Expansions, acquisitions, new product launches, joint ventures, investments, and partnerships are the strategies adopted by key players to strengthen their positions in the Flavors & Fragrances Market
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.
Expansions, acquisitions, new product
launches, joint ventures, investments, and partnerships are the strategies
adopted by key players to strengthen their positions in the flavors &
fragrances market. The maximum number of strategic developments took place in
the Asia Pacific and North America between January 2015 and December 2017.
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 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.
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. 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. IFF is one of the largest manufacturers of flavors
& fragrances. The company has a strong geographical footprint and is
focusing on expansions and acquisitions strategies to strengthen its position
in the market.
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