Flavors And Fragrances Market Size Worth $44.6 Billion By 2030: Grand View Research, Inc.
SAN FRANCISCO, Feb. 13, 2023 /PRNewswire/ -- The global flavors and fragrances market size is expected to reach USD 44.6 billion by 2030, registering a CAGR of 5.4% during the forecast period, as per the new report by Grand View Research, Inc. The growth is majorly driven by the rising demand for natural products and aroma chemicals from the personal care & cosmetics products and food & beverages industries. The global industry for fragrances & flavors is expected to register remarkable growth over the forecast period owing to the increasing product demand in toiletries, cosmetics, beverages, and food application industries. The increasing use of flavors in the pharmaceutical, dietary supplements, and nutraceutical sectors is also projected to augment industry growth.
Key Industry Insights & Findings from the report:
- The natural product type segment will register the fastest growth rate from 2023 to 2030 owing to a rapid shift from the usage of synthetic and lab-processed products to more natural products, especially in the emerging markets.
- The fragrances application segment will register the fastest growth rate during the forecast years due to growing usage in the pharmaceutical, hospitality, home care, and personal care & cosmetics industries.
- Asia Pacific will emerge as the largest as well as the fastest-growing region during the forecast period.
- The growth is attributed to the increased product demand from the nutraceutical, dietary supplements, pharmaceuticals, and food processing industries.
- In addition, changes in consumer preference along with rising demand for exotic flavors are expected to have a positive impact on the regional market.
Read 105 page market research report, "Flavors And Fragrances Market Size, Share & Trends Analysis Report By Product (Aroma Chemicals, Natural), By Application (Flavors, Fragrances), By Region (Asia Pacific, North America), And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Flavors And Fragrances Market Growth & Trends
The health & wellness trend in the industry is expected to magnify the preference for natural flavor ingredients. Growing disposable income levels in emerging economies are also anticipated to augment the product demand for soaps & detergents, perfumes, toiletries, and cosmetics. Natural products are considered therapeutic, healthy, and safe. Manufacturers of natural fragrances often charge a "green premium" on their products. The demand for synthetic ones is also expected to rise, as they emit strong fragrances, offer greater freedom of creativity to manufacturers, and are long-lasting. Moreover, synthetic products are less expensive as compared to natural products.
The COVID-19 pandemic had an adverse impact on the global industry on account of the supply chain disruptions, complete & partial lockdown of manufacturing facilities, and lack of availability of labor as well as raw materials. Countries around the world had to restrict global trade due to which, imports and export were 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. New product launches, a growing number of retail stores, and economic prices of convenience food and personal care products are also expected to be highly influential factors contributing to the industry's growth.
Flavors And Fragrances Market Segmentation
Grand View Research has segmented the global flavors and fragrances market 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 & 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 Corp.
- Mane SA
- Sensient Technologies Corp.
Check out more related studies published by Grand View Research:
- Natural Flavors And Fragrances Market - The global natural flavors and fragrances market size is expected to reach USD 15.83 billion by 2030, registering a CAGR of 6.3% during the forecast period, as per the new report by Grand View Research, Inc. The growth is majorly driven by the increasing awareness about the adverse effects caused by artificial as well as synthetic products used in the cosmetics and food & beverages industry. In addition, the availability of natural products as an alternative is propelling the market growth. Natural flavors & fragrances are now widely accepted by industries like food & beverage, cosmetic & personal care, and pharmaceuticals. The growing population has been increasing the consumption of food & beverages, cosmetic & personal care products, and pharmaceuticals and is likely to further escalate the consumption in the near future. The global industry is anticipated to grow at a steady CAGR over the forecast period due to the presence of major players that are utilizing natural flavors & fragrances in their products.
- 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.
- Ethyl Levulinate Market - The global ethyl levulinate market size is expected to reach USD 11.8 million by 2022, according to a new report by Grand View Research, Inc. The global industry is in its nascent stage and is characterized by few industry participants. Presence of very few manufacturers gives a competitive edge over new entrants. Industry participants as well as governments have been extensively investing in R&D to develop novel applications as well as cheaper raw materials. Potential applications such as bio-diesel additive are expected to positively impact the market.
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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