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Subject: MRR

Flavors and Fragrances Market Report by Technavio predicts USD 10.44 Bn growth -- Driven by an increasing number of new product launches


NEW YORK, Sept. 25, 2022 /PRNewswire/ -- The flavors and fragrances market has grown substantially over the years. To estimate the size of the market, Technavio has tracked the recent trends and developments in the flavors and fragrances market. The analysts at Technavio have considered various aspects such as the consumer base, adoption rate, average selling price, revenue generated by vendors, and various other factors to estimate the market size. Download Sample PDF Report Here to get an idea of the overall scope of the full report.

The report on the flavors and fragrances market by Technavio expects the market size to increase at a CAGR of 5.64% and register an incremental growth of USD 10.44 billion between 2021 and 2026. However, the growth forecast could be missed with the market growing slower than expected if the following factors come into play: the threat of counterfeit products and stringent regulations and guidelines.

According to Technavio, the growth of the market is primarily driven by the increasing number of new product launches.

Successful new product launches help vendors increase their revenue and aid in expanding their market share. New product launches also provide multiple options to buyers, thus allowing vendors to increase their consumer base. Such benefits are encouraging vendors in the market to focus on new product launches. All these factors are driving the growth of the market in focus.

"Rising demand for personal care and food flavoring products and increase in disposable income will further accelerate the growth of the market", says an analyst at Technavio.

The global flavors and fragrances market is fragmented, with the presence of numerous players at the regional level. Key players, including Givaudan SA, Symrise AG, Firmenich SA, McCormick and Company Inc., and Takasago International Corp., have established a strong presence in the market through their established brands.

The market is expected to grow during the forecast period, owing to the increasing demand for fragrances and flavors in the food and beverage and cosmetic industries, rapid urbanization, and new product launches. Vendors are investing in organic and inorganic growth strategies, such as the expansion of production plants and the acquisition of local companies, to increase their productivity and strengthen their market positions. Furthermore, consumers across the world have become conscious of the quality of consumable products. Hence, the competition in the global flavors and fragrances market is likely to shift from pricing to quality and brand reputation. Therefore, it is difficult for new market players to enter the global flavors and fragrances market.

The report breaks down the market into the following segments:

Based on the functionality, the fragrances segment is expected to create more revenue in the market. The segment is driven by the rising demand from end-users such as manufacturers of fine fragrances, cosmetics and toiletries, soaps and detergents, household cleaners, and air fresheners. Also, the growing awareness about hygiene and an increase in per capita income are driving the demand for household cleaners and air fresheners globally.

In terms of region, APAC will emerge as the dominant region, occupying 41% of the global market share. The regional market is driven by the presence of a huge consumer base, rising working women population, growing demand for international cuisines, and penetration of key vendors.

The complete report on the global flavors and fragrances market offers detailed insights on the potential business segments and regions to invest in over the forecast period. Before making the purchase, we recommend reading our Sample PDF Report.

The flavors and fragrances market report answers questions such as:

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Flavors and Fragrances Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 5.64%

Market growth 2022-2026

USD 10.44 billion

Market structure

Fragmented

YoY growth (%)

5.1

Regional analysis

APAC, North America, Europe, South America, and Middle East and Africa

Performing market contribution

APAC at 44%

Key consumer countries

US, China, Japan, India, Germany, and Italy

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Archer Daniels Midland Co., BASF SE, Custom Flavors, DuPont de Nemours Inc., Firmenich SA, Flavorchem Corp, Givaudan SA, H Roberts Group Pte Ltd, Huabao International Holdings Ltd, Kerry Group Plc, Keva Flavours Pvt Ltd, McCormick and Co. Inc., Robertet SA, Sensient Technologies Corp., Solvay SA, Symrise AG, Synergy Flavors, Takasago International Corp, and The MANE Group

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Five Forces Analysis

5 Market Segmentation by Type

6 Market Segmentation by Product

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Vendor Landscape

11 Vendor Analysis

12 Appendix

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio


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