial activities in the country were hurt by strict lockdowns in the country's most important provinces. In the first three months of 2020, people bought a lot less flavours and fragrances. This was mostly because of the spread of COVID-19. China is one of the biggest places that makes flavours and smells. But the need for easy-to-make food and the rise of consumer products like personal care, home care, and fabric care have helped the country make more flavours and fragrances.
COVID-19 has also had a big impact on North America and Europe. Because of this, the US, Canada, Italy, and Spain can expect a recession in the next two to three years. As exports from China are expected to go down, so will the profit margins of people who sell flavours and fragrances. This means that the price of flavours and fragrances is likely to go up during this time.
The Archer Daniels Midland Company (ADM), International Flavors & Fragrances (IFF), Bell Flavors & FragrancesSymrise AG, Robertet, Firmenich SA, Takasago, Sensient Technologies, Mane SA, Givaudan, and other players.
By End-use industry
Savory & Snacks
Based on regional analysis, the Asia-Pacific market is expected to bring in the most money over the next few years. The flavours and fragrances market is growing because of the presence of major market players in this region and the growth of the food and beverage, cosmetics, personal care, and pharmaceutical industries in this region. A growing population, more people living in cities, and more people knowing about organic products are all things that are expected to drive the market's revenue growth. Several public and private organisations that work together on projects and ventures also make a big difference in the growth of market revenue. For example, the Japan Flavor & Fragrance Materials Association (JFFMA) is a non-profit group of businesses that make, sell, import, export, and do other things related to flavour and fragrance. The group's goal is to support and grow the flavour and fragrance industry. The JFFMA also collects and shares information about how tastes and smells can be used, how safe they are, and other things.
In 2021, Europe's market will bring in a moderate amount of money. The presence of e-commerce businesses and companies that make high-end perfumes, as well as the growing demand for processed foods that need extra flavours, are likely to drive market revenue growth in the region. Flavors and fragrances are likely to become more popular because people are buying more air fresheners for their homes and cars. During the forecast period, the North American market is expected to grow slowly in terms of sales. The flavours and fragrances market in the region is growing because of the need for flavourings in baked goods, candies, ice cream, other desserts, milkshakes, and energy drinks. Market revenue is also growing because people want to try out different tastes and smells.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2021||US$ 30.53 Billion|
|Market Size by 2028||US$ 43.83 Billion|
|CAGR||CAGR of 5.3% From 2022 to 2028|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• By Ingredients (Natural, Synthetic)
• By End-use industry (Flavors, Fragrances)
• By Form (Liquid, Dry)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||The Archer Daniels Midland Company (ADM), International Flavors & Fragrances (IFF), Bell Flavors & FragrancesSymrise AG, Robertet, Firmenich SA, Takasago, Sensient Technologies, Mane SA, Givaudan|
|Drivers||• Increasing Demand for Natural Flavors and Fragrances
• More and more people are choosing convenience foods.
•More people want natural products
|Restraints||• Standards for quality and regulation are met
• Different countries have different rules about flavours and scents.
Frequently Asked Questions (FAQ) :
Ans: Manufacturers, Consultant, aftermarket players, association, Research institute, private and universities libraries, suppliers and distributors of the product.
Ans: COVID-19 has also had a big impact on North America and Europe. Because of this, the US, Canada, Italy, and Spain can expect a recession in the next two to three years. As exports from China are expected to go down, so will the profit margins of people who sell flavors and fragrances. This means that the price of flavours and fragrances is likely to go up during this time.
Ans: The retail industry is becoming more digital and The flavours and fragrances market will be driven by innovation in the industries that use them are the opportunity for Flavors & Fragrances Market.
Ans: Increasing Demand for Natural Flavors and Fragrances, More and more people are choosing convenience foods, More people want natural products and Demand for consumer goods is going up are the drivers for Flavors & Fragrances Market.
Ans: Flavors & Fragrances Market Size was valued at USD 30.53 billion in 2021, and expected to reach USD 43.83 billion by 2028, and grow at a CAGR of 5.3 % over the forecast period 2022-2028.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of Ukraine-Russia War
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8.Flavors & Fragrances Market Segment, By Ingredients
9.Flavors & Fragrances Market Segment, By End-use industry
9.1.2 Savory & Snacks
9.1.3 Dairy Products
9.2.1 Consumer Products
9.2.2 Fine Fragrances
10.Flavors & Fragrances Market Segment, By Form
11. Regional Analysis
11.2 North America
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12. Company Profile
12.1 The Archer Daniels Midland Company (ADM)
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 International Flavors & Fragrances (IFF)
12.3 Bell Flavors & Fragrances
12.4 Symrise AG
12.6 Firmenich SA
12.8 Sensient Technologies
12.9 Mane SA
13.1 Competitive Benchmark
13.2 Market Share analysis
13.3 Recent Developments
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