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. The market is anticipated to grow during the projected period due to rapid development in the pharmaceuticals and cosmetics sector. Fortune Business Insights™ publishes this information in a report titled, “Flavors and Fragrances Market, 2025-2032″.
The global Flavors and Fragrances market has been experiencing significant growth, driven by factors such as changing consumer preferences, increasing demand for natural ingredients, and the growing focus on health and wellness. The market includes a wide variety of synthetic and natural ingredients used in the production of food and beverages, cosmetics, personal care, and household products.
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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)
Segments:
The Flavors and Fragrances market can be segmented based on Type, Application:
By Type:
- Flavors: The flavors segment is further categorized into synthetic and natural flavors. This segment includes products used in food and beverages, including sweet, savory, fruity, and other sensory profiles.
- Fragrances: The fragrances segment includes fine fragrances, personal care fragrances, and home care fragrances. The demand for fine fragrances (e.g., perfumes and colognes) is particularly high in developed regions.
By Application:
- Food & Beverages: Flavors are used extensively in the food and beverage industry to enhance the taste and aroma of products. The growing demand for processed food and beverages is expected to drive market growth in this sector.
- Personal Care & Cosmetics: Fragrances are key ingredients in personal care and cosmetic products such as lotions, shampoos, deodorants, and perfumes.
- Household Products: Fragrances are used in household products like detergents, cleaning agents, and air fresheners to improve the sensory experience for consumers.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/flavors-and-fragrances-market-102329
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.
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.
Key Industry Development:
- March 2022: Symrise submitted a binding offer to acquire R. Romani – Société Française d’Aromatiques (SFA Romani) and Neroli Invest DL (Groupe Neroli). Both companies are based in the Grasse area in France. With these transactions, Symrise intends to reinforce its fine fragrance presence in southern France, strengthen its competitiveness in creating fragrance compositions, and broaden its presence in key countries in Europe, Africa, and the Middle East.
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