Flavors and Fragrances Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Flavors and Fragrances Market
The flavours and fragrances market size was valued at USD 27.50 billion in 2023, and the market is now projected to grow from USD 28.72 billion in 2024 to USD 42.27 billion by 2032, exhibiting a CAGR of 5.0% during the forecast period of 2023-2032.
the COVID-19 pandemic had an unstaggering impact on the market. The product demand was lowered by lockdown limitations and affected the overallflavours and fragrances market growth. The major factor causing havoc for this product was loss of sense of small because of the covid-19 virus. This particular market is still experiencing rapid growth post-pandemic period.
Increased modernization has increased demand for toiletries, soaps, detergents, perfumes, and cosmetics which has in terms benefitted this particular market. The cosmetic business is augmenting rapidly, which is feeding the market expansion. This is the major factor influencing the flavours and fragrances market share. People have become more aware of their health which has resulted in the growth of the nutritional food and beverages market and a rapid surge has been witnessed for this particular market during the forecast period.
A rapid expansion was witnessed for this market as new flavours were introduced in this particular market. The trend of ready-to-eat products along with consumer tastes and preferences changing provided a chance for manufacturers to innovate and satisfy consumer and marketdemand.
Comprehensive Analysis of Flavors and Fragrances Market
This market is divided by types of tastes and fragrances, which are further subdivided into natural and synthetic. Because flavors are used so extensively in the food and beverage business, they have a larger market share than the other segment. Food and drink, medications, and other categories are separated apart in the market based on flavor.
Europe is to be witnessed in dominating the flavours and fragrance market due to various reasons such as significant adoption of high- quality standardized fragrance and cosmetics and also a surge in food and beverages sector.
Due to the dominance of a small number of very large companies, the market is consolidated. Givaudan (Switzerland), International Flavors and Fragrances (IFF) (U.S.), Symrise AG (Germany), Robertet Group (France), and Kerry Group plc (Ireland) are a few of the major market participants.
In December 2023, To increase its taste options and market presence in India, Southeast Asia, and East Africa, Robertet Group purchased Bangalore-based Sonarome, a manufacturer of flavors and perfumes.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Unit Value (USD Billion)
Growth Rate CAGR of 5.0% from 2024 to 2032
Segmentation By Type
Flavors
Natural
Synthetic
Fragrances
Natural
Synthetic
By Type (Cross Application)
Flavors
Food & Beverages
Beverages
Bakery
Confectionery
Dairy
Others
Pharmaceuticals
Others
Fragrances
Fine Fragrances
Cosmetics & Personal Care
Home & Floor Care
Others
By Geography
North America {By Type, By Type (Cross Application), By Country}
U.S.
Canada
Europe {By Type, By Type (Cross Application), By Country}
U.K.
France
Spain
Germany
Italy
Rest of Europe
Asia Pacific {By Type, By Type (Cross Application), By Country}
China
India
Japan
Southeast Asia
Australia & New Zealand
Rest of Asia Pacific
Latin America {By Type, By Type (Cross Application), By Country}
Brazil
Mexico
Argentina
Rest of South America
Middle East & Africa {By Type, By Type (Cross Application), By Country}
South Africa
GCC
Turkey
Rest of Middle East & Africa
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