Press release
Flavors and Fragrances Market Poised for Remarkable Growth, set to Reach USD 42.27 billion by 2032 with a CAGR of 5.0%
The market is anticipated to grow during the projected period due to rapid development in the pharmaceuticals and cosmetics sector. Fortune Business InsightsTM publishes this information in a report titled, "Flavors and Fragrances Market, 2025-2032".
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List of Key Players Present in the Report:
• Givaudan (Switzerland)
• International Flavors and Fragrances (IFF) (U.S.)
• Symrise AG (Germany)
• Robertet Group (France)
• Kerry Group plc (Ireland)
• Sensient Technologies (U.S.)
• Firmenich SA (Switzerland)
• Takasago International Corp (Japan)
• T. Hasegawa Co., Ltd. (Japan)
• Mane (France)
• Archer Daniel Midland Company (U.S.)
• Solvay S.A. (Belgium)
• BASF (Germany)
Flavors and Fragrances Market Segmentation:
Flavors Segment to Lead the Market Due to its Unique Properties
By type, the market is bifurcated into flavors and fragrances. The flavors segment is further categorized into natural and synthetic. The fragrances segment is also divided into natural and synthetic.
Food & Beverage Sub-Segment to Dominate the Market
Based on type (cross application), the market is segregated into flavors used in the food & beverage sector for beverages, bakery, confectionery, dairy, and others. These flavors are also used in pharmaceuticals and other sectors. The fragrance segment is further classified into fine fragrances, cosmetics & personal care, home & floor care, and others.
Geographically, the market share is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Report Coverage:
The report sheds light on the current market state and recent developments in the market. The impact of COVID-19 pandemic on the market growth is highlighted in this report. Furthermore, the report sheds light on drivers and restraints affecting the market development and expansion during the forecast period. Also, a list of key market players is given, along with the regional insights on segmented market areas.
Drivers & Restraints:
Rising Development in Pharmaceuticals & Cosmetics Sector to Propel Growth
The market is expected to witness significant growth during the forecast period due to the developing regional and novel flavors and fragrances. Also, consumers' changing food preferences and tastes and the adoption of ready-to-eat food are anticipated to fuel the regional market growth. Furthermore, growth in the cosmetics and pharmaceuticals sectors is expected to drive market growth.
However, constantly changing prices in various products hamper market growth.
Regional Insights:
Europe Holds Dominant Market Share Due to Rising Demand from Food & Beverage Sector
Europe dominates the global flavors and fragrances market share due to the rising product demand from food & beverage manufacturers. The regional market stood at USD 8.16 billion in 2021.
Asia Pacific holds the second-largest global market share owing to the increasing demand for flavors and fragrances from various end-use industries.
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Competitive Landscape:
New Product Launch Allows Key Market Players to Enhance their Product Portfolio
The key market players acquire various companies operating in the industry to improve their business performance. Also, rising investments in the adoption of technological advancements and R&D activities allow the leading market players to introduce new product ranges to the global market and increase business profitability.
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Lactic Acid Market: https://www.fortunebusinessinsights.com/lactic-acid-market-102119
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