According to the latest report by IMARC Group, titled “Flavors and Fragrances Market Size: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global flavors and fragrances market expects to exhibit moderate growth during 2021-2026.
Flavors and fragrances refer to substances that are used to attribute a pleasant aesthetic value to a product by altering its smell and taste. These substances can be derived from natural sources or synthesized chemically. They are used to improve the overall appeal of the product by either delivering a specific character to or enhancing a distinctive flavor or fragrance of an item. Flavors are widely utilized in the dairy, food and beverages, and confectionery industries for making various snacks, meat, cream rolls, pies, pastries and cakes. On the other hand, fragrances form a key ingredient of the body care, home care and cosmetic products for offering a pleasant aroma to soaps, shampoos, bath salts, moisturizers and facewash.
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Global Flavors and Fragrances Market Trends:
The market is primarily driven by significant growth in the food and beverage (F&B) industry across the globe. This can be accredited to the hectic schedules, changing dietary patterns and inflating disposable incomes of the majority of the working population. This has consequently led to the escalating demand for convenience food products and on-the-go beverages, which utilize flavoring agents as an indispensable component. Enhanced focus toward personal grooming, owing to the growing sense of personal hygiene, increasing consciousness toward physical appearance and the expanding influence of social media among the young generation, is acting as another major growth-inducing factor. Fragrances are widely utilized in numerous cosmetics and personal care products, which has provided an impetus to the market growth. Furthermore, shifting focus toward the use of organic variants has led manufacturers to introduce plant-based counterparts, which is anticipated to create a positive outlook for the market.
Competitive Landscape
The competitive landscape of the market has been analyzed with the detailed profiles of the key players operating in the market.
Some of these players include Givaudan SA (GIVN.SW), Firmenich SA, International Flavors & Fragrances Inc. (IFF), Symrise AG (SYIEY), Takasago International Corporation, Sensient Technologies Corporation, V. MANE FILS, SA, Robertet SA, T. Hasegawa Co., Ltd., Frutarom Industries Ltd., Bell Flavors & Fragrances, Inc., Archer Daniels Midland Company (ADM), Kerry Group plc, Ogawa & Co., Ltd., and Huabao International Holdings Limited.
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Market Summary:
Global Flavors Market:
Global Fragrances Market:
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