Flavors Fragrances Industry Data Book Covers Natural Flavors Fragrances and Aroma Chemicals Markets.
The economic value generated by the flavors fragrances industry was estimated at approximately USD 23.35 billion in 2021, is anticipated to expand at a compound annual growth rate (CAGR) of 4.3% from 2022 to 2030.
Flavors And Fragrances Market Growth Trends
The global flavors and fragrances market size is expected to reach USD 44.57 billion by 2030, registering a CAGR of 5.4% during the forecast period, as per the new report by Grand View Research, Inc. The growth is majorly driven by the rising demand for natural products and aroma chemicals from the personal care cosmetics products and food beverages industries. The global industry for fragrances flavors is expected to register remarkable growth over the forecast period owing to the increasing product demand in toiletries, cosmetics, beverages, and food application industries. The increasing use of flavors in the pharmaceutical, dietary supplements, and nutraceutical sectors is also projected to augment industry growth.
The health wellness trend in the industry is expected to magnify the preference for natural flavor ingredients. Growing disposable income levels in emerging economies are also anticipated to augment the product demand for soaps detergents, perfumes, toiletries, and cosmetics. Natural products are considered therapeutic, healthy, and safe. Manufacturers of natural fragrances often charge a “green premium” on their products. The demand for synthetic ones is also expected to rise, as they emit strong fragrances, offer greater freedom of creativity to manufacturers, and are long-lasting. Moreover, synthetic products are less expensive as compared to natural products.
The COVID-19 pandemic had an adverse impact on the global industry on account of the supply chain disruptions, complete partial lockdown of manufacturing facilities, and lack of availability of labor as well as raw materials. Countries around the world had to restrict global trade due to which, imports and export were affected. However, since the first half of 2021, countries rapidly adjusted their economies and kept the agriculture and food industries in focus, thus stabilizing the industry growth. New product launches, a growing number of retail stores, and economic prices of convenience food and personal care products are also expected to be highly influential factors contributing to the industry’s growth
Access the Global Flavors Fragrances Industry Data Book, 2022 to 2030, compiled with details like market sizing information forecasts, trade data, pricing intelligence, competition benchmarking, macro-environmental analyses, and regulatory technological framework studies
Aroma Chemicals Market Growth Trends
The global aroma chemicals market size is expected to reach USD 7.72 billion by 2030, as per the new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 4.1% from 2022 to 2030. The growth is majorly driven by natural aroma chemicals in developed economies of North America and Europe. The aromatherapy industry has grown tremendously owing to the high diversity in consumer preferences for natural aromatic products such as essential oils, fragrances, and others for the treatment of several diseases. Changing lifestyles and its consequences such as depression and stress have resulted in a growing demand for aromatherapy directly fueling the growth in demand for aroma chemicals.
The terpenes terpenoids segment emerged as the largest chemical segment in 2021 owing to its increasing demand from the rubber as well as paints coatings industry. Aroma chemicals are getting essential for the formulation of additives for health personal care, food beverage products, thus forming a stable market. Further, regarding the evolving consumer demands and overall industry scenario, the manufacturers are inclined towards formulating natural aroma chemicals offering flavors close to synthetic flavoring agents to gain a competitive edge in the industry.
The key industry players are mostly integrated across the value chain from manufacturing to distribution to maintain the quality of raw materials. Owing to this, the key players are gaining a competitive advantage regarding cost benefits with increased profit margins. New market entrants are looking for opportunities to enter the global aroma chemicals market; wherein new entrants attempting to establish themselves have to contend with top multinationals, such as Takasago International Corporation, Symrise, Robertet, MANE, Firmenich SA, and Givaudan.
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Competitive Landscape
Key players operating in the flavors fragrances industry are –
- Givaudan
- Symrise AG
- International Flavors Fragrances Inc. (IFF)
- Biolandes SAS
- Young Living Essential Oils
- dōTERRA International
- Falcon Essential Oils
- Flavex Naturextrakte GmbH
- Universal Oleoresins
- Synthite Industries Limited
- Ungerer Company
- Akay Flavours Aromatics Pvt. Ltd.
- Indo World
- BASF SE
- Vigon International, Inc.
- Firmenich SA
- Elevance Renewable Sciences, Inc.
- Ozone Naturals
- Alpha Aromatics
- Manohar Botanical Extracts Pvt. Ltd.
- Takasago International Corporation
- Mane SA
- Sensient Technologies Corporation
Grand View Research’s flavors fragrances industry databook is a collection of market sizing information forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research along with a statistics e-book.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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