The market size of flavors & fragrances is estimated to be USD 29.0 billion in 2021 and is projected to reach USD 37.3 billion by 2026, at a CAGR of 5.1% between 2021 and 2026. The growth of the flavors & fragrances market is primarily supported by the growing population in emerging economies such as China, India, Indonesia, South Korea, Brazil, and South Africa.
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The demand for flavors and fragrances is also due to the increase in awareness among the population about the benefits of the ingredients used in food products and consumer products in countries such as the US, Japan, France, Canada, Germany, and the UK. The demand for flavors and fragrances is also attributed to changing consumer preferences toward convenience food and increasing demand for consumer products. Stringent government regulations on the use of synthetic flavors and fragrances in Japan, China, the US, and European countries are restricting the growth of the flavors & fragrances market.
Based on ingredient type, the flavors & fragrances market is classified into natural and synthetic. The synthetic ingredient segment accounted for a larger share, in terms of value, in 2020. This is backed by its growing usage in various end-use products. However, natural ingredient is projected to record a higher growth rate between 2021 and 2026.
Based on end-use industries, the market for flavors is segmented into beverages, bakery, savory & snacks, dairy products, confectionery, and others on the basis of end-use. The demand for flavors is the highest from the bakery segment. It is mainly due to changing lifestyle, growing working-class population, and rising demand for gluten-free bakery products.
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The market for fragrances is segmented into consumer products and fine fragrances. The consumer products segment accounted for a larger share in the fragrances market in 2020. The demand is attributed to increasing population, rapid urbanization, and high per capita spending power of consumers.
Based on region, APAC was the largest flavors & fragrances market in 2020. The changing lifestyle and high economic growth of emerging economies such as China, India, Vietnam, and Indonesia have fueled the demand for flavors and fragrances in this region. In addition, the rapidly growing food & beverage and cosmetic & homecare industries are fueling the growth of the flavors & fragrances market in the region.
The key market players profiled in the report include Givaudan (Switzerland), Firmenich SA (Switzerland), International Flavors & Fragrances (IFF) (US), Symrise AG (Germany), Takasago (Japan), The Archer Daniels Midland Company (ADM) (US), Sensient Technologies (US), Mane SA (France), Robertet (France), T. Hasegawa (Japan), and Bell Flavors & Fragrances (US). They have adopted strategies such as and new product launch, acquisition, and collaboration in order to gain an advantage over their competitors.
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