North America Flavors and Fragrances Market to Reach US$ 13.9 Billion by 2032, Fostered by Rising Consumption of Processed Food Products

April 28, 2023 | Retail

According to the latest report by IMARC Group, titled "North America Flavors and Fragrances Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032," the North America flavors and fragrances market size reached US$ 10.3 Billion in 2023. Flavors and fragrances are ingredients or organic compounds with a distinct taste and pleasant smell. They are extracted or derived from various natural sources, such as vanilla pods, citrus peels, herbs, rose petals, and musk of deer, and are synthetically manufactured from various chemicals. They are also manufactured from various essential oils, such as rosemary, lemongrass, licorice, vanillin, spearmint, peppermint, ginger, clove, lemon, almond, orange, and caraway oil. Furthermore, they are often incorporated into a wide variety of beverages and good and confectionary items to provide a desirable flavor and smell or to alter the preexisting taste of the products.

North America Flavors and Fragrances Market Trends:

At present, the escalating demand for flavors and fragrances due to the increasing consumption of various processed food and beverage items represents one of the primary factors influencing the market positively. Besides this, the growing utilization of different personal care products, such as antiperspirants, perfumes, soaps, shampoos, creams, lotions, lip balms, facewashes, and body washes, with refreshing fragrances to maintain self-hygiene and prevent the production of body odors is offering a favorable market outlook. In addition, the increasing incorporation of various fragrances extracted from botanical sources into various anti-aging skin care products to reduce the radical damage caused by bioflavonoids is propelling the growth of the market. Apart from this, the rising demand for natural flavors from fruit extracts to manufacture ice creams, flavored yogurts, smoothies, and other refreshing drinks is contributing to the growth of the market. Additionally, the increasing awareness about the beneficial aspects of aromatherapy in improving the sleep cycle and relieving stress and anxiety is supporting the growth of the market. Moreover, the rising utilization of fresh fragrances in various home care products, such as room fresheners, floor cleaners, and laundry detergents, to refresh the environment in enclosed spaces and mask the presence of any bad odor is bolstering the growth of the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 13.9 Billion by 2032, exhibiting a CAGR of 3.3% during 2024-2032.

Market Summary:

North America Flavors Market:

  • On the basis of the product type, the market has been segmented into natural-identical, artificial, and natural. Natural-identical currently represents the largest segment.
  • Based on the form, the market has been bifurcated into liquid and dry. At present, up to liquid holds the largest share in the market.
  • On the basis of the application, the market has been segregated into beverages, dairy and frozen desserts, bakery and confectionery products, savories and snacks, and others. Presently, beverages exhibit a clear dominance in the market.

North America Fragrances Market:

  • On the basis of the application, the market has been categorized into cosmetics and toiletries, fine fragrances, household cleaners and air fresheners, soap and detergents, and others. Soap and detergents currently represent the largest segment.
  • Based on the ingredients, the market has been bifurcated into natural and synthetic. At present, up to synthetic holds the largest share in the market.

North America Flavors and Fragrances Market:

  • Region-wise, the market has been divided into the United States and Canada. Amongst these, United States enjoys the leading position in the market.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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North America Flavors and Fragrances Market to Reach US$ 13.9 Billion by 2032, Fostered by Rising Consumption of Processed Food Products
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