The global flavors and fragrances market is expected to grow at a CAGR of more than 8% over the next five years. This growth is largely driven by changing consumer preferences and soaring demand for natural flavors and fragrances. The largest regional markets for natural flavors and fragrances are India, China, Thailand, South Asian economies, and Africa. However, some regions are expected to decline in terms of growth during this period due to lack of awareness about the products.
In addition to regional segmentation, the report also covers key players, products, and application areas. The global flavors and fragrances market is segmented into four major sub-sectors, including savory, dairy, confectionary, and meat. By application, the report breaks the market down further to regional sizing and forecasts. Key players are identified and discussed, and the impact of each segment on the overall market is assessed.
In 2014, the food & beverage segment held a dominant share of the market, and is expected to hold this position through the forecast period. Other players operating in this market include Frutarom Industries Ltd., Givaudan International SA, Kerry Group, PLC, Robertet SA, and ESS. Porter’s five forces analysis also highlights the role of suppliers and buyers in the global flavors and fragrances market.
As a result, key players are actively acquiring other companies in the industry.
Rising investments are allowing the leading players to introduce new products and improve their profitability. One such case is Symrise, which recently submitted a binding offer to buy two companies in Grasse. This move is intended to bolster Symrise’s presence in the fine fragrance sector in southern France, increase its competitiveness in creating unique fragrance compositions, and expand their presence in other key markets in Europe, Africa, and the Middle East.
In terms of innovation, the mature fruit flavor segment continues to dominate the market, with the exception of tropical fruits that are only discovered a few years ago. New products based on these flavors stand out for their texture and aroma. On the other hand, synthetic flavors and fragrances are predicted to dominate the global flavors and fragrances market in 2019 thanks to their cost effectiveness and longer shelf-life. The global flavors and fragrances market is expected to grow at a CAGR of 4.0% over the forecast period.
In terms of geography, the report examines the global flavors and fragrances market from a geographical perspective, presenting regional insights, recent developments, and company profiles. It also identifies the key drivers and restraints that are impacting the market’s growth. The regional segments are also profiled, allowing investors to identify the most lucrative growth opportunities. Further, the report also identifies opportunities for new players.