The global flavors and fragrances market is expected to register an average CAGR of 4.67% from 2023 to 2033. The target market will reach a value of US$ 45.68 billion by 2033, scaling up from US$ 28.94 billion in 2023. Historically, the flavors and fragrances market recorded a CAGR of 3.91% from 2017 to 2022. Factors such as a swiftly expanding FMCG sector, the development of advanced flavor processing units, and the constant growth of the pharmaceutical sector are accountable for the steady growth of the flavors and fragrances market in the next couple of years.
The extensive use of flavors and fragrances- both local and foreign- coupled with elevated demand for ready-to-eat food products will have a positive impact on the flavors and fragrances market. The emergence of novel fragrances is gaining popularity among the younger generation and there is a general demand for new flavors. These factors are anticipated to fuel the growth of the flavors and fragrances market in the long term.
In recent years, there’s been an increasing adoption of the urban lifestyle with greater socializing. This has led to an overall surge in the demand for more variety of fragrances and flavors. Consumers are adding a large amount of ready-to-eat meals to their diets and are keen on different flavors. Consequently, many FMCG players are producing nutritional products with different flavors that are also easy to cook and save time. This strengthens the prospect for the flavor segment. Additionally, increasing spending on personal care products augurs well for the fragrance segment. With more and more women focusing on both work and social life, the demand for cosmetic and personal care product, including fragrances, are anticipated to rise. This factor will propel the global demand for fragrances.
Increasing digitization of the retail sector has paved the way for digital marketing and smoothened the way for the launch of new flavors and fragrances. With the help of technology, consumers can also personalize their flavors and fragrances needs. All of these considerations abet the growth of the flavors and fragrances market during the forecast period.
Key Takeaways:
- Strict government mandates regarding quality and constantly changing consumer preferences are factors that may limit the growth of the flavors and fragrances market.
- The flavors and fragrances market in North America will reach a value of US$ 10.98 billion by 2033 with a CAGR of 2.9% from 2023 to 2033.
- The expansion of the FMCG sector in emerging countries like China and India will push Asia Pacific to emerge as an opportunistic pocket for the market.
- In terms of type, the fragrances category will grow at a CAGR of 4.13% owing to a greater demand for personal care products.
- Based on nature, the synthetic segment will expand at a CAGR of 4.3% as they are affordable and easily available.
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Competitive Landscape
S.H. Kelkar and Company Limited, Robertet SA, Sensient Technologies Corporation, Frutarom Industries Ltd., Givaudan International SA, Kerry Group PLC, and Symrise AG, among others, are some of the dominant players in the flavors and fragrances market profiled in the full version of the report.
Key market players are keen on product upgrades, product innovation, and development, as well as the launch of novel products. These firms also employ various expansion strategies. A few of the participants are also focusing on open-label products with different sizes and packaging options.
More Insights Into Flavors And Fragrances Market
FMI offers an unbiased analysis of the global flavors and fragrances market, providing historical data from 2017 to 2022 and forecast statistics for 2023 to 2033. For a comprehensive understanding of the global market potential, growth, and scope, the market is segmented on the basis of product type, nature, application, and region.
According to the reports, based on segmentation, the synthetic category will perform well with a 4.3% CAGR. This growth can be attributed to the fact that synthetic-natured products are affordable and easily available. By type, the fragrance segment will dominate the global marketplace.
Based on region, the flavors and fragrances market in North America will record a CAGR of 2.9% and reach a value of USD 10.98 billion by 2033. High consumption of cosmetics and packaged food as well as rising per capita income are responsible for the flavors and fragrances market growth in this region. Besides North America, Europe, and Asia Pacific will also aid the growth of the global flavors and fragrances market.
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