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.
Browse 91 Tables and 42 Figures
spread through 122 Pages and in-depth TOC on "Flavors & Fragrances
Market by Ingredients (Natural, Synthetic), End use (Beverage, Savory &
Snacks, Bakery, Dairy Products, Confectionery, Consumer Products, Fine
Fragrances), and Region (Asia Pacific, North America, Europe) - Global Forecast
to 2022".
Key players
operating in the flavors & fragrances market include Givaudan (Switzerland), International Flavors & Fragrances Inc.(IFF)
(US), Firmenich (Switzerland), MANE (France), Symrise (Germany), Sensient
(US),Takasago (Japan), Frutarom (Israel), Robertet (France), and T.HASEGAWA
(Japan).
Givaudan is a leading manufacturer of flavors and
fragrances globally. The company offers a range of flavors & fragrances for
confectionery, beverage, dairy, savory, functional cleaners, laundry, and
personal care products. In October 2017, the company laid the foundation for a
new production hub in Changzhou, Jiangsu Province, China. The new facility will
be used for the production of fragrances,
oral care flavors, and encapsulation. This
is expected to help the company cater to the growing demand for flavors and
fragrances in China. The company is also focusing on acquisitions and joint
ventures to meet the growing demand for flavors & fragrances.
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.
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