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.
Growing food and beverage industry
Budding usage in chemicals and pharmaceuticals industry
Restrictions towards the use of synthetic flavors and fragrances
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.
The flavors and fragrances market has been analyzed through the following segments:
By Raw Materials
Dish and Laundry Detergents
Skin and Hair Care Products
Middle East and Africa