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Flavors and Fragrances Market to Reach $36.30 billion by 2028; Heavy Demand for Organic and Chemical-free Skin Care Products to Aid Growth

June 18, 2021 | Chemicals & Materials

The global flavors and fragrances market size is expected to reach USD 36.30 billion by 2028. The surging demand for flavored chewing gums among consumers will enable speedy expansion of the market, mentioned in a report titled, “Flavors and Fragrances Market Size, Share & COVID-19 Impact Analysis, By Type (Flavors {Natural and Synthetic} and Fragrances {Natural and Synthetic}) By Application (Food & Beverage, Cosmetics & Personal Care, Pharmaceutical, Home & Floor Care, Fine Fragrances, and others) and Regional Forecasts, 2021-2028.”As per this report, the market was worth USD 25.19 billion in 2020 and is anticipated to rise at a CAGR of 4.9% between 2021 to 2028.


Ben & Jerry Launched Vegan Flavored Ice Cream to Attract the Vegan Crowd


The strong demand for encapsulated flavors and fragrances has urged food and beverage companies to develop innovative flavors in their products. Change in preference and taste of consumers is responsible for this demand. Recently, the American manufacturer of ice cream Ben & Jerry’s launched a new peanut-butter flavored ice cream for the vegan crowd. The new ice cream flavor is named “Netflix & Chill’d” and is likely to gain popularity especially from the vegan crowd. Such innovations are likely to bode well for the global market.


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


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


Increasing Demand from Cosmetic Industry to Propel Demand


This market has gained momentum owing to the advent of the modern lifestyle and preference for high quality and scented products. There is a high demand for flavors as well as fragrances from the food and beverage industry owing to the advent and popularity of ready-to-eat products available in various flavors. Besides this, there is a rise in demand from the cosmetics industry on a global basis due to the increasing preference for ingredients such as organic and synthetic in personal care and makeup products. The popularity of natural fragrances is high on account of their safe, healthy, and therapeutic nature.


Additionally, there is a high demand for flavors & fragrances from the pharmaceutical sector. Flavors act as inactive ingredients in pharmaceutical products such as suspensions, chewable gums and tablets, and syrups. Added flavors help to conceal the bitter taste of the medicine, making it more edible, thus transmitting a beneficial therapeutic effect. Therefore, the increasing demand from the pharmaceutical industry will also help in the flavors and fragrances market growth in the forecast duration.


Companies engaging in Collaborations to Increase their Market Share


At present, 50% of the global flavors and fragrances market share is held by four major companies such as International Flavors and Fragrances (IFF), Firmenich SA, Symrise AG, and Givaudan. Therefore, the competitive landscape of the market is consolidated. Companies are adopting merger and acquisition strategies to stay put in the competition on the one hand and earn strong market revenue on the other. For instance, Firmenich inaugurated a new plant in China in 2019.


Notable Development:



  • August 2019: Fragrance Oils was attainted by Givaudan. The acquisition will strengthen the position of both companies in the market. Fragrance Oils is a producer and supplier of special fragrances used in personal and home care applications.


Key Flavors & Fragrances Market Manufacturers include:



  • Givaudan (Switzerland)

  • International Flavors & 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)

  • Other Key Players


Further Report Findings



  • Europe generated a market revenue of USD 7.96 billion in 2020. This is attributed to the increasing demand for products such as canned cocktails, sodas, and other beverage products. The market in the North America is expected to experience a rapid growth rate on account of the increasing demand for flavored desserts in the U.S.

  • Asia Pacific is expected to emerge as a lucrative market on account of the increasing demand from the pharmaceutical industry, coupled with the surge in demand for flavored products in countries such as India and Southeast Asia.

  • The cosmetics and personal care segment held 11.4% of the market share in 2020 and is expected to grow radically during the forecast period.


The global market is categorized into:














































  ATTRIBUTE



  DETAILS



Study Period



  2017-2028



Base Year



  2020



Forecast Period



  2021-2028



Historical Period



  2017-2019



Unit



  Value (USD Billion)



Segmentation



  By Type, By Application, and By Geography



By Type


 




  • Flavors


    • Natural

    • Synthetic


  • Fragrances


    • Natural

    • Synthetic




By Application


 




  • Food & Beverages

  • Cosmetics & Personal Care

  • Pharmaceutical

  • Home & Floor Care

  • Fine Fragrances

  • Others



By Geography


 




  • North America (By Type, By Application, By Country)

    • U.S.

    • Canada



  • Europe (By Type, By Application, By Country)

    • UK

    • France

    • Spain

    • Germany

    • Italy

    • Rest of Europe



  • Asia Pacific (By Type, By Application, By Country)

    • China

    • India

    • Japan

    • Southeast Asia

    • Australia & New Zealand

    • Rest of Asia Pacific



  • Latin America (By Type, By Application, By Country)

    • Brazil

    • Mexico

    • Argentina

    • Rest of South America



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

    • South Africa

    • GCC

    • Turkey

    • Rest of Middle East & Africa




Flavors and Fragrances Market
  • PDF
  • 2020
  • 2017-2019
  • 100

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