SAN FRANCISCO, May 23, 2022/PRNewswire/ -- The global flavors and fragrances market size is expected to reach USD 34.19 billion by 2030, growing at a CAGR of 4.3% from 2022 to 2030, as per a new report by Grand View Research, Inc. The growth is majorly driven by the mounting demand for natural products and aroma chemicals from the personal care & cosmetics products and food & beverages industries.
Key Insights & Findings from the report:
- Natural product type witnessed the fastest growth rate of more than 4.6%, owing to a rapid shift from the usage of synthetic and lab-processed products to more natural products, especially in the emerging markets.
- Fragrances application witnessed the fastest growth rate of nearly 4.6%, due to its growing usage in the pharmaceutical, hospitality, home care, and personal care & cosmetics industries.
- The Asia Pacific region emerged as the fastest growing market with a high growth rate of 6.0%. This high rate is because of the increased demand from nutraceutical, dietary supplements, pharmaceuticals, and food processing industries. In addition, changes in the consumer preference along with rising demand for exotic flavors are expected to have a positive impact on the overall market.
- New product launches, a growing number of retail stores, and economic prices of convenience food and personal care products are expected to be highly influential factors contributing to the market growth.
Read 105-page market research report, "Flavors And Fragrances Market Size, Share & Trends Analysis Report By Product (Natural, Aroma Chemicals), By Application (Flavors, Fragrances), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Flavors and Fragrances Market Growth & Trends
The market is expected to acknowledge a remarkable growth during the forecast period owing to increasing demand in application industries such as toiletries, cosmetics, beverages, and food. The increasing use of flavors in the pharmaceutical, dietary supplements, and nutraceutical market is also projected to augment market growth. The health & wellness trend prevailing in the market is expected to magnify the preference for natural flavor ingredients.
Growing disposable income in emerging economies is anticipated to augment the demand for soaps & detergents, perfumes, toiletries, and cosmetics. Natural products are considered therapeutic, healthier, and safe. Manufacturers engaged in producing natural fragrances often charge a "green premium" on their products. The synthetic demand is also expected to rise, as they emit strong fragrances, offer greater freedom of creativity to manufacturers, and are long-lasting. Moreover, synthetic is less expensive as compared to natural.
The ongoing COVID-19 pandemic had an adverse impact on the industry as it had to face problems such as supply chain disruption, complete and partial lockdown of manufacturing facilities, and lack of availability of labor as well as raw material. Countries around the world had to restrict global trade due to which imports, and export got affected. However, since the first half of 2021, countries rapidly adjusted their economies and kept the agriculture and food industries in focus thus stabilizing the industry growth.
Flavors and Fragrances Market Segmentation
Grand View Research has segmented the global flavors and fragrances market report based on product, application, and region:
Flavors And Fragrances Market - Product Outlook (Revenue, USD Million, 2018 - 2030)
- Natural
- Essential Oils
- Orange Essential Oils
- Corn mint Essential Oils
- Eucalyptus Essential Oils
- Pepper Mint Essential Oils
- Lemon Essential Oils
- Citronella Essential Oils
- Patchouli Essential Oils
- Clove Essential Oils
- Ylang Ylang/ Canaga Essential Oils
- Lavender Essential Oils
- Oleoresins
- Paprika Oleoresins
- Black Pepper Oleoresins
- Turmeric Oleoresins
- Ginger Oleoresins
- Others
- Aroma Chemical
- Esters
- Alcohol
- Aldehydes
- Phenol
- Terpenes
- Others
Flavors and Fragrances Market - Application Outlook (Revenue, USD Million, 2018 - 2030)
- Flavors
- Confectionery
- Convenience Food
- Bakery Food
- Dairy Food
- Beverages
- Animal Feed
- Others
- Fragrances
- Fine Fragrances
- Cosmetics & Toiletries
- Soaps & Detergents
- Aromatherapy
- Others
Flavors and Fragrances Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Spain
- Portugal
- Turkey
- Asia Pacific
- China
- India
- Japan
- SEA
- Indonesia
- Central & South America
- Brazil
- Colombia
- Middle East and Africa
- Saudi Arabia
- Africa Continent
List of Key Players of Flavors and Fragrances Market
- Givaudan
- International Flavors and Fragrances, Inc.
- Biolandes SAS
- Young Living Essential Oils
- doTERRA International
- Falcon Essential Oils
- Flavex Naturextrakte GmbH
- Universal Oleoresins
- Synthite Industries Limited
- Ungerer & Company
- Akay Flavors & Aromatics Pvt.Ltd.
- Indo World
- BASF SE
- Vigon International, Inc.
- Symrise AG
- Firmenich SA
- Elevance Renewable Sciences, Inc.
- Ozone Naturals
- Alpha Aromatics
- Manohar Botanical Extracts Pvt.Ltd.
- Takasago International Corporation
- Mane SA
Check out more related studies published by Grand View Research:
- Fragrance Fixatives Market - The global fragrance fixatives market size is projected to reach USD 1.79 billion by 2025, according to a new report by Grand View Research, Inc. Increasing consumption of aroma chemicals and essential oils has contributed to industry growth, especially in emerging economies with rising income levels. Fixatives are used across distinct industries including fine perfumery, skincare, homecare, and haircare. Moreover, the therapeutic effects of scents and rising popularity of customized & celebrity perfumes has positively influenced demand over the last few years.
- U.S. Essential Oils Market - The U.S. essential oil market is projected to reach USD 7.34 billion by 2024, according to a new report by Grand View Research, Inc. The demand for natural and organic products is splurging in the United States, and so is the consumption of essential oils by the personal care and cosmetics industries.
- Specialty Food Ingredients Market - The global specialty food ingredients market size is expected to reach USD 116.50 billion by 2025, according to a new report by Grand View Research, Inc. The industry is anticipated to grow substantially over the forecast period owing to the increasing application of these products in the modern processing sector to meet a wide range of demand for diverse product qualities.
Browse through Grand View Research's Food Additives & Nutricosmetics Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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