Flavors & Fragrances Industry Data Book - Natural Flavors & Fragrances and Aroma Chemicals Market Size, Share, Trends Analysis, and Segment Forecasts, 2023 - 2030
The global Flavors & Fragrances Industry was valued at USD 23.35 billion in 2021 and is anticipated to increase at a significant CAGR of 4.3% from 2022 to 2030.
Grand View Research’s Flavors & Fragrances industry databook is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research along with a statistics e-book.
Natural Flavors & Fragrances Market Insights
The global natural flavors and fragrances market was valued at USD 8,510.4 million in 2022 and is anticipated to expand at a compound annual growth rate (CAGR) of 4.6% from 2023 to 2030. The growth is driven by the growing demand for the product in convenience food and packaged food items. The industry growth was hampered amid the COVID-19 pandemic, as there were several restrictions on the import and export of chemicals coupled with quarantine and lockdown measures acting as some of the key barriers faced by several product manufacturers. The pandemic directly impacted people’s choices, lifestyles, preferences, health, and well-being.
Due to the shortage of labor owing to health concerns, many companies had to shut down their manufacturing units for a long period. Natural fragrances and flavors are derived from natural sources, such as plants and animals. These sources include vegetables, fruits, meat, spices, fish, roots, leaves, and more. It contains rich properties of fruits or vegetables that can be used for various purposes, such as adding flavor to food or instilling fragrance in beverages. Furthermore, natural flavors & fragrances are extensively consumed in the preparation of convenience foods. Food & beverage-producing companies tend to rely on these products owing to their organic nature and less harmful chemical content.
The increasing population coupled with the high disposable individual income in countries like the U.S., the U.K., China, India, Brazil, and South Africa has elevated the consumption of convenience or packaged foods & beverages, such as bakery products, dietary food, flavored drinks, and more. In addition, pharmaceutical companies are producing medicines that are sweet and acceptable to a vast majority of the population. Predominantly for children, the companies tend to mask the bitter taste of medicines with fragrances & flavors to make them easily consumable. Rising awareness about child health is likely to be a major factor stimulating the demand for natural fragrances & flavors in the pharmaceutical industry.
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Aroma Chemicals Market Insights
The global aroma chemicals market size was valued at USD 15,639.1 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 3.3% from 2023 to 2030. The growth is attributed to increased consumption of flavors & fragrance products in the cosmetics & toiletries, soaps & detergents, and food & beverages industries. Aroma chemicals are witnessing an increase in demand owing to the growing application scope in key end-use industries such as dairy, cosmetics & toiletries, soaps & detergents, fine fragrances, convenience foods, bakery foods, and confectionery. Moreover, increasing demand for low calories drinks and growth in the beverages market, are the major factors driving the growth of the industry.
Flavors being a prominent factor in taste in edible products, aroma chemicals are utilized to augment the taste in beverages and processed food. Increasing demand for health and wellness foods, regulation, and the ban on the use of some synthetic flavors are triggering the growth of natural aroma chemicals. The suitability of natural flavors in wider applications, additional health benefits of certain natural flavors, and advanced technological innovation are the key factors driving the market growth.
Customers are reallocating their finances from non-essentials to stockpile essentials, including disinfectants and hygiene and cleaning products. In India, the immediate impact of COVID-19 on hygiene product categories was recorded in March 2020. The hygiene products category witnessed an increase of 25% and 60% in demand for floor cleaners and hand washes, respectively. All these factors contribute significantly to the demand for aroma chemicals used in soaps and detergents.
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Flavors & Fragrances Industry Data Book Competitive Landscape
The market players across the flavors & fragrances industry were able to maintain good momentum and cope with the challenges associated with operations and supply chain disruptions.
Key players operating in the Flavors & Fragrances Industry are:
- Givaudan
- Symrise AG
- International Flavors & Fragrances Inc. (IFF)
- Biolandes SAS
- Young Living Essential Oils
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