July 01, 2020
According to the research report titled ‘Global Flavors and Fragrances Market (2020 Edition) Analysis By Product, By End Use, By Region, By Country: Market Insights, COVID-19 Impact, Competition and Forecast (2020-2025)’, available with Market Study Report LLC, global flavors and fragrances market was worth USD 28651.5 million in 2019 and is expected to witness substantial growth over 2020-2025.
The increasing usage of flavors and fragrance in food & beverage industry and daily chemicals for beauty care, household products, and personal care is the key propeller for market growth. In addition, rapid urbanization and increasing health awareness among people are the factors driving the growth of global flavors and fragrances market. The burgeoning application of flavors and fragrances in end user industries favors the market outlook over the anticipated timeline. The widespread outbreak of COVID-19 pandemic is likely to have low impact on global flavors and fragrances market due to the short-term disruptions in value chain.
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Based on end use type, the fragrances market is categorized into toiletries, cosmetics, fine fragrances, and others. In terms of flavors market, the end use type includes confectionery & bakery products, dairy, savory foods, beverages, and others.
As per the product type, the market is divided into flavors and fragrances. The flavors segment is projected to hold a significant market share over the anticipated timeline. The changing habits of people, high demand for convenience food, and global beverage industry development in terms of safe logistics and packaging contribute to the growth of the segment.
Considering the geographical hierarchy, nations like India, Vietnam, Indonesia, and Brazil are a lucrative market for flavors and fragrances. Asia Pacific is likely to lead the market in terms of share, over the anticipated timeline, owing to the large customer base, changing lifestyle patterns, and high demand for natural & organic food products, and packaged food.
The leading organizations in global flavors and fragrances market are Huabao International Holdings Ltd, T. Hasegawa Co. Ltd., Robertet Group, Sensient Technologies Corp., Takasago International Corp., Mane SA, Firmenich SA, Symrise AG, International Flavors & Fragrances (IFF), and Givaudan among others.