Flavors & Fragrances Market Set to Exceed USD 48.59 Billion by 2030, Fueled by Global Consumption Trends

The surge in the Flavors & Fragrances Market is primarily driven by the escalating demand for processed foods and the robust consumption of personal care and cosmetic products worldwide.

The SNS Insider report reveals that the Flavors & Fragrances Market Size, valued at USD 32.14 billion in 2022, is forecasted to reach USD 48.59 billion by 2030, exhibiting a CAGR of 5.3% during the forecast period from 2023 to 2030.The flavors and fragrances market is experiencing robust growth, driven by evolving consumer preferences, growing demand for natural and organic products, and increasing disposable income levels worldwide. Flavors and fragrances play a crucial role in enhancing the sensory appeal of various consumer products, including food and beverages, cosmetics, personal care products, and household goods. One of the key drivers of market expansion is the rising consumer awareness and preference for authentic, natural, and sustainable ingredients in products. As a result, manufacturers are increasingly focusing on developing and incorporating natural flavors and fragrances derived from botanical sources, essential oils, and plant extracts to meet consumer demand for clean label and eco-friendly products.

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Some of the Key Players Included are:

The Archer Daniels Midland Company (ADM), International Flavors & Fragrances (IFF), Bell Flavors & FragrancesSymrise AG, Robertet, Firmenich SA, Takasago, Sensient Technologies, Mane SA, Givaudan, and other players.

Market Report Scope:

Flavors and fragrances, derived from various substances like lactones, acids, esters, alcohol, and aldehydes, play a crucial role in enhancing the sensory characteristics of products. These sensory improvement products are crafted through rigorous processes involving natural and synthetic chemicals or essential oils such as vanilla pods, citruses, beaver's castor, and deer's musk. With increased applications in various industries, flavors, and fragrances are becoming essential additives to elevate taste, smell, and overall product appeal. Market Analysis:

The Flavors & Fragrances Market experiences a boost from the demand for ready-to-eat meals and fast food globally. Innovative technologies, the introduction of new flavors, and heavy investments in R&D activities are fostering growth. A rising trend towards natural flavors due to heightened health awareness is observed. However, allergies associated with artificial flavors, chemicals, and preservatives pose challenges. The pursuit of clean-label or green food products in European countries fuels the demand for flavors free of harmful additives. Yet, concerns about potential health issues related to artificial flavors hinder market growth, especially in children.

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Segment Analysis:

In 2022, the natural chemicals segment dominated the industry with over 73% revenue share. This dominance is attributed to the increased usage of pharmaceuticals, aromatherapy, and natural cosmetics. Aroma chemicals, synthetic aromas used in essential oils, food & beverages, and perfumes, are contributing significantly to the industry's positive trajectory. The fragrances application segment led the global industry in 2022 with over 51% revenue share. Increased demand for various fragrances in toiletries, personal care products, cosmetics, and aromatherapy applications is a driving force. Fragrance plays a crucial role in enhancing the consumer experience and influencing product choices in the market.

By  Ingredients
Natural
Synthetic

By End-use industry
Flavors
Beverages
Savory & Snacks
Dairy Products
Bakery
Confectionary
Others
Fragrances
Consumer Products
Fine Fragrances

By Form
Liquid
Dry
 
Key Regional Development:

Asia Pacific claimed the largest revenue share in 2023, surpassing 32%. This dominance is attributed to a shift in consumer preferences towards nutritional and healthy foods in densely populated countries like India and China. The region witnesses multiple manufacturing companies expanding their business and investing in R&D facilities. North America is anticipated to experience significant growth, driven by the demand for flavored desserts, sodas, and canned cocktails. Although the market has reached maturity, the evolving consumer preferences present growth potential, particularly in the United States.

Key Takeaways for Flavors & Fragrances Market Study:

The Flavors & Fragrances Market is set to exceed USD 48.59 billion by 2030, fueled by global trends in processed foods and personal care products.
Natural chemicals and fragrance applications are key contributors to market dominance.

Asia Pacific leads the market with a shift towards healthy food choices, while North America anticipates growth in flavored products.
Concerns about health issues related to artificial flavors pose challenges to market expansion.

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Recent Developments:

In December 2023, The Robertet Group announced its acquisition of India-based flavor producer Sonarome, strengthening its presence in India and expanding into South-East Asia and East Africa.

In October 2023, Archer Daniels Midland Company (ADM) unveiled a report identifying key trends reshaping consumer preferences in the Food and Beverage (F&B) industry, leveraging artificial intelligence and insights from ADM's flavor and color experts.

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Akash Anand - Head of Business Development & Strategy
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About Us:

 

SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

This release was published on openPR.