Flavors and Fragrances Market Growth, Trends And Forecast (2022 - 2027) By Types, By Application, By Regions and By Key Players - Symrise, Takasago, International Flavors and Fragrances, MANE

The global flavors and fragrances market size was valued at USD 25.89 billion in 2021. The market is projected to grow from USD 26.54 billion in 2022 to USD 36.49 billion by 2027, exhibiting a CAGR of 4.7% during the forecast period.

Flavors and Fragrances Market Overview

Flavors and fragrances are made from lactones, acids, esters, ketones, alcohol, and aldehydes. They are substances added to enhance the value of a product by modifying the characteristics of the solute, such as providing a pleasant odor or imparting sweet, sour, tangy, and other taste profiles. The preparation of these sensory improvement products involves a rigorous process. Personal care is a significant application segment, owing to increase in demand for deodorants, perfumes, soaps, creams, talcum powders, and hair oils. Rise in demand for car and room fresheners and increase in popularity of aromatherapy are also expected to drive growth of the market for fragrance ingredients. The hospitality sector is also experiencing a growth in demand for fragrances to create a pleasant atmosphere. Fragrances are widely approved for industrial use, such as ambience fragrances for consumer durables and personal care accessories, which was an unexplored category previously. In addition, owing to growth in disposable income, more local consumers, especially young consumers, opt for quality goods. In the wake of the global pandemic, a greater focus on hygiene products has driven the market for new and creative fragrances used in products such as hand washes, sanitizers, and floor cleaners.Large-scale companies are focusing on adopting new technologies to stay ahead of the competition in the global market. For instance, in April 2021, Givaudan announced the acquisition of Myrissi, a developer of a patented AI technology capable of rendering fragrances into color pallets and imagery to attract the consumer and predict the end consumer’s emotional response. The acquisition helped the company to expand its AI-based capabilities in developing novel fragrances.

Industry News

• December 2021: Givaudan completed the acquisition of DDW, the Color House, a U.S.-based natural color company, to expand the portfolio of its global Taste & Wellbeing business. The acquisition was done as a part of the 2025 expansion strategy in the natural colors business.


• July 2021: Sensient Technologies Corporation acquired the assets of Flavor Solutions, Inc., which provides flavors and flavor technologies to the food, beverage, and nutraceutical markets. The acquisition of this business will grow Sensient’s flavor portfolio through the expansion of its traditional flavor offering as well as the addition of savory reaction flavors, natural shelf-life extender technologies, and additional sweetness enhancing and salt reduction taste-modulation technology platforms.


• June 2021: Kerry announced the opening of its new taste facility in Latin America, which will serve mainly Mexico, Central America, the Caribbean, and the Andean region. Located in Irapuato, Mexico, the new state-of-the-art facility will significantly increase Kerry’s capacity in the region and further support customers in delivering local and sustainable taste solutions.

Flavors and Fragrances Market: Drivers, Challenges and Opportunities

Drivers: Growth in Pharmaceuticals and Cosmetics Industries

The constantly expanding cosmetic sector is a driving element in the growth of the Market.The demand for perfumes, cosmetics, toiletries, soaps, and detergents increased as developing economies became more modern. Further, a rising preference for organic ingredients in the personal care industry drives up demand for natural fragrances as they are perceived to be safer, healthier, and therapeutic when consumed. The demand for synthetic perfumes is also rising as a result of their strong and long-lasting fragrance qualities. The manufacturers of fragrances are adopting innovative to satisfy consumer desire for distinctive fragrances in cosmetics. For instance, Sensityl, an active cosmetic ingredient that serves the consumer benefits for both beauty and health, was introduced by Givaudan in 2019. So, innovation in fragrances will also aid in the growth of the flavours and fragrances market.

The increasing use of flavors in the pharmaceutical industry is also an attribute to market growth. The flavors are inactive ingredients in syrups, suspensions, chewable tablets, gums, and others. The added flavor overcomes the bitter taste of medicine, makes it more edible, and transmits a beneficial therapeutic effect. Hence the rise in demand from the pharmaceutical industry shall further lead to Growth of the Flavors and Fragrances Market.

Restraints: Allergies associated with artificial flavors, chemicals and preservatives

Allergies to artificial flavours, chemicals, and preservatives are the main concerns limiting the Flavours and Fragrances Market.

Despite the availability of numerous natural colours derived from foods like beets, carrots, and other vegetables, many manufacturers prefer to utilise artificial tastes since they are more readily available and substantially less expensive than natural flavours.

Artificial flavours and colours, however, may pose health risks, particularly for young people. Several consumers  also suffer from allergies to the plant based ingredients used to produce dairy and meat substitutes. In contrast to sulfites, which are used to preserve dried fruit, canned products, and wines and may induce an asthma attack in certain people, certain artificial tastes and fragrances employed by manufacturers to preserve food may cause severe allergies in consumers. Consequently, the use of artificial colours and tastes in food prevents the Market from Growth.

Opportunities: Development of Regional and Novel Flavors and Fragrances Market

Strong growth in the food & beverage industry led to the innovation of new flavors. Changes in taste and preferences of consumers coupled with the trend of the ready-to-eat product led to an opportunity for the manufacturer to come up with innovations to meet consumer demand. For instance, recently, the company Ben & Jerry's launched its new ice-cream flavor called Netflix & Chill'd, a vegan version of traditional peanut butter ice cream. Asia Pacific is the fastest-growing region in terms of consumer spending on eating out. The growth of Flavors and Fragrances Market is attributed to the availability of food & beverages in shopping malls, selling foods through an online platform, and similar factors. Furthermore, many companies are researching the development of new flavors based on traditional food products.

What are the Key Types and Applications for this Market?

Key Segments of Flavors and Fragrances Market are:

Flavors and Fragrances Market by Type:

• Formulated Flavors and Fragrances


• Essential Oils


• Aroma Chemicals


• Other

Flavors and Fragrances Market by Application:

• Personal Care Products


• Food & Beverages


• Other

Flavors and Fragrances Market Regional Analysis

On the basis of Geography, the Global Flavors and Fragrances Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The Asia Pacific is expected to hold the largest market share in the forecast period owing to the rapid industrial growth.

• North America
  
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East & Africa
  
  
  • Latin America
  
  
  
  

What is our Flavors and Fragrances Market Report Scope?

Key Benefits of Purchasing Flavors and Fragrances Market Reports from Industry Data Analytics:

• This report provides an extensive analysis of the current trends, emerging estimations, and dynamics in the steel sandwich panels market.


• In-depth analysis of the Flavors and Fragrances Market is conducted and estimations for key segments between 2017 and 2021 are provided.


• Global industry analysis for factors that drive and restrain the growth of the Flavors and Fragrances Market are provided.


• Key market players are profiled and their strategies are analyzed thoroughly, which provide a competitive outlook of the industry trends.

Frequently Asked Questions:

What is the study period of Flavors and Fragrances Market?

The Flavors and Fragrances Market is studied from 2017 - 2027.

 What is the growth rate of Flavors and Fragrances Market?

The Flavors and Fragrances Market is growing at a CAGR of 4.7% over the next 6 years.

Which are the top companies in the Flavors and Fragrances Market?

The top companies are Firmenich SA, Frutarom Industries Ltd.,    Givaudan International SA, Huabao International Holdings Limited, Kerry Group, PLC, Robertet SA, S H Kelkar and Company Limited, Sensient Technologies Corporation, Symrise AG and International Flavors & Fragrances, Inc

All our reports are custom made to your company needs to a certain extent, we do provide 5 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report as your needs.