Flavors
and fragrances are essential components of different consumer goods
and packaged foods. Natural and synthetic essence compositions make
the cool mint flavor of toothpaste, the cinnamon aroma of pumpkin
lattes and the cherry taste of cherry cola. Moreover, fragrance
compositions add the fresh smell of pine to exotic top notes to fine
perfumes and household cleaning products. The market is expected to
experience healthy growth over the forecast period. It is primarily
driven by the demand from companies that manufacture food and
beverages, cosmetics, perfumes, toiletries, and household products.
In addition, emerging middle class developing countries is a key
driver boosting the growth of the market. Growth in the market is
depended on the availability and geographical distribution of flavors
and fragrances among the consumers. Furthermore, manufacturing aroma
chemicals by chemical synthesis has opened up a branch of chemistry.
Flavors
and fragrances primarily include a set of compounds such as alcohol,
esters, lactones, acids, ketones and aldehydes. This market is
segmented by ingredients type, product type, end user type and by
geography. Based on ingredients type, the flavors
and fragrances market is categorized into aroma chemicals and
essential oils. On the basis of product type, the market is segmented
into flavor blends, fragrance blends, and aroma chemicals which are
further sub segmented into natural aroma chemicals and synthetic
aroma chemicals. Based on end use type, the global fragrances market
is bifurcated into soaps and detergents industry, cosmetics and
toiletries industry, fine fragrances industry and household cleaners
and air fresheners industry. On the basis of end user type, the
global flavors market is further segmented into beverages segment,
dairy segment, savory segment, bakery segment, and confectionery
segment. Geographically, the flavors and fragrances market is
segmented into North America, Europe, Asia Pacific and rest of the
World.
The
global flavors and fragrances market witnessed growth in recent years
due to increasing demand for natural ingredients. In addition, there
are several factors contributed to growth of flavors and fragrances
market including the worldwide growing industrialization leading to
the large-volume production of flavored or scented products such as
processed foods and beverages, personal care products, soap,
detergents, oral hygiene products and household cleaners. In spite of
the various advantages offered by flavors and fragrances, there are
some restraining factors that prevent the growth of the market such
as fluctuation in raw material prices.
Asia
Pacific dominated the global demand for flavors and fragrances market
in 2014 in terms of revenue. India and China are projected to exhibit
rapid growth, boosting usage of flavors and fragrances in the Asia
Pacific region. Furthermore, as developing regions continue to
acquire an increasing share of the global market that creates huge
market opportunities, leading flavor and fragrance manufacturers are
expected to continue to make investments in these areas. Though the
fastest growth is expected to be experienced in developing countries,
industrialized countries are slated to be continue to account for the
majority of demand, for instance the U.S. alone accounting for around
one third share of total demand in 2016. Other countries with a
significant share of the market include China, Japan, France,
Germany, and India.
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Some
of the key players operating in the flavors and fragrances market are
Firmenich SA, Givaudan SA, Symrise AG, Agilex Flavors &
Fragrances, Inc., International Flavors & Fragrances, Inc.,
Bedoukian Research, Inc., Aromatech SAS, BASF SE, Bell Flavors &
Fragrances Inc., Sensient Technologies Corp., Takasago International
Corp. and Royal DSM NV among others.
The
report has been compiled through extensive primary research (through
interviews, surveys, and observations of seasoned analysts) and
secondary research (which entails reputable paid sources, trade
journals, and industry body databases). The report also features a
complete qualitative and quantitative assessment by analyzing data
gathered from industry analysts and market participants across key
points in the industry’s value chain.
A
separate analysis of prevailing trends in the parent market, macro-
and micro-economic indicators, and regulations and mandates is
included under the purview of the study. By doing so, the report
projects the attractiveness of each major segment over the forecast
period.
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