Global Flavors and Fragrances Market: Growing Popularity of Natural Oils to Propel Growth

The report by Transparency Market Research titled, “Flavors and Fragrances Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016-2023” sheds light on the key trends, opportunities, growth drivers, and restraints in the market, along with key figures and relevant statistical data. The increasing popularity of natural products, coupled with growing concerns about the use of artificial substances in food and beverages, is expected to have a direct impact on the global flavors and fragrances market.

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Large-scale production of scented and flavored products such as personal care products, detergents, soaps, processed food, oral hygiene products, beverages, and household cleaners has been one of the key growth drivers of the global flavors and fragrances market. The increasing volume of investments by several leading manufacturers with a view to increase their production capacities has also been fuelling the growth of the market. Moreover, aroma chemicals might witness considerable growth as they are relatively cheaper and thus preferred in local food and beverage industries, especially in developing nations. All this has stoked the growth of the global flavors and fragrances market.

On the contrary, the growth of the market might be obstructed on account of the unpredictability of the prices of raw materials. However, the growing demand for natural oils and essential oils is likely to neutralize the negative impact of this restraint.

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The market for flavors and fragrances is broadly segmented on the basis of product type, geography, end user, and ingredient type. On the basis of type of ingredients, the key market segments are essential oils and aroma oils. Based on end-use industry, household cleaners and air fresheners, cosmetics and toiletries, soaps and detergents, and fine fragrances are the key segments. The major product types are fragrance blends, flavor blends, and aroma chemicals. The aroma chemicals segment is further bifurcated into synthetic aroma chemicals and natural aroma chemicals.

Growing preference for convenience foods has been driving the market in North America. The U.S. holds around one third of the global flavors and fragrances market. Although North America and Europe are likely to dominate the global flavors and fragrances market, Asia Pacific offers maximum opportunities on account of robust growth in industrial activities in countries such as Japan, India, and China. The rising per capita incomes of people in Asia Pacific have raised the standards of living amongst the middle class population. A number of market players are making investments in these emerging economies, with a view to benefit from the untapped opportunities presented by these attractive markets.

Some of the major companies operating in the global flavors and fragrances market are BASF SE, Sensient Technologies Corp., Agilex Flavors & Fragrances, Inc., Bedoukian Research, Inc., Bell Flavors & Fragrances Inc., Givaudan SA, and Firmenich SA.

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