According to the latest report by IMARC Group, titled "Flavors and Fragrances Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global flavors and fragrances market size reached US$ 31.0 Billion in 2022. Flavors and fragrances are widely used in order to enhance the smell and taste of a product. They are generally prepared using aroma compounds that aid in improving the aesthetic value of a particular substance. Some of the commonly utilized flavors and fragrances include sweet, woody, fruity, floral, and musky, which provide pleasing scents to various home and personal care and confectionary products. Along with this, they are also used in aromatherapy as healing scents for mental well-being and hygiene as well as for beauty and ailment treatments.
Global Flavors and Fragrances Market Trends:
The global market is primarily driven by the shifting lifestyle preferences of the masses. Coupled with the rising consciousness among individuals toward maintaining an appealing appearance, this is creating a positive outlook for the market. In line with this, inflating disposable income levels of the masses is also providing a boost to the market growth. Along with this, the increasing adoption of various flavor and fragrance substances across the food and beverages sector is one of the key factors driving the growth of the market. Moreover, due to the rising health-consciousness among individuals, leading players are heavily investing in the formulation of organic flavor and fragrance variants, which is contributing to the market growth. Other factors, including the increasing popularity of aromatherapy for treating various chronic illnesses, the rising product utilization in the pharmaceutical industry and extensive research and development (R&D) activities conducted by key players to introduce diversified product variants, are also projected to drive the market further. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 3.8% during the forecast period (2023-2028).
Global Flavors Market Summary:
- Based on the product type, the market has been classified into nature-identical, artificial and natural. Nature-identical currently accounts for the majority of the total market share.
- On the basis of the form, the market has been bifurcated into liquid and dry. Among these, liquid form represented the largest share.
- Based on the application, the market has been categorized into beverages, dairy and frozen desserts, bakery and confectionery products, savories and snacks and others. Beverages currently account for the highest market share.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Europe (Germany, the United Kingdom, France, Italy, Spain and others), Asia Pacific (China, Japan, India, South Korea and others), Latin America (Brazil, Argentina and others) and the Middle East and Africa (Turkey, Saudi Arabia, Iran, United Arab Emirates and others). Amongst these, North America holds the leading market position.
Global Fragrances Market Summary:
- Based on the application, the market has been segmented into soap and detergents, cosmetics and toiletries, fine fragrances, household cleaners and air fresheners, and others. Among these, soap and detergents account for the biggest market share.
- On the basis of the ingredients, the market has been bifurcated into natural and synthetic. Synthetic ingredients currently hold the majority of the total market share.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Europe (Germany, the United Kingdom, France, Italy, Spain and others), Asia Pacific (China, Japan, India, South Korea and others), Latin America (Brazil, Argentina and others) and the Middle East and Africa (Turkey, Saudi Arabia, Iran, United Arab Emirates and others). Amongst these, North America holds 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. Some of these players include Givaudan SA, Firmenich SA, International Flavors & Fragrances, Inc., Symrise AG, Takasago International Corporation, Sensient Technologies Corporation, V. MANE FILS, SA, Robertet SA, T. Hasegawa Co., Ltd., Frutarom Industries Ltd., Bell Flavors & Fragrances, Inc., Archer Daniels Midland Company (ADM), Kerry Group plc, Ogawa & Co., Ltd. and Huabao International Holdings Limited.
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