In the flavor and fragrance market, manufacturers produce natural and synthetic ingredients sold for and used for food and beverages, pharmaceuticals and healthcare, cleaning and homecare, fabric care, beauty and personal care product manufacturers, and other applications.
Flavors and Fragrances Market Insights
According to an opinion from key industry experts Flavors and Fragrances Market revenue is expected to attain $63 Billion at a high CAGR of 29.2% from 2023 to 2030. In 2022, the BSF product was estimated at US $43 Billion.
Key Segments: Natural, Synthetics, Liquid, Dry, Beauty and Personal Care Products
Key Competitors: International Flavors and Fragrances Inc., Givaudan International SA, Firmenich SA, Symrise AG, Kerry Group PLC, S H Kelkar and Company Limited, Robertet SA, Sensient Technologies Corporation, Frutarom Industries Ltd.
Key Geographies: USA, China, UK, Japan, Germany, France, Italy, Spain, The Netherlands, Canada, India, South Korea, Australia, New Zealand, Middle East, Africa, South, and Central America.
Flavors and Fragrances Industry Trends
The expansion of the industry is largely attributable to the increasing demand for the products and the growing preference for natural flavors and biosynthesized goods. The globalization of various economies has eliminated geographical barriers, bringing previously distant regions of the globe closer together. Despite the minor differences that are so pronounced in certain locations, lifestyles, preferences, and rejections are becoming increasingly standard and uniform worldwide.
Europe has always possessed the highest market potential for fragrance products. Nonetheless, as a result of the pandemic, the fragrance industry’s revenues decreased by roughly 20%, while unit volume decreased by more than 15%. In addition, disorganized supply chains, demand-supply gaps, and unsettled manufacturing divisions contributed to an overall decline. After 2021, however, the industry returned to its normal tempo due to the normalization of the situation and rising demand.
Flavors and Fragrances Industry Developments
In 2021, Firmenich SA, Givaudan, Symrise AG, and International Flavours & Fragrances, Inc. accounted for over 60% of the flavor and fragrance market worldwide. All other international and local businesses accounted for the remaining 40%. Sensient Technologies Corporation, Mane SA, Takasago International Corporation, Frutarom, Roberter SA, and others were some of the other major competitors.
In 2022, overall market growth was reduced due to economic slowdowns and a reduction in safety stocks as supply chains improved. Among all regions, North America is the most affected during this period. However, the global and regional markets are expected to recover in the second half of 2023 and are expected to grow positively until 2030 for both flavor and fragrance segments.
Flavors and Fragrances Market Segmentation:
Flavors and Fragrances Market , By Ingredient Type |
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Flavors and Fragrances Market , By Form |
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Flavors and Fragrances Market , By End User |
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Flavors and Fragrances Market Major Competitors |
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Flavors and Fragrances Market , By Geography |
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