The flavors
& fragrances market is expected to reach USD 31.38 Billion by
2026, according to a new report by Reports and Data. Accelerated growth in
industrialization over the globe has led to the increase of extensive
production of flavored or scented products such as soaps, household cleaners,
processed food and beverages, detergents, personal care products, and oral
hygiene products. Moreover, the increasing demand for natural ingredients
across a massive number of consumers could encourage the application in the
flavors and fragrances market.
Increasing approval of flavors in
nutraceuticals, pharmaceuticals, and dietary supplements are also predicted to
expand the market soon. Natural fragrances are supposed to be healthier,
therapeutic, and safe. Manufacturers sometimes impose a green premium on
products produced using natural aromas. Growing awareness concerning health and
wellness is expected to increase the adoption of natural flavor ingredients
during the forecast period.
North America accounted for a
market share of 27.3% in 2018. The market is expected to expand in this region
owing to enhanced demand for the products from cosmetics, personal care, oral
care, home care, therapy, and air freshener products.
Further key findings from
the report suggest
- The Flavors & Fragrances Market is estimated to
reach USD 31.38 Billion by 2026, at a CAGR of 4.3% during the forecast
period.
- The aroma chemicals raw material accounts for a
larger share of 56.7% of the market in 2018.
- Aroma chemicals are a primary group of organic
molecules used as components in flavors and fragrances. Fragrance
formulated from aroma chemicals is practiced globally, for presenting
beautiful aroma and pleasant scents to toiletries, perfumes, and
detergents.
- The fine fragrances end user segment is anticipated
to witness the highest CAGR of 5.4% during the forecast period.
- Growing investments in innovative product
developments to meet the demand from home care, pharmaceutical, personal
care, automotive, and hospitality manufacturers are forecasted to increase
growth.
- The natural product type is expected to witness a
higher CAGR of 5.4% during the forecast period.
- Various players are developing strategies to mark
their presence in the industry.
- Rising mergers and acquisitions strategy taken by
manufacturers augment the growth. In 2016, IFF acquired David Michael
Company. This acquisition helped IFF to increase its market growth. Also,
it will extend the product line of the company producing more profits for
the company.
- The Key players in the Flavors & Fragrances
Market include Symrise AG, Givaudan SA, Firmenich SA, Agilex Flavors &
Fragrances, Inc., Kao corporation, International Flavors & Fragrances,
Inc., ABedoukian Research, Inc., romatech SAS, ConAgra Foods,
Frutaroam industries
To identify the key trends in
the industry, click on the link below:
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