2032 Industry Outlook: Flavors and Fragrances Market Insights
The global flavors and fragrances market is witnessing steady growth driven by the rising demand across the food & beverage, cosmetics, personal care, and household products industries. The global flavors and fragrances market was valued at USD 27.50 billion in 2023 and is expected to grow to USD 42.27 billion by 2032, rising from USD 28.72 billion in 2024. This growth reflects a compound annual growth rate (CAGR) of 5.0% during the forecast period. This expansion reflects shifting consumer preferences toward natural, sustainable, and customized sensory experiences.The market is primarily fueled by increasing consumer inclination toward premium and functional products. In food and beverages, flavor innovation plays a crucial role in product differentiation, while in personal care and cosmetics, unique fragrance profiles enhance brand identity and consumer appeal. Additionally, the expansion of e-commerce and private label brands has intensified the need for signature scents and taste profiles, further supporting market growth.
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Segments:
Flavors Segment to Lead the Market Due to its Unique Properties
By type, the market is bifurcated into flavors and fragrances. The flavors segment is further categorized into natural and synthetic. The fragrances segment is also divided into natural and synthetic.
Food & Beverage Sub-Segment to Dominate the Market
Based on type (cross application), the market is segregated into flavors used in the food & beverage sector for beverages, bakery, confectionery, dairy, and others. These flavors are also used in pharmaceuticals and other sectors. The fragrance segment is further classified into fine fragrances, cosmetics & personal care, home & floor care, and others.
Geographically, the market share is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
List of Key Players Profiled in the Flavors and Fragrances Market Report:
- Givaudan (Switzerland)
- International Flavors and Fragrances (IFF) (U.S.)
- Symrise AG (Germany)
- Robertet Group (France)
- Kerry Group plc (Ireland)
- Sensient Technologies (U.S.)
- Firmenich SA (Switzerland)
- Takasago International Corp (Japan)
- Hasegawa Co., Ltd. (Japan)
- Mane (France)
- Archer Daniel Midland Company (U.S.)
- Solvay S.A. (Belgium)
- BASF (Germany)
Report Coverage:
The report sheds light on the current market state and recent developments in the market. The impact of COVID-19 pandemic on the market growth is highlighted in this report. Furthermore, the report sheds light on drivers and restraints affecting the market development and expansion during the forecast period. Also, a list of key market players is given, along with the regional insights on segmented market areas.
Drivers:
Increasing Demand from Cosmetic Industry to Drive Market
The prevailing trend of ready-to-eat and convenience food products have propelled companies to introduce innovative flavors into the food and beverage industry. The increasing demand for innovative products from the food and beverage industry is a major factor boosting the flavors and fragrances market growth. In addition to this, there is a rise in demand for scented soaps, detergents, toiletries, and cosmetics, and perfumes, owing to the rise in modernization and the adoption of higher living standards among people. Therefore, the increasing demand from the cosmetic industry will also add impetus to the overall market in the forecast period.
Competitive Landscape:
New Product Launch Allows Key Market Players to Enhance their Product Portfolio
The key market players acquire various companies operating in the industry to improve their business performance. Also, rising investments in the adoption of technological advancements and R&D activities allow the leading market players to introduce new product ranges to the global market and increase business profitability.
Key Industry Developments:
December 2023: Robertet Group acquired Sonarome, a Bangalore-based flavors and fragrances manufacturer, to strengthen its product portfolio and expand its presence across India, Southeast Asia, and East Africa.
April 2023: Givaudan finalized the acquisition of a significant cosmetic ingredients portfolio from Amyris, Inc., enhancing its position in biotechnology. This move allows Givaudan to utilize Amyris’ advanced technology platform for the development and production of high-performance bio-fermented ingredients.
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Competitive Landscape:
New Product Launch Allows Key Market Players to Enhance their Product Portfolio
The key market players acquire various companies operating in the industry to improve their business performance. Also, rising investments in the adoption of technological advancements and R&D activities allow the leading market players to introduce new product ranges to the global market and increase business profitability.
Key Industry Development:
- March 2022: Symrise submitted a binding offer to acquire R. Romani - Société Française d’Aromatiques (SFA Romani) and Neroli Invest DL (Groupe Neroli). Both companies are based in the Grasse area in France. With these transactions, Symrise intends to reinforce its fine fragrance presence in southern France, strengthen its competitiveness in creating fragrance compositions, and broaden its presence in key countries in Europe, Africa, and the Middle East.
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