Flavors and Fragrances Market : Growth Analysis By Manufacturers, Regions, Type And Application, Forecast Analysis Till 2023
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A substantial rise in the demand for natural ingredients is one of the major factors estimated to encourage the growth of the growth of the global flavors and fragrances market throughout the forecast period. The high rate of industrialization resulting in large volume production of scented or flavored products, including processed food and beverages, detergents, soaps, personal care products, household cleaners, and oral hygiene products. This is estimated to accelerate the growth of the global flavors and fragrances market throughout the forecast period. On the flip side, the fluctuations in the prices of raw materials is considered as one of the major factors, which is likely to curtail the growth of the global market in the next few years.
The global market for flavors and fragrances is competitive in nature and is expected to witness a significant rise in the number of players throughout the forecast period. Some of the leading players operating in the flavors and fragrances market across the globe are Royal DSM NV, BASF SE, Symrise AG, Takasago International Corp., International Flavors & Fragrances, Inc., Givaudan SA, Firmenich SA, Aromatech SAS, Bedoukian Research, Inc., Agilex Flavors & Fragrances, Inc., Sensient Technologies Corp., and Bell Flavors & Fragrances Inc. The key players in the market are focusing on development of new product and innovations, which are estimated to enhance the overall growth of the market in the next few years.
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Among the key regional segments, Asia Pacific is anticipated to account for a large share of the global flavors and fragrances market in the next few years. The increasing contribution from China and India is one of the major factors anticipated to encourage the growth of the Asia Pacific market in the next few years. The rising investments in the developing economies is projected to hold promising growth opportunities for the market players throughout the forecast players. Furthermore, North America is projected to witness a significant growth in the coming years. The High demand for flavors and fragrances from the U.S. is estimated to accelerate the growth of the market in the coming few years.
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