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Encapsulated Flavors And Fragrances Market Forecast 2024-2033 - Major Trends, Segments And Fastest Growing Regions
Encapsulated Flavors And Fragrances Global Market Report 2024
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According to The Business Research Company's, The encapsulated flavors and fragrances market size has grown strongly in recent years. It will grow from $4.36 billion in 2023 to $4.65 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to consumer demand for novelty and innovation, extended shelf life and stability, rising awareness of health and wellness, expanding food and beverage industry, innovations in product formulations.
The encapsulated flavors and fragrances market size is expected to see strong growth in the next few years. It will grow to $5.87 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to focus on clean label products, global expansion of cosmetics industry, e-commerce and changing retail dynamics, customization and personalization trends. Major trends in the forecast period include customization and tailored sensory experiences, expansion into home and fabric care products, advancements in encapsulation materials, integration of artificial intelligence (ai) in flavor development.
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Market Drivers and Trends:
The proliferating food and beverage industry is expected to propel the growth of the encapsulated flavors and fragrances market going forward. The food and beverage industry is the economic sector that involves producing, processing, distributing, and selling food and drink products. It encompasses various businesses and activities, including agriculture, food manufacturing, food service, retailing, and catering. Encapsulated flavors and fragrances are primarily used in the food and beverage industry to improve flavor stability, control flavor release, enhance the sensory experience, improve product quality, and provide unique flavor profiles. For instance, in April 2022, according to the reports shared by the Common Thread Collective., a US-based eCommerce growth agency, global food and beverage sales were $506 billion in 2022 and are expected to reach $857 billion by 2025. Furthermore, in May 2023, according to YCharts., a US-based Software company, US food and beverage store sales were 81.25 billion in 2022, which increased to 82.10 billion in 2023. Therefore, the proliferating food and beverage industry is driving the growth of the encapsulated flavors and fragrances market.
Technological advancements are a key trend gaining popularity in the encapsulated flavors and fragrances market. Major companies operating in the encapsulated flavors and fragrances market are developing innovative technologies to sustain their position in the market. For instance, in December 2021, Givaudan, a Switzerland-based chemicals company, launched PlanetCaps, an innovative fragrance encapsulation technology that uses a renewable carbon source material to create biodegradable fragrance capsules. These capsules are designed to release their fragrance slowly over time, providing a long-lasting and sustainable scent experience. PlanetCaps has several advantages over traditional fragrance capsules. They are made from renewable carbon sources and are more environmentally friendly. Overall, PlanetCaps is a promising new technology that has the potential to make fragrance capsules more sustainable. Additionally, it includes benefits such as being biodegradable, long-lasting, safe, and versatile.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Cargill Incorporated, International Flavors and Fragrances, Dutch Multinational Corporation (DSM), Kerry Group plc, Givaudan, Ingredion Incorporated, Firmenich SA, Symrise AG, Ashland Inc., Tate And Lyle Plc, Takasago, Balchem Inc., Robertet, Sensient Technologies Corporation, Glatt GmbH, Schubert International, Mane SA, Fona International Inc., Clextral, Buchi Labortechnik AG, Aveka Inc, Keva Fragrances Private Limited, Blue Pacific Flavors, TasteTech Ltd., MikroCaps doo.
Encapsulated Flavors And Fragrances Market 2024 Key Insights:
• The encapsulated flavors and fragrances market size is expected to see strong growth in the next few years. It will grow to $5.87 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Nourishing Encapsulated Flavors And Fragrances Market Expansion Through The Food And Beverage Industry
• Innovative Technologies Define The Future Of Flavor Encapsulation
• Asia-Pacific was the largest region in the encapsulated flavors and fragrance market in 2023
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