Flavors and Fragrances Market Size | Share: Projected Surge at 4.7% CAGR, Nearing USD 35,914.3 million by 2027

Flavors and Fragrance Market by Type (Flavors and Fragrance), Nature (Natural and Synthetic), and Application (Food & Beverages, Cosmetics & Personal Care, Home Care and Fabric Care): Global Opportunity Analysis and Industry Forecast, 2021-2027." According to the report, the global flavors and fragrances industry was projected at $28.19 billion in 2019, and is anticipated to hit $35.91 billion by 2027, registering a CAGR of 4.7% from 2021 to 2027.

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Increase in demand for ready-to-eat meals & fast food is a key driver for the food flavors industry across the globe. Moreover, innovative technologies, introduction of new flavors, and heavy inflow of investment in R&D activities are the other factors that supplement the growth of the food flavors market. There is an upcoming trend of using natural flavors owing to rise in health awareness. Furthermore, high demand for flavors across European countries to produce commercialized clean label or green food products that are free of additives and other harmful chemicals has propelled the growth of the natural flavors market.

Based on type, the fragrances segment contributed to more than three-fifths of the global flavors and fragrances market share in 2019, and is expected to rule the roost by the end of 2027. The same segment would also register the fastest CAGR of 5.0% throughout the forecast period, owing to increase in demand for deodorants, perfumes, soaps, creams, talcum powders, and hair oils.

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Increase in demand for ready-to-eat meals & fast food, introduction of new flavors, heavy inflow of investment in R&D activities, and high demand for flavors across European countries to produce commercialized clean label or green food products that are free of additives and other harmful chemicals fuel the global flavors and fragrances market. On the other hand, allergies associated with artificial flavors, chemicals, and preservatives impede the growth to some extent. Nevertheless, there is an upcoming trend of using natural flavors owing to rise in health awareness. This factor has created multiple opportunities for the key players in the industry.

The demand for clean label food ingredient is increasing. As the artificial flavors cause several mild as well as severe allergies, especially in children, parents mostly prefer to buy natural flavor foods & beverages. Hence there is growing number of manufacturers switching to both natural colors & flavors to avoid the problem associated with chemical reactions.

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Over the next five years, demand for natural flavors and fragranceis expected to grow strongly. Customers prefer to use natural fragrance cosmetic& personal care products that are less harmful and have minimum side effects. Further, manufacturers are anticipated to use natural fragrance ingredients in their skin care and hair care products to satisfy consumer needs. Many big players in the market such as L'Oréal, Unilever, Color Bar, and Avon are planning to invest big budgets in an effort to promote natural aspects of their flavors and fragrance products.

Key Players

Frutarom Industries Ltd.
Givaudan International SA
Huabao International Holdings Limited
Kerry Group, PLC
Symrise AG
International Flavors & Fragrances, Inc.
Firmenich SA
Robertet SA
S H Kelkar and Company Limited
Sensient Technologies Corporation

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