The new report by Expert Market Research titled, ‘Global Flavours and Fragrances Market Size, Share, Price, Trends, Growth, Report and Forecast 2020-2025’, gives an in-depth analysis of the global flavours and fragrances market, assessing the market based on its segments like product types, forms, applications, ingredients, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2015-2025)
• Historical Market Size (2019): USD 28.90 billion
• Forecast CAGR (2020-2025): 5%
• Forecast Market Size (2025): USD 38.95 billion
The food and beverage industry accounts for the major share of the flavours market. The increasing demand for processed and convenience food is driving the market growth. Increasing disposable incomes among consumers in developing countries are expected to boost the market growth. Adoption of fragrances in pharmaceutical, nutraceuticals, and dietary supplements is anticipated to augment the demand in the coming years. The rising inclination of customer preferences towards organic ingredients in food and personal care is predicted to bolster the natural fragrances and flavours market. The growing demand from the toiletries, perfumes, and household products is expected to propel the market growth. These factors are expected to drive the global flavours and fragrances market during the forecast period of 2020-2025.
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Industry Definition and Major Segments
Flavours and fragrances are used to enhance the aesthetics of the product by imparting taste and smell. Fragrances are generally used for essence in cosmetics, home care, and body care products. On the other hand, flavours find their major application in the food and beverage industry.
The major product types of flavours are:
Based on the form, the flavours market is categorised into:
By application, the flavours market is segmented into:
By ingredients, the fragrances market is divided into:
Based on application, the fragrance industry is segmented into:
The major regional markets of the product are:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
Europe has emerged as a major shareholder in the global flavours and fragrances market. Germany is the leading market within Europe, driven by the rapid growth in the cosmetics and food and beverage industries in the region.
The market is dominated by nature-identical flavouring agents. Thus, the key players in the flavours and fragrances industry are focusing on the development of natural flavours and fragrances. Manufacturers are expanding their production capacities to meet the market demand of the product. Rising environmental concerns have led to increasing investments to improve the sustainability of the product.
Key Market Players
The major players in the market are Givaudan (SWX: GIVN), Firmenich SA, International Flavours & Fragrances Inc. (NYSE: IFF), Symrise Group (ETR: SY1), Takasago International Corporation (TYO: 4914), Mane Group, Sensient Technologies Corporation (NYSE: SXT), and ADM (NYSE: ADM), among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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