Global Flavours and Fragrances Market Report and Forecast 2023-2028

Global Flavours and Fragrances Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global flavours and fragrances market reached a value of USD 27.9 billion in 2022. Aided by the evolving consumer preferences and a burgeoning demand from various end-use industries, the market is projected to further grow at a CAGR of 4.6% between 2023 and 2028 to reach a value of USD 36.5 billion by 2028.

Flavours and fragrances are intricate mixtures of natural or synthetic substances, meticulously crafted to impart a distinct aroma or taste to a myriad of products, from foods and beverages to personal care and household items. Acting as the silent ambassadors of brands, they play a pivotal role in determining the consumer’s product experience and consequently, the product’s success in the market.

The culinary world's relentless quest for novel and exotic tastes is one of the flavours and fragrances market trends propelling the market. The globalisation of cuisines and an increasingly adventurous consumer palate have catalysed the need for unique and diverse flavour profiles. This is further augmented by the burgeoning trend of health and wellness, leading to a demand for natural and organic flavours that align with the clean-label movement.

On the fragrances frontier, the personal care and cosmetics industry emerges as a linchpin. The contemporary consumer, with an enhanced emphasis on personal grooming and self-expression, seeks products with signature scents that resonate with their identity. Additionally, the home care sector, driven by a rising inclination towards ambient aromas, is fostering the demand for fragrances in products such as candles, diffusers, and air fresheners.

Another influential factor steering the flavours and fragrances market growth is regional preferences. While Western markets exhibit a preference for soft, floral fragrances, the Asian markets lean towards bold and spicy notes. Similarly, in the realm of flavours, while there's a global drift towards spicy and tangy notes, regional nuances exist, and catering to this diversified palate is both a challenge and an opportunity for players in the industry.

Geographically, the Asia Pacific region, buoyed by its massive consumer base and rapid urbanisation, accounts for a significant portion of the flavours and fragrances market share. Fast-evolving consumption patterns, coupled with an increasing spending capacity in countries like China, India, and Indonesia, pave the way for lucrative market opportunities. The European and North American markets, with their high demand for premium and niche products, continue to hold significant market shares.

Market Segmentation

The flavours market can be divided based on product type, form, and application.

Market Breakup by Product Type

• Nature-Identical
• Artificial
• Natural

Market Breakup by Form

• Liquid
• Dry

Market Breakup by Application

• Beverages
• Dairy and Frozen Desserts
• Savouries and Snacks
• Bakery and Confectionery Products
• Others

The fragrances market can be divided based on ingredients and application.

Market Breakup by Ingredients

• Synthetic
• Natural

Market Breakup by Application

• Soap and Detergents
• Cosmetics and Toiletries
• Fine Fragrances
• Households Cleaners and Fresheners
• Others

Global Flavours and Fragrances Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global flavours and fragrances market. Some of the major players explored in the report by Expert Market Research are as follows:

• Givaudan
• Firmenich SA
• International Flavours & Fragrances Inc.
• Symrise Group
• Takasago International Corporation
• Mane Group
• Sensient Technologies Corporation
• ADM
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.