The flavors & fragrances
market is projected to grow from an estimated USD 21.15 billion in 2017 to USD 24.13 billion
by 2022, at a CAGR of 2.67% between 2017 and 2022.
The growing demand for flavors &
fragrances from end-use industries such as food & beverage and consumer
goods is expected to drive the flavors & fragrances market. The flavors
& fragrances market is also expected to grow due to rising demand for
consumer products and changing consumer preferences for convenience food
products.
The market has been segmented on
the basis of ingredients, end use, and region. Based on ingredients, the natural
ingredients segment is projected to grow at the highest CAGR between 2017 and
2022. This growth of the natural ingredients segment is attributed to the strict regulations related to the use of
synthetic flavors & fragrances and growing awareness among populations
concerning health and wellness.
Based on end use, the flavors market is segmented into beverage, savory & snacks,
bakery, dairy products, and confectionery, among others. Dairy products is estimated to be the fastest-growing end-use
segment of the flavors market during the forecast period.
Growing awareness among the younger population related to
functional ingredients contained in dairy products is driving the demand for
dairy products, which in turn is driving the dairy flavors market. Based on end
use, the fragrances market is segmented
into consumer products and fine fragrances. Fine fragrances are estimated to be
the fastest-growing end-use segment of the fragrances market during the forecast period, due to increasing consumer
spending on premium fragrances.
Based on region, the Asia Pacific is projected to be
the largest market for flavors & fragrances between 2017 and 2022. The increasing demand for a variety of
food products and consumer goods, such as home care and personal care products due
to rapidly growing populations, increase in disposable incomes, and change in
consumer preferences is fueling the growth of the flavors & fragrances market
in the region. Most of the key players operating in the flavors &
fragrances market have their offices and manufacturing units in the region.
Reference:
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