The global Flavors
& Fragrances Market is estimated at USD 21.15 Billion in 2017 and is projected to reach USD
24.13 Billion by 2022, at a CAGR of 2.67% from 2017 to 2022.
Natural ingredients are projected to
grow at the highest CAGR during the forecast period
The flavors & fragrances market
has been segmented on the basis of ingredients into synthetic and natural. The
natural ingredients segment is projected to grow at the highest CAGR during the
forecast period. Natural ingredients are extracted from plants and animal sources.
Increasing availability of natural ingredients and rising awareness among
consumers towards healthier lifestyles are the major factors driving the market
for natural ingredients.
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.
Firmenich is another leading
manufacturer of flavors & fragrances. The company has a wide product
portfolio catering to almost all the flavors & fragrances end-use
industries. It has been focusing on new product launches to strengthen its
position in the market. For instance, in October 2017, the company launched a
new line of natural flavor solutions, Protein Shield Flavors. The new product
helps manufacturers in the beverage industry to manufacture beverage products
with high protein content.
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Beverages end-use segment is expected
to lead the flavors market during the forecast period
Beverages was the largest end-use
segment of the flavors market in 2016. This end-use segment is projected to
drive the flavors market from 2017 to 2022 due to the changing lifestyles and
rise in consumer spending on soft drinks, and sports drinks in emerging
countries, such as India, China, Brazil, and South Africa, among others. In
addition, increasing demand for dietary drinks owing to the rising percentage
of health-conscious individuals in countries such as the US, the UK, Germany,
France, and Japan is also expected to drive the demand for flavors in
beverages.
Asia Pacific is expected to be
the largest market for flavors & fragrances during the forecast period
The flavors & fragrances market
has been studied for five regions, namely, Asia Pacific, North America, Europe,
the Middle East & Africa, and South America. The Asia Pacific is projected
to be the largest flavors & fragrances market during the forecast period
due to the growing population and rapid urbanization. Increase in per capita spending
on consumer products in high-growth economies, such as China, India, South
Korea, and Indonesia is also expected to drive the flavors & fragrances
market in the Asia Pacific.
Read More Information At https://www.marketsandmarkets.com/ResearchInsight/flavors-fragrance-market.asp
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