Flavors and Fragrances Market

Increase in the demand for cosmetics products, use of flavors in pharmaceuticals industry, & growth in dairy alternate industry drive the growth of the market.

PORTLAND, OR, UNITED STATES, February 22, 2022 /EINPresswire.com/ -- According to the report published by Allied Market Research, the global flavors and fragrances market generated $28.1 billion in 2019, and is projected to reach $35.9 billion by 2027, witnessing a CAGR of 4.7% from 2021 to 2027. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.

Shankar Bhandalkar, a Team Lead-Research, Consumer Goods at Allied Market Research, stated, “The Flavors and Fragrances Market is expected to witness significant growth, owing to increase inuse of flavoring ingredients in bakery and confectionery items such as ice creams, desserts, smoothies and others, whichis fueling the growth of the Flavors and Fragrances Market. Moreover, increase in use of natural fragrances in cosmetics and personal care products further augment the growth of the market.”

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COVID-19 scenario:

The outbreak of the pandemic has led to distorted supply chain, scarcity of workers, and complete shutdown of hotels & restaurants. This, in turn, has impacted the global flavors and fragrances market negatively.
Also, the import and export restrictions on goods and several lockdown measures imposed by government bodies across the world are the major challenges faced by the exporters during this pandemic.

The report offers detailed segmentation of the global flavors and fragrances market based on type, nature, application, and region.

Based on type, the fragrances segment held the highest market share in 2019, accounting for more than three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is estimated to register the highest CAGR of 5.0% from 2021 to 2027.

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Based on nature, the synthetic segment held the largest market share in 2019, accounting for nearly two-thirds of the total market share, and is expected to continue its leadership status during the forecast period. However, the natural segment is projected to register the highest CAGR of 5.4% from 2021 to 2027.

Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2019, contributing to around one-third of the total market share, and is estimated to continue its dominant share by 2027. Moreover, the same region is projected to manifest the fastest CAGR of 6.6% during the forecast period.

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Leading players of the global flavors and fragrances market analyzed in the research include Firmenich SA, Frutarom Industries Ltd., Givaudan International SA, Huabao International Holdings Limited, Kerry Group, PLC, Robertet SA, S H Kelkar and Company Limited, Sensient Technologies Corporation, Symrise AG and International Flavors & Fragrances, Inc.

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.

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