Increase in demand for ready-to-eat meals & fast food and
introduction of new flavors fuel the growth of the global flavors
and fragrances market
PORTLAND, Ore., May 6, 2021 /PRNewswire/ -- Allied Market
Research published a report, titled, "Flavors and Fragrance
Market by Type (Flavors and Fragrance), Nature (Natural and
Synthetic), and Application (Food & Beverages, Cosmetics &
Personal Care, Home Care and Fabric Care): Global Opportunity
Analysis and Industry Forecast, 2021–2027." According to the
report, the global flavors and fragrances industry was projected at
$28.19 billion in 2019, and is
anticipated to hit $35.91 billion by
2027, registering a CAGR of 4.7% from 2021 to 2027.
Drivers, restraints, and opportunities-
Increase in demand for ready-to-eat meals & fast food,
introduction of new flavors, heavy inflow of investment in R&D
activities, and high demand for flavors across European countries
to produce commercialized clean label or green food products that
are free of additives and other harmful chemicals fuel the global
flavors and fragrances market. On the other hand, allergies
associated with artificial flavors, chemicals, and preservatives
impede the growth to some extent. Nevertheless, there is an
upcoming trend of using natural flavors owing to rise in health
awareness. This factor has created multiple opportunities for the
key players in the industry.
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Covid-19 scenario-
- The outbreak of the pandemic has led to distorted supply chain,
scarcity of workers, and complete shutdown of hotels &
restaurants. This, in turn, has impacted the global flavors and
fragrances market negatively.
- Also, the import and export restrictions on goods and several
lockdown measures imposed by government bodies across the world are
the major challenges faced by the exporters during this
pandemic.
The fragrances segment to retain its dominance by
2027-
Based on type, the fragrances segment contributed to more than
three-fifths of the global flavors and fragrances market share in
2019, and is expected to rule the roost by the end of 2027. The
same segment would also register the fastest CAGR of 5.0%
throughout the forecast period, owing to increase in demand for
deodorants, perfumes, soaps, creams, talcum powders, and hair
oils.
The synthetic segment to lead the trail-
Based on nature, the synthetic segment accounted for nearly
two-thirds of the global flavors and fragrances market revenue in
2019, and is anticipated to lead the trail by 2027. In composition,
they are often more flexible than natural varieties, which are
limited to florals, musk, and botanicals. They can be produced in a
single molecule laboratory and blended with essential oils to
produce an endless array of fragrances. These factors propel the
growth of the segment. The natural segment, on the other hand,
would grow at the fastest CAGR of 5.4% from 2021 to 2027, due to
rise in demand for clean label products globally.
Asia-Pacific, followed by
North America, to dominate in
terms of revenue-
Based on region, Asia-Pacific,
followed by North America, held
the major share in 2019, garnering around one-third of the global
flavors and fragrances market. The market across the same region
would also exhibit the fastest CAGR of 6.6% during the forecast
period. Rise in purchasing power of the Asia-Pacific population, changes in their
eating habits, increase in urbanization, lack of regulatory
framework, wide customer base, growth in stress among individuals,
and preference for tasty food products drive the market growth
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Key players in the industry-
- Frutarom Industries Ltd.
- Givaudan International SA
- Huabao International Holdings Limited
- Kerry Group, PLC
- Symrise AG
- International Flavors & Fragrances, Inc.
- Firmenich SA
- Robertet SA
- S H Kelkar and Company Limited
- Sensient Technologies Corporation
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