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Flavors and Fragrances Market to Grow at a CAGR of 4.7% During 2022-2029; Increasing Product Adoption from Pharmaceuticals & Cosmetics Sector to Propel Growth

May 31, 2022 | Chemicals & Materials

The flavors and fragrances market size was USD 25.89 billion in 2021. The market is projected to grow from USD 26.54 billion in 2022 to USD 36.49 billion by 2029 at a CAGR of 4.7% during the 2022-2029 period. Fortune Business Insights™ publishes this information in its report titled, " Flavors and Fragrances Market Size, Share & COVID-19 Impact Analysis, By Type (Flavors {Natural and Synthetic} and Fragrances {Natural and Synthetic}), By Type (Cross Application) (Flavors {Food & Beverage, Pharmaceuticals, and Others} and Fragrances {Fine Fragrances, Cosmetics & Personal Care, Home & Floor Care, and Others}), and Regional Forecast, 2022-2029."


The researchers anticipated the market to grow due to companies' rising investments and adoption of the latest technologies to introduce new products in the emerging market.


Delayed Diagnosis & Diabetes Treatment Amid Pandemic Hampered Market Growth  


The COVID-19 pandemic affected the global flavors and fragrances market growth due to halt in manufacturing and production activities. Also, government imposed strict restrictions on import/export activities, which restricted the supplies of raw materials and affected the production rate of companies. Furthermore, the virus affected sensory organs due to the medication, which impacted the market growth. 


IFF and SleepScore Labs Presented a New Fragrance Solution to Improve Sleep Quality


Building on their partnership that started in 2020 and employing IFF's internal Science of Wellness initiative, IFF and SleepScore Labs offered a brand new fragrance solution to enhance sleep quality. The companies will show off the brand new solution at CES 2022 in Las Vegas, so one can have a scent that confirms objective sleep development in a SleepScore Labs research, along with quicker time to fall asleep, less time awake at some point of the night, prolonged sleep duration, and advanced sleep efficiency.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/flavors-and-fragrances-market-102329


Rising Issues Regarding Obesity to Bolster Market Growth


The market is expected to witness significant growth during the forecast period due to the developing regional and novel flavors and fragrances. Also, consumers' changing food preferences & tastes and the adoption of ready-to-eat food are anticipated to fuel the regional market growth. Furthermore, growth in the cosmetics and pharmaceuticals sectors is expected to drive the market growth.


Adopting Latest Technologies Allow Key Players to Introduce Advanced Products


The leading market players implement various growth strategies to improve their business performance. The increasing investments in technological advancements and R&D activities allow the key market players to launch new products in the global market and increase business profitability. The strategies adopted by these companies are forming strategic alliances, partnerships, mergers, and collaborations.


Notable Industry Development



  • January 2022: IFF and SleepScore Labs presented a new fragrance solution to improve sleep quality by building on their partnership that began in 2020 and employing IFF's internal Science of Wellness initiative. The two firms will showcase the new solution at CES 2022 in Las Vegas, which will have a scent that demonstrates objective sleep improvement in a SleepScore Labs research, including faster time to fall asleep, less time awake during the night, extended sleep duration, and improved sleep efficiency.


List of Key Players Covered in the Report:



  • Givaudan (Switzerland)

  • International Flavors and Fragrances (IFF) (U.S.)

  • Symrise AG (Germany)

  • Robertet Group (France)

  • Kerry Group plc (Ireland)

  • Sensient Technologies (U.S.)

  • Firmenich SA (Switzerland)

  • Takasago International Corp (Japan)

  • T. Hasegawa Co., Ltd. (Japan)

  • Mane (France)

  • Archer Daniel Midland Company (U.S.)

  • Solvay S.A. (Belgium)

  • BASF (Germany)


Further Report Findings


Europe dominates the global flavors and fragrances market share due to the rising product demand from food & beverage manufacturers. The regional market stood at USD 8.16 billion in 2021.


By type (cross application), the market is segregated into flavors used in the food & beverage sector for beverages, bakery, confectionery, dairy, and others. These flavors are also used in pharmaceuticals and other sectors. The fragrances segment is further classified into fine fragrances, cosmetics & personal care, home & floor care, and others. The food & beverage segment leads the global market due to rising production and manufacturing activities. 


Table of Segmentation


















































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD Billion)



Segmentation



By Type, Type (Cross Application), and Geography



By Type


 




  • Flavors

    • Natural

    • Synthetic



  • Fragrances

    • Natural

    • Synthetic





By Type (Cross Application)


 




  • Flavors

    • Food & Beverages

      • Beverages

      • Bakery

      • Confectionery

      • Dairy

      • Others



    • Pharmaceuticals

    • Others



  • Fragrances

    • Fine Fragrances

    • Cosmetics & Personal Care

    • Home & Floor Care

    • Others





By Geography


 




  • North America {By Type, By Type (Cross Application), By Country}

    • U.S.

    • Canada



  • Europe {By Type, By Type (Cross Application), By Country}

    • U.K.

    • France

    • Spain

    • Germany

    • Italy

    • Rest of Europe



  • Asia Pacific {By Type, By Type (Cross Application), By Country}

    • China

    • India

    • Japan

    • Southeast Asia

    • Australia & New Zealand

    • Rest of Asia Pacific



  • Latin America {By Type, By Type (Cross Application), By Country}

    • Brazil

    • Mexico

    • Argentina

    • Rest of South America



  • Middle East & Africa {By Type, By Type (Cross Application), By Country}

    • South Africa

    • GCC

    • Turkey

    • Rest of Middle East & Africa




Flavors and Fragrances Market
  • PDF
  • 2023
  • 2019-2022
  • 120

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