Flavor & Fragrance Market - Growth, Trends, and Forecast (2020 - 2025)

Global Flavor and Fragrance Market is segmented by Source (Natural and Synthetic); By Application (Food, Beverages, and Beauty and Personal Care) and Geography

Market Snapshot

Study Period:

2016-2024

Base Year:

2019

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

CAGR:

4.9 %

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Market Overview

The global flavor and fragrance market is projected to grow at a CAGR of 4.9% during the forecast period of (2019-2024) 

  • By application, the beverage segment is projected to be the largest application segment of the flavor market. It is growing due to the rising demand for soft drinks, energy drinks, and other RTD beverages.
  • In the fragrance application, consumer products are projected to be the largest segment. Rise in disposable income and changing the lifestyle of consumers are fuelling the demand for high-end cosmetics, detergents, soaps, perfumes, and other household & personal care products. This, in turn, is contributing to the overall growth of the consumer products segment.
  • The spending pattern of consumers in developing countries has been increasing, especially in recent years. This trend is expected to further drive the market in developing nations.

Scope of the Report

The global flavor and fragrance market is segmented by Source, which includes Natural and Synthetic. Based on the application, the market is segmented as food, beverages, and beauty and personal care. The food segment is further sub-segmented into savory snacks, dairy products, bakery, confectionery, meat products, and others. The global flavor and fragrance market are also cover detailed regional level analysis; the geography cover in the report includes North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.

By Source
Natural
Synthetic
By Application
Food
Savory & Snacks
Dairy Products
Bakery
Confectionery
Meat Products
Others
Beverages
Beauty and Personal Care
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
Spain
United Kingdom
Germany
France
Italy
Russia
Rest of Europe
Asia Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
South Africa
United Arab Emirates
Rest of Middle East and Africa

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Key Market Trends

Growing Demand for Smoked Flavors and Compounded Flavors

Smokey flavors are majorly used in snack foods, meats, seasonings, sauces, cheeses, honey, and salt. However, smoked flavors are witnessing the significant demand in dessert, beverage, soups, confectionery, and various other sweet and savory applications, from last few years, which is changing the market dynamics. According to FONA International Inc, more than 193 smoke-flavored products were introduced in 2016, exceeding the 2015 figures, and the product launch is expected to witness a double digit growth rate, during the forecast period. Additionally, key players in food flavors are also focusing on developing natural smoked flavors to cater to the demand of natural flavors in the market. In 2017, Bell Flavors & Fragrances developed a number of smokeless smoke flavors, which it calls "a natural alternative to traditional liquid smoke" that can be customized, provide labeling benefits, and reduce food smoking time while carrying the flavor.

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North America Leads in Global Market

The premiumization trend is highly prevalent in North America and is being leveraged all over the industry in order to maintain consumer interest. Premium versions of the products target consumers who are willing to pay high prices for high-quality ingredients and better flavors and fragrances. The North American market for flavor and fragrance is mature and quite stable. Hence, there is a high potential for transformed growth as the market recovers from the economic downturn. Increasing demand for low-fat and low-carbohydrate food in the region is fuelling the demand for flavors in the food & beverage industry, in order to enhance the taste of products. Also, the high growth of the RTD beverage market is expected to increase the demand for flavors and fragrances in North America. The United States is the largest market in the region, followed by Canada, owing to the high consumption of convenience and processed food.

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Competitive Landscape

The global flavor and fragrance market is highly competitive and concentrated, with key players competing for major market share and small regional players catering to smaller regions, to acquire nearly half of the market share. The key players are majorly based in North American and European regions. Key strategies adopted by the players in the market are acquisitions, expansions, innovations, and new product launches.

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Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Source

      1. 5.1.1 Natural

      2. 5.1.2 Synthetic

    2. 5.2 By Application

      1. 5.2.1 Food

        1. 5.2.1.1 Savory & Snacks

        2. 5.2.1.2 Dairy Products

        3. 5.2.1.3 Bakery

        4. 5.2.1.4 Confectionery

        5. 5.2.1.5 Meat Products

        6. 5.2.1.6 Others

      2. 5.2.2 Beverages

      3. 5.2.3 Beauty and Personal Care

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

        4. 5.3.1.4 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Spain

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 Germany

        4. 5.3.2.4 France

        5. 5.3.2.5 Italy

        6. 5.3.2.6 Russia

        7. 5.3.2.7 Rest of Europe

      3. 5.3.3 Asia Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 Australia

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle East and Africa

        1. 5.3.5.1 South Africa

        2. 5.3.5.2 United Arab Emirates

        3. 5.3.5.3 Rest of Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Active Companies

    2. 6.2 Most Adopted Strategies

    3. 6.3 Market Share Analysis

    4. 6.4 Company Profiles

      1. 6.4.1 Givaudan

      2. 6.4.2 Firmenich SA

      3. 6.4.3 International Flavors & Fragrances Inc.

      4. 6.4.4 Symrise AG

      5. 6.4.5 Sensient Technologies Corporation

      6. 6.4.6 MANE Group

      7. 6.4.7 Takasago International Corporation

      8. 6.4.8 Archer Daniels Midland Company

  7. *List Not Exhaustive
  8. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

** Subject to Availability

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