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:
Functionality: fragrances and flavors
Geography: APAC, North America, Europe, South America, MEA
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:
Is the market structure fragmented or concentrated?
What was the market size in 2021 and the forecast for the flavors and fragrances market through 2026?
Which are the best product segment areas to invest in over the forecast period?
What is the market share of dominant and strong vendors in the flavors and fragrances market?
What are the inhibiting factors and the impact of COVID-19 on the flavors and fragrances market growth?
What are the latest trends and regulatory frameworks in the flavors and fragrances market?
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
1.1 Market Overview
Exhibit 01: Executive Summary ? Chart on Market Overview
Exhibit 02: Executive Summary ? Data Table on Market Overview
Exhibit 03: Executive Summary ? Chart on Global Market Characteristics
Exhibit 04: Executive Summary ? Chart on Market by Geography
Exhibit 05: Executive Summary ? Chart on Market Segmentation by Type
Exhibit 06: Executive Summary ? Chart on Market Segmentation by Product
Exhibit 07: Executive Summary ? Chart on Incremental Growth
Exhibit 08: Executive Summary ? Data Table on Incremental Growth
Exhibit 09: Executive Summary ? Chart on Vendor Market Positioning
2 Market Landscape
2.1 Market ecosystem
Exhibit 10: Parent market
Exhibit 11: Market Characteristics
3 Market Sizing
3.1 Market definition
Exhibit 12: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 13: Market segments
3.3 Market size 2021
3.4 Market outlook: Forecast for 2021-2026
Exhibit 14: Chart on Global - Market size and forecast 2021-2026 ($ million)
Exhibit 15: Data Table on Global - Market size and forecast 2021-2026 ($ million)
Exhibit 16: Chart on Global Market: Year-over-year growth 2021-2026 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2021-2026 (%)
4 Five Forces Analysis
4.1 Five forces summary
Exhibit 18: Five forces analysis - Comparison between 2021 and 2026
4.2 Bargaining power of buyers
Exhibit 19: Chart on Bargaining power of buyers ? Impact of key factors 2021 and 2026
4.3 Bargaining power of suppliers
Exhibit 20: Bargaining power of suppliers ? Impact of key factors in 2021 and 2026
4.4 Threat of new entrants
Exhibit 21: Threat of new entrants ? Impact of key factors in 2021 and 2026
4.5 Threat of substitutes
Exhibit 22: Threat of substitutes ? Impact of key factors in 2021 and 2026
4.6 Threat of rivalry
Exhibit 23: Threat of rivalry ? Impact of key factors in 2021 and 2026
4.7 Market condition
Exhibit 24: Chart on Market condition - Five forces 2021 and 2026
5 Market Segmentation by Type
5.1 Market segments
Exhibit 25: Chart on Type - Market share 2021-2026 (%)
Exhibit 26: Data Table on Type - Market share 2021-2026 (%)
5.2 Comparison by Type
Exhibit 27: Chart on Comparison by Type
Exhibit 28: Data Table on Comparison by Type
5.3 Fragrances - Market size and forecast 2021-2026
Exhibit 29: Chart on Fragrances - Market size and forecast 2021-2026 ($ million)
Exhibit 30: Data Table on Fragrances - Market size and forecast 2021-2026 ($ million)
Exhibit 31: Chart on Fragrances - Year-over-year growth 2021-2026 (%)
Exhibit 32: Data Table on Fragrances - Year-over-year growth 2021-2026 (%)
5.4 Flavors - Market size and forecast 2021-2026
Exhibit 33: Chart on Flavors - Market size and forecast 2021-2026 ($ million)
Exhibit 34: Data Table on Flavors - Market size and forecast 2021-2026 ($ million)
Exhibit 35: Chart on Flavors - Year-over-year growth 2021-2026 (%)
Exhibit 36: Data Table on Flavors - Year-over-year growth 2021-2026 (%)
5.5 Market opportunity by Type
Exhibit 37: Market opportunity by Type ($ million)
6 Market Segmentation by Product
6.1 Market segments
Exhibit 38: Chart on Product - Market share 2021-2026 (%)
Exhibit 39: Data Table on Product - Market share 2021-2026 (%)
6.2 Comparison by Product
Exhibit 40: Chart on Comparison by Product
Exhibit 41: Data Table on Comparison by Product
6.3 Formulated flavors and fragrances - Market size and forecast 2021-2026
Exhibit 42: Chart on Formulated flavors and fragrances - Market size and forecast 2021-2026 ($ million)
Exhibit 43: Data Table on Formulated flavors and fragrances - Market size and forecast 2021-2026 ($ million)
Exhibit 44: Chart on Formulated flavors and fragrances - Year-over-year growth 2021-2026 (%)
Exhibit 45: Data Table on Formulated flavors and fragrances - Year-over-year growth 2021-2026 (%)
6.4 Aroma chemicals - Market size and forecast 2021-2026
Exhibit 46: Chart on Aroma chemicals - Market size and forecast 2021-2026 ($ million)
Exhibit 47: Data Table on Aroma chemicals - Market size and forecast 2021-2026 ($ million)
Exhibit 144: Takasago International Corp - Overview
Exhibit 145: Takasago International Corp - Business segments
Exhibit 146: Takasago International Corp - Key news
Exhibit 147: Takasago International Corp - Key offerings
Exhibit 148: Takasago International Corp - Segment focus
11.12 The MANE Group
Exhibit 149: The MANE Group - Overview
Exhibit 150: The MANE Group - Product / Service
Exhibit 151: The MANE Group - Key offerings
12 Appendix
12.1 Scope of the report
12.2 Inclusions and exclusions checklist
Exhibit 152: Inclusions checklist
Exhibit 153: Exclusions checklist
12.3 Currency conversion rates for US$
Exhibit 154: Currency conversion rates for US$
12.4 Research methodology
Exhibit 155: Research methodology
Exhibit 156: Validation techniques employed for market sizing
Exhibit 157: Information sources
12.5 List of abbreviations
Exhibit 158: List of abbreviations
rate of industrialization: Several products from the global diversified chemicals market are used in various industries, including automotive, polymer modification, chemicals, and consumer goods. The growth of the global diversified chemicals market is highly influenced by the growing rate of industrialization across the world, especially in emerging economies.
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