The report “Flavors & Fragrances Market by Ingredients (Natural, Synthetic), End use (Beverage, Savory & Snacks, Bakery, Dairy Products, Confectionery, Consumer Products, Fine Fragrances), and Region (Asia Pacific, North America, Europe) – Global Forecast to 2026″, size of flavors & fragrances is estimated to be USD 29.0 billion in 2021 and is projected to reach USD 37.3 billion by 2026, at a CAGR of 5.1% between 2021 and 2026. Flavors and fragrances are compounds used to enhance the characteristics of end-use products in the food & beverage, pharmaceutical, consumer products, and cosmetic industries. Flavors are used in a wide range of products that include bakery, snacks, confectionery, meat, poultry, seafood, and others. Whereas, fragrances are used in perfumes, soaps, shower gels, cosmetics products, air fresheners, dishwashers, surface cleaners, and laundry detergents, among others.
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• 237 Market data Tables
• 56 Figures
• 258 Pages and in-depth TOC on “Flavors & Fragrances Market – Global Forecast to 2026″
Some of the prominent key players are:
- Givaudan (Switzerland)
- Firmenich SA (Switzerland)
- International Flavors & Fragrances (IFF) (US)
- Symrise AG (Germany)
- Takasago (Japan)
- The Archer Daniels Midland Company (ADM) (US)
Opportunities: Digitalization of the retail industry
One of the latest trends driving the flavors & fragrance market is online food and consumer products shopping and the introduction of new apps, making it convenient for consumers to pick their preferred products. Consumers are inclined toward online shopping due to features of convenience and variety. According to Eurostat, in 2018, almost 25% of the population bought food and groceries from online retail channels. With the growing penetration of the Internet and smartphone usage, retail grocery shopping is emerging as one of the platforms for companies to showcase and sell their products. The number of stores accepting online payments is rising globally. Factors such as increasing smartphone usage, dedicated apps, and emerging payment methods fuel the overall online grocery market, thus contributing to the growth of the flavors & fragrance market.
Natural ingredient is projected to be the fastest-growing ingredient for flavors and fragrances fiber market between 2021 and 2026
The demand for natural ingredient is mainly due to its increasing availability and rising awareness among consumers for a healthier lifestyle. Stringent regulations related to the use of synthetic flavors and fragrances and growing awareness among the population about health and wellness are driving the demand for natural ingredients.
APAC is projected to be the fastest-growing region for the flavors and fragrances market during the forecast period
APAC was the largest flavors & fragrances market in 2020. The changing lifestyle and high economic growth of emerging economies such as China, India, Vietnam, and Indonesia have fueled the demand for flavors and fragrances in this region. In addition, the rapidly growing food & beverage and cosmetic & homecare industries are fueling the growth of the flavors & fragrances market in the region.
