The Global Flavors & Fragrance Market is estimated to reach USD 26.9 Billion by 2027 at a CAGR of 2.5 %.
Flavors & fragrance are comparatively strong-smelling organic compounds and have pleasant odors. Thus, they are being used in flavoring food & beverage as well as perfumes and perfume products. Depending upon its use whether in flavor or the perfume in the particular product is called flavor and fragrance substance. Traditionally, herbs and spices were used for flavoring purposes, while today a broad spectrum of flavor and fragrance are used for individual households and production on an industrial scale. The application of all the products forms flavor & fragrance industry have aimed at enhancing the human striving for increased pleasure and sensual enjoyment.
Market Drivers:
Awareness regarding the adverse effect of synthetic flavors such as butylated hydroxytoluene (BHT), benzophenone, butylated hydroxyanisole (BHA), acetaldehyde, and among others has increased the demand for natural ingredients. For instance, butylated hydroxytoluene is responsible for irritation to skin and eyes. Moreover, the demand for natural products has also attributed to desire form transparency in labeling, therefore, boosting the demand for flavors & fragrance. Thus, increasing demand for natural flavors & fragrance has expected exponential growth of the product market during the forecast period.
Convenience food is considered one of the biggest trends in the food business. The demand for convenience food products is steadily increasing owing to its remarkable properties such as reduce preparation time while some can be eaten immediately. These properties of convenience food have attributed its use in daily lifestyle. Flavors and fragrance are essential components for elevating customer interest in convenience food. However, rising preference for ready to eat food products along with rapidly increasing disposable income, and consumers gravitating towards convenience food has expected to boost the flavor and fragrance market.
Market Restraints:
Flavors & fragrances are used for the manufacturing of products for various industries such as cosmetics, soaps & detergents, and fine fragrances, among others. The CST s(crude sulphate turpentine), a by-product of the paper industry, is one of the vital source of raw materials for the fragrance industry. Its use is restricted due to environmental issues related to the use of wood pulp in the manufacture of paper. Strict safety norms and restricting the use of harmful chemicals either by government regulation or due to self-regulation by end-user industries have put restrictions on using raw materials. IFRA (International Fragrance Association), FDA (Food And Drug Association), and others are regulating the standards for use of flavors & fragrance in the products. Thus, different regulatory standards imposed are limiting the availability of raw materials.
The report on the flavors & fragrance market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Report Features |
Specifics |
Historical/Estimated/Forecasted Market Size Years |
2019-2027 |
Base Year for Market Calculation |
2019 |
Forecasted Period |
2019-2027 (2020 estimated year, forecasted up to 2027) |
Measured Units |
Value (USD Million) |
Segments Included |
Product Type, Application and Region |
Regional Coverage |
Asia-Pacific, North America, Europe, Middle East & Africa, and South America |
Key Companies Covered
For the scope of report, In-depth segmentation is offered by Forencis Research
Flavors & Fragrance Market, by Product Type
Flavors & Fragrance Market, by Application
Flavors & Fragrance Market, by Region
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE FLAVORS & FRAGRANCE MARKET SYSTEM Market STUDY
Note1: Tentative table of contents, may get updated during the course of research.
Note2: Company financial information is subject to availability in public domain