Category

Flavors And Fragrances Market Size, Share, Opportunities, And Trends By Form (Natural, Synthetic), By Type (Flavors, Fragrance), By Raw Materials (Essential Oils, Aroma Chemicals, Others), By Application (Flavors, Food, Beverages, Pharmaceutical, Fragrances, Dish And Laundry Detergents, Skin And Hair Care Products, Perfumes, Household Care, Others), And By Geography - Forecasts From 2019 To 2024

Published: May 2020 | Report Code:  KSI061610055 | Pages:  112

The global flavors and fragrances market is projected to grow at a CAGR of 5.45%, to reach a market size of US$39.209 billion in 2024, from US$28.515 billion in 2018. The flavors and fragrances have become an integral part of different products with application ranging from food and beverages to household care and toiletries. Rapid urbanization, focus towards a healthier lifestyle and increasing application of flavors and fragrances are some of the major factors driving this market. Furthermore, the budding food and beverage, chemical and pharmaceutical industries are also projected to augment this demand in the coming years. Asia Pacific is expected to hold a significant share in the global market owing to the budding FMCG market in the region and is projected to see multiple growth opportunities during the forecast period.

DRIVERS
Growing food and beverage industry
Budding usage in chemicals and pharmaceuticals industry

RESTRAINTS
Restrictions towards the use of synthetic flavors and fragrances

INDUSTRY UPDATE
In July 2019, Givaudan, a leading flavors and fragrances manufacturer, inaugurated its new flagship Innovation Center in Kemptthal, Switzerland. The company invested CHF120 million, which is the company’s largest investment to date.
In June 2019 International Flavors and Fragrances Inc., completed the acquisition of Wiberg Corporation, Inc., an Austrian company specializing in savory flavor solutions.

The major players profiled in the Flavors and Fragrances market include Truly Opto- Electronics Ltd., Excelitas Technologies Corp., Delo, and LG Innotek among others.

Segmentation

The flavors and fragrances market has been analyzed through the following segments:

By Form
Natural
Synthetic

By Type
Flavors
Fragrance

By Raw Materials
Essential Oils
Aroma Chemicals
Others

By Application
Flavors
Food
Beverages
Pharmaceutical
Fragrances
Dish and Laundry Detergents
Skin and Hair Care Products
Perfumes
Household Care
Others

By Geography
North America
USA
Canada
Mexico

South America
Brazil
Argentina
Others

Europe
Germany
France
United Kingdom
Spain
Others

Middle East and Africa
Saudi Arabia
Israel
Others

Asia Pacific
China
Japan
India
Others


Frequently Asked Questions (FAQs)

Q1. What will be the flavors and fragrances market size by 2024?
A1. The global flavors and fragrances market is projected to reach a market size of US$39.209 billion in 2024.
 
Q2. What factors are anticipated to drive the flavors and fragrances market growth?
A2. Rapid urbanization, focus towards a healthier lifestyle and increasing application of flavors and fragrances are some of the major factors driving this market.
 
Q3. What are the growth prospects for the flavors and fragrances market?
A3. The flavors and fragrances market is projected to grow at a CAGR of 5.45% during the forecast period.
 
Q4. What is the size of the global flavors and fragrances market?
A4. Flavors and Fragrances market was valued at US$28.515 billion in 2018.
 
Q5. Which region holds the largest market share in the flavors and fragrances market?
A5. Asia Pacific is expected to hold a significant share in the global market owing to the budding FMCG market in the region and is projected to see multiple growth opportunities during the forecast period.

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