Flavors & Fragrances Market Research Report includes CAGR Value, Development Trends, Manufacturers, Competitive Analysis and Forecast to 2030

Global Flavors & Fragrances Market to Grow Rapidly due to Increasing Applications in Food and Beverage Industry

Growth of the Flavors & Fragrances market is on account of the increasing demand from the application industries such as food, beverages, and personal care products. This growth is due to high demand for juices, snacks, packaged foods, ready-to-eat meals, and other beverages. The Flavors & Fragrances industry is expected to record a notable CAGR over the forecast period. Mature economies, such as the United States and the UK have a high demand for personal care products primarily made using natural ingredients.
Major companies functioning in the global Flavors & Fragrances Market are Firmenich, Givaudan, International Flavors & Fragrances, Takasago, Symrise, Sensient, Robertet, Mane, Frutarom, Bell Flavors & Fragrances, Archer Daniels Midland, T.Hasegawa, Kerry.

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Growth Drivers that Support the Global Flavors & Fragrances Market:

• Over the forecast period, the natural segment is expected to see the fastest growth. Growth in the coming years is projected to be driven by a rapid shift towards natural products, especially in developed countries. Essential oils are anticipated to emerge during the forecast period as the fastest growing product category. Due to the growing demand for exotic essential oils in natural cosmetics, aromatherapy, and pharmaceuticals, among other things, the use of natural essential oils is increasing.

• The Flavors & Fragrances market was segmented into drinks, savory & snacks, bakeries, dairy products, and confectionery, among others, based on end use. During the forecast period, beverages are expected to be the largest end-use segment of the market for flavors. The demand for soda flavors is largely due to the rising demand for soft drinks, energy drinks, and other beverages. Moreover, the market for flavors for drinks is also driven by aspirational purchases of multinational drink brands.

• In terms of sales, Asia Pacific retained the dominant share in 2014. Increasing economic growth is considered to be responsible for Asia Pacific supremacy in emerging countries such as China and India. Moreover, developing economies are rising at a tremendous pace, so investors are investing heavily in these markets. This is likely to generate tremendous growth prospects for the demand for flavors and fragrances. For example, in developed countries, demand for flavors and fragrances is expected to remain high, with the U.S. holding one-third of total demand in 2016.

Companies Seek to Expand their Global Foot-Print

• In March 2019, in the Zhangjiagang Free Trade Zone in Jiangsu province, China, Firmenich planned to open the largest flavor manufacturing plant. In the first phase of the new plant, with an annual capacity of 12 KT, the company invested USD 75 million. With this expansion, the company expects to serve a wide range of local flavors to its customers in China for use in products such as milk drinks, tea and noodles.

• BASF entered the market for natural flavors and fragrances in September 2019, acquiring Isobionics and concluding a cooperation agreement with Conagen. Isobionics is an innovation company for aroma biotechnology and Conagen is a key biotechnology research firm. This growth will help the company expand its portfolio of natural ingredients such as vanillin, nootkatone and valencene.

• In Aug 2019, a supplier and marketer of innovative specialty fragrances used in fine fragrances, personal and home care applications from the UK, Givaudan acquired Fragrance Oils. This would strengthen the position of the company in the market for domestic and regional flavors and fragrances.

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Conclusion

The market research report provides detailed analysis for the forecast period, Apart from this the global study also consists of the segmental analysis and overview of the current market trends as well as factors. These market dynamics factors also consist of opportunities, barriers, restrains and threats and effects of certain factors on the global market.

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This release was published on openPR.