Flavor And Fragrance Market Size

Flavor And Fragrance Market Analysis

The flavors and fragrances market size is projected to grow from USD 36.40 billion in 2023 to USD 46.16 billion by 2028, at a CAGR of 4.87% during the forecast period.

Increasing consumer interest in nutritionally enriched and natural food products promotes the demand for high-value premium and natural additives. Furthermore, the growing demand for exotic or ethnic flavors drives the sales of variant flavor blends. According to a recent study by a taste and nutrition company, nostalgic flavors are becoming increasingly popular as people seek out familiar and convenient food options. These nostalgic flavors can be found in various contexts, ranging from traditional family favorites such as chocolate and peanut butter to more modern flavors such as apple and caramel to mixed berries, oranges, and strawberries in drinks. Additionally, consumers seek products with fortified ingredients, including probiotics, ginger, adaptogens, moringa, turmeric, and coffee bean extract, to support their health objectives. Using herbal and botanical extracts, such as lavender, roses, chamomiles, cinnamon, and cardamom, helps with mood, beauty, or antioxidant intake goals. Moreover, companies are creating a flavor that can be an easy-to-use solution for vegan bakery products. For instance, in January 2022, International Taste Solutions launched Vegan Boost, a natural flavor enhancer. It is available in liquid and powder formulations and is designed to replicate the taste of traditional bakery products without using eggs or dairy. It provides a comprehensive solution to enhance the flavor profile of vegan cake and patisserie products by improving the buttery and creaminess of the flavors.