Flavors and Fragrances Market Analysis 2032 — Segments & Trends
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The global flavors and fragrances market size was valued at USD 27.50 billion in 2023 and is projected to grow from USD 28.72 billion in 2024 to USD 42.27 billion by 2032, exhibiting a CAGR of 5.0% during the forecast period. Flavors and fragrances are derived from compounds such as lactones, acids, esters, ketones, alcohols, and aldehydes. These substances enhance a product’s value by altering its characteristics, providing pleasant aromas, or delivering sweet, sour, tangy, and other taste profiles. The production of these sensory-enhancing products is a meticulous process. They can be synthesized from natural or artificial chemicals, or extracted from essential oils like vanilla, citrus, beaver castor, and deer musk. Natural variants are typically obtained from plant- and animal-based sources.
Fortune Business Insights™ publishes this information in a report titled, "Flavors and Fragrances Market, 2025-2032".
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Segmentation Analysis:
What are the main types in the flavors and fragrances market?
The market is divided into flavors and fragrances.
- The flavors segment is further categorized into natural and synthetic flavors.
- The fragrances segment is also classified into natural and synthetic fragrances.
Which sub-segment is expected to dominate the market?
The food & beverage sub-segment is expected to lead the market. Flavors are extensively used in beverages, bakery, confectionery, dairy, and other food products. They also find applications in pharmaceuticals and other sectors.
How is the fragrance segment classified by application?
Fragrances are segmented into fine fragrances, cosmetics & personal care, home & floor care, and others.
How is the market divided geographically?
Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Drivers & Restraints:
What factors are driving the growth of the flavors and fragrances market?
- Development of regional and novel flavors and fragrances.
- Changing consumer food preferences and growing ready-to-eat food adoption.
- Expansion of the cosmetics and pharmaceutical industries.
What factors are restraining the market growth?
The market faces challenges due to constantly fluctuating product prices across different segments.
Regional Insights:
Which region holds the largest market share?
Europe dominates the global flavors and fragrances market due to high demand from food & beverage manufacturers. The regional market was valued at USD 8.16 billion in 2021.
Which region is the second-largest market?
Asia Pacific holds the second-largest share, driven by rising demand for flavors and fragrances across various end-use industries.
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.
List of Key Players Profiled in the Flavors and Fragrances Market 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)
- Hasegawa Co., Ltd. (Japan)
- Mane (France)
- Archer Daniel Midland Company (U.S.)
- Solvay S.A. (Belgium)
- BASF (Germany)
Key Industry Development:
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December 2023:Robertet Group acquired Bangalore-based Sonarome to expand its flavors portfolio and strengthen presence in India, Southeast Asia, and East Africa.
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April 2023:Givaudan acquired a key cosmetic ingredients portfolio from Amyris, Inc., enhancing its biotech capabilities and leveraging Amyris’ platform for bio-fermented ingredient production.
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