Flavors And Fragrances Industry Overview
The global flavors and fragrances market size was estimated at USD 30.61 billion in 2023 and is anticipated to grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2030.
The market is anticipated to be driven by rising demand and consumption of processed food and personal care & cosmetic products globally. Rising disposable income in emerging economies like India and China coupled with population growth, is expected to augment demand for personal care and cosmetic products in industry. In addition, busy lifestyle pattern upheld in developing as well as developed countries is anticipated to augment demand for processed foods & beverages, thereby increasing demand for flavors.
Gather more insights about the market drivers, restrains and growth of the Flavors And Fragrances Market
Natural fragrances and flavors are costly due to their processing; and because of limited resources, industry players have developed cost-efficient synthetic alternatives. These products have advantages of regular supply, steady pricing, and lower production costs. In past years, there used to exist an arrangement in which dealers would have a multi-year contract with other dealers.
However, such an arrangement is no longer popular. Due to increased awareness about adverse effects of allopathic medicines, increasing concerns about medicinal benefits and therapeutic effects of herbal products are likely to fuel demand for herbal products, dietary supplements, and herbal-based beauty aids derived from botanical extracts. These extracts are used in anti-aging cosmetic products to help reduce radical damage caused by bioflavonoids in their composition.
Flavors and fragrances provide strong sensory impressions, often determined when applied via medical products, beverages, food, and other substances. These products enhance aesthetic value and overall appeal of consumer goods. The increasing demand for health and wellness foods, Ready-to-Eat (RTE), and convenience meals, as well as rapid technological advancements, are expected to further augment industry growth.
Browse through Grand View Research's Food Additives & Nutricosmetics Industry Research Reports.
- The global lycopene market size was valued at USD 161.0 million in 2023 and is projected to grow at a CAGR of 5.1% from 2024 to 2030.
- The global anti-foaming agents market size was estimated at USD 5.64 billion in 2023 and is projected to grow at a CAGR of 4.5% from 2024 to 2030.
Flavors And Fragrances Market Segmentation
Grand View Research has segmented the global flavors and fragrances market based on product, application, and region:
Flavors And Fragrances Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- Natural
- Essential Oils
- Corn mint Essential Oils
- Eucalyptus Essential Oils
- Pepper Mint Essential Oils
- Lemon Essential Oils
- Citronella Essential Oils
- Patchouli Essential Oils
- Clove Essential Oils
- Ylang Ylang/Canaga Essential Oils
- Lavender Essential Oils
- Oleoresins
- Paprika Oleoresins
- Black Pepper Oleoresins
- Turmeric Oleoresins
- Ginger Oleoresins
- Others
- Essential Oils
- Aroma Chemicals
- Esters
- Alcohol
- Aldehydes
- Phenol
- Terpenes
- Others
Flavors And Fragrances Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- Flavors
- Esters
- Alcohol
- Aldehydes
- Phenol
- Terpenes
- Others
- Fragrances
- Esters
- Alcohol
- Aldehydes
- Phenol
- Terpenes
- Others
Flavors And Fragrances Regional Outlook (Volume, Kilotons; Revenue, USD Billion, 2018 - 2030)
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Russia
- Portugal
- Turkey
- Asia Pacific
- China
- China
- India
- Japan
- SEA
- Indonesia
- Bangladesh
- Philippines
- Australia
- Central & South America
- Brazil
- Columbia
- Argentina
- Middle East & Africa
- Saudi Arbia
- Iran
- Africa Continent
Key Companies profiled:
- Sensient Technologies Corp.
- Mane SA
- Takasago International Corp.
- Manohar Botanical Extracts Pvt. Ltd.
- Alpha Aromatics
- Ozone Naturals
- Elevance Renewable Sciences, Inc.
- Firmenich SA
- Symrise AG
- Vigon International, Inc.
- BASF SE
- Indo World
- Akay Flavors & Aromatics Pvt. Ltd.
- Ungerer & Company
- Synthite Industries Ltd.
- Universal Oleoresins
- Flavex Naturextrakte GmbH
- Falcon Essential Oils
- doTERRA International
- Young Living Essential Oils
- Biolandes SAS
- International Flavors and Fragrances, Inc.
- Givaudan
Key Flavors And Fragrances Company Insights
Some of the key players includesGivaudan,Young Living Essential Oils, and dōTERRA International
- Givaudan manufactures and sells fragrances and flavors. The company offers a range of fragrances for fabric, personal care, hair and skin care, household care products. It has a wide network of suppliers for its production facilities with 185 locations worldwide, and 79 production sites.
- Young Living Essential Oils is engaged in manufacturing natural oils and chemicals. The company operates through offices and production units located in Australia, Europe, the U.S., Canada, Japan, and Singapore along with farms located in the U.S., Ecuador, Canada, France, and Oman.
Recent Developments
- In January 2023 Symrise AG invested in Ignite Venture Studio. It is B2C startup ventures in the personal care sector. Symrise has invested in Ignite Venture Studio to drive product innovations in fragrance and cosmetic ingredients.
- In December 2022, -Symrise had partnered with Norwest Ingredients for comprehensive sustainability assessment of peppermint and spearmint raw materials.
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