The global flavors and fragrances market Anticipated to demonstrate a steady trajectory, the flavors and fragrances market is projected to achieve an average CAGR of 4.67% from 2023 to 2033, reaching a valuation of US$ 45.68 billion by 2033, an escalation from US$ 28.94 billion in 2023. Historically, from 2017 to 2022, the flavors and fragrances market witnessed a consistent growth at a CAGR of 3.91%. Contributing to this growth are factors such as the rapid expansion of the FMCG sector, advancements in flavor processing facilities, and the continuous progression of the pharmaceutical sector.
The widespread utilization of both local and international flavors and fragrances, coupled with a heightened demand for ready-to-eat food products, is set to positively influence the flavors and fragrances market. The younger generation’s inclination towards novel fragrances, along with a general desire for new flavors, is expected to drive sustained growth in the flavors and fragrances market.
The shift towards an urban lifestyle, characterized by increased socializing, has spurred a surge in demand for a variety of fragrances and flavors. Consumers are integrating a significant amount of ready-to-eat meals into their diets, emphasizing diverse flavors. Consequently, many FMCG companies are introducing nutritional products with a range of flavors that are not only diverse but also convenient to prepare, saving time for consumers. This trend strengthens the outlook for the flavor segment. Furthermore, the rising expenditure on personal care products bodes well for the fragrance segment. With more women prioritizing both work and social life, the demand for cosmetic and personal care products, including fragrances, is expected to witness a substantial increase, propelling the global demand for fragrances.
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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 US$ 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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