Chicago, June 20, 2022 (GLOBE NEWSWIRE) -- According to the new market research report "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 2026", the flavors & fragrances market size is estimated to be USD 29.0 billion in 2021 and is projected to reach USD 37.3 billion by 2026, at a CAGR of 5.1% between 2021 and 2026.
Flavors and fragrances are compounds used to enhance the characteristics of end-use products in the food & beverage, pharmaceutical, consumer products, and cosmetic industries. Flavors are used in a wide range of products that include bakery, snacks, confectionery, meat, poultry, seafood, and others. Whereas, fragrances are used in perfumes, soaps, shower gels, cosmetics products, air fresheners, dishwashers, surface cleaners, and laundry detergents, among others.
The synthetic ingredient segment accounted for a larger share, in terms of value, in 2020. This is backed by its growing usage in various end-use products. However, natural ingredient is projected to record a higher growth rate between 2021 and 2026.
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237 - Tables
56 - Figures
258 - Pages
Scope of Flavors & Fragrances Market Report
| Report Metrics | Details |
| Years considered for the study | 2016-2026 |
| Base year considered | 2020 |
| Market Size available for years | 2021–2026 |
| Largest Market | APAC |
| Estimated Year Market Size | USD 29.0 billion in 2021 |
| Forecast Year Market Size | USD 37.3 billion by 2026 |
| Forecast Period 2021-2026 CAGR | 5.1% |
| Segments covered | Ingredients, End-use Industry, and Region |
| Geographies covered | APAC, North America, Europe, Middle East & Africa, and South America |
| Companies covered | Givaudan (Switzerland), Firmenich SA (Switzerland), International Flavors & Fragrances (IFF) (US), Symrise AG (Germany), Takasago (Japan), The Archer Daniels Midland Company (ADM) (US), Sensient Technologies (US), Mane SA (France), Robertet (France), T. Hasegawa (Japan), and Bell Flavors & Fragrances (US) |
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“Natural ingredient is projected to be the fastest-growing ingredient for flavors and fragrances fiber market between 2021 and 2026”
Natural ingredients are derived from plants, minerals, or animal sources, without having undergone any synthetic processing. The rise in demand for clean-label products such as organic, natural, non-GMO, and minimally processed consumer-friendly products is driving the market for natural ingredients. Increasing health awareness among consumers and the recent outbreak of COVID-19 have led consumers to choose natural flavors. All these factors drive the demand for natural ingredients in flavours & fragrances.
“Bakery & fine fragrances is projected to be the fastest-growing end-use industry in flavor and fragrances market, respectively, between 2021 and 2026.”
Bakery is one of the major segments of the food industry and is projected to grow considerably in the next five years. Flavors are used in flour-based products such as cakes, bread, cookies, crackers, and pastries, among others. The industry calls for unique processing requirements as high-temperature processing and cooking can cause the change or loss of flavor with traditional ingredients. The industry demands authenticity and natural declaration on products to promote product differentiation. The changing lifestyle, growing working-class population, and rising demand for gluten-free bakery products are the major factors contributing to the growth of the bakery segment globally. The rise in disposable income, growing urbanization, increase of organized retail chains, changing lifestyles, and awareness are supporting the overall growth of the fine fragrances segment globally.
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“APAC is projected to be the fastest-growing region for the flavors and fragrances market during the forecast period”
APAC is projected to be the fastest-growing region for flavors & fragrances market, during the forecast period. This dominance is attributed to the rising population, rapid urbanization, and increasing per capita income of consumers, which is leading them to buy various fast-moving consumer goods such as packaged foods, dairy products, baked goods, and beverages.
The key market players profiled in the report include Givaudan (Switzerland), Firmenich SA (Switzerland), International Flavors & Fragrances (IFF) (US), Symrise AG (Germany), Takasago (Japan), The Archer Daniels Midland Company (ADM) (US), Sensient Technologies (US), Mane SA (France), Robertet (France), T. Hasegawa (Japan), and Bell Flavors & Fragrances (US).
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Study Coverage
This report covers the flavors & fragrances market in terms of value and forecasts the market size until 2026. The report includes market segmentation based on ingredient, end-use industry, and region. It also provides company profiles and competitive strategies adopted by the major players in the ceramic fiber market. The report also covers Porter’s Five Forces analysis, market overview, and insights on various drivers, restraints, opportunities, and challenges in the flavors & fragrances market.
