Pune, India, June 25, 2021 (GLOBE NEWSWIRE) -- The global flavors and fragrances market size is prognosticated to reach USD 36.30 billion by 2028, exhibiting a CAGR of 4.9% during the forecast period. The development of new flavors in the food and beverage industry will contribute positively to the market growth. This information is published in a report by Fortune Business Insights™ titled," Flavors and Fragrances Market, 2021-2028." As per the report, the market size stood at USD 25.19 billion in 2020.
The repercussions of the COVID-19 pandemic were felt throughout the entire specialty chemicals industry. The loss of scent and taste is a crucial symptom in infected patients. According to a survey by Fifth Sense, a charity established by a University of East Anglia academic, approximately 60% of COVID patients experience sensory difficulties, with 10% experiencing symptoms that last more than four weeks. Several million people are thought to be affected by scent and taste deprivation effects. This effect on the senses of taste and smell has posed a challenge to flavoring industries in terms of developing alternatives while still grappling with traditional supply chain issues.
Report Highlights
- A 360-degree overview of the market
- Factors boosting, repelling and challenging the market
- Detailed segmentation of the market based on factors such as type, application, and geography.
- The report also lists the names of key players and strategies adopted by them to compete for the top position in the market
- Other market trends and opportunities
- Notable industry developments and interesting insights into the market.
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Competitive Landscape:
Merger and Acquisition are Major Strategies Adopted by Prominent Companies
Currently, four key companies, namely Firmenich SA, Symrise AG, International Flavors and Fragrances (IFF), and Givaudan, are collectively holding 50% of the global flavors and fragrances market share. Companies are adopting merger and acquisition strategies to gain a competitive edge in the market. For instance, Firmenich has started the construction of a new plant in China in 2019 and Givaudan acquired more than five companies since 2018.
Notable Flavors and Fragrances Market Manufacturers:
- Givaudan (Switzerland)
- International Flavors & 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)
- T. Hasegawa Co., Ltd. (Japan)
- Mane (France)
- Archer Daniel Midland Company (U.S.)
- Solvay S.A. (Belgium)
- BASF (Germany)
- Other Key Players
Key Industry Development in Market Include:
March 2019: Firmenich invested USD 75 million in the first phase of opening the largest flavor manufacturing plant in Zhangjiagang Free Trade Zone in China with an annual capacity of 12 KT. This expansion will help to serve consumers in China by introducing a wide range of local flavors in basic products such as tea, noodles, and dairy drinks.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/flavors-and-fragrances-market-102329
Market Segments:
Based on type, the market is classified into flavors and fragrances. Flavors are expected to hold the dominant market share due to its extensive application in the food & beverage industry. Based on application, the global market is segmented into food & beverages, cosmetics & personal care, pharmaceutical, home & floor care, fine fragrances, and others. Geographically, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Driving Factor:
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 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.
On the other side, synthetic fragrances are gaining popularity on account of their strong aroma and long-lasting properties. Analysts at Fortune Business Insights™ say, "There is a high preference for organic ingredients in the personal care sector. This is further propelling the demand for natural fragrances." Therefore, the demand for synthetic and organic fragrances are anticipated to expand the market in the forecast period.
There is a rise in demand for flavors from the pharmaceutical industry as well. This is owing to the fact that flavors overpower the bitter taste of medicines and make it more edible, thus transmitting a beneficial therapeutic effect. Flavors are utilized as inactive ingredients in pharmaceutical products such as chewable gums and tablets, suspensions, syrups, and others. Therefore, the increasing demand for flavors from the pharmaceutical industry will help the market to grow remarkably in the forecast duration.
Regional Insights:
Europe to Dominate the Market
Europe is holding a significant position in the market on account of the increasing demand for encapsulated flavors and fragrances in liquor-based drinks as well as cosmetic products. Additionally, Europe has reached the maturity phase by accumulating a revenue of USD 7.96 billion in 2020. Furthermore, Asia Pacific is likely to emerge as the most lucrative market owing to the inflated demand for flavors as well as fragrances from both the food & beverage and cosmetic industries.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Trends
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Key developments
- COVID-19 Impact Analysis
- Supply Chain Challenges
- Steps taken by companies to overcome the impact
- Opportunities due to COVID-19 outbreak
- Global Flavors and Fragrances Market Analysis, Insights and Forecast – By Type, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type (Value)
- Flavors
- Natural
- Synthetic
- Fragrances
- Natural
- Synthetic
- Flavors
TOC Continued…!
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Home Fragrance Market Size, Share & COVID-19 Impact Analysis, By Product Type [Candles (Unscented and Scented), Room Sprays, Reed Diffusers, Essential Oils, and Incense Sticks], and Distribution Channel (Online and Offline), and Regional Forecast, 2020-2027
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