The global flavors and fragrances market is set to witness substantial growth, with an anticipated average CAGR of 4.67% from 2023 to 2033. The market, valued at US$ 28.94 billion in 2023, is projected to reach a significant value of US$ 45.68 billion by 2033, reflecting a promising future
The rising demand for cosmetics, including soaps, makeup equipment, and perfumes, is a key driver. Advancements in processing technology and the introduction of organically processed flavors and fragrances are expanding market horizons. Urbanization, coupled with increased demand for luxury and essential cosmetic items, contributes to market growth.
The market experiences growth in diverse sectors. Youth attraction to new and exotic fragrances, increased adoption by working professionals, evolving culinary trends in restaurants, and a shift towards natural flavors are fueling market expansion. Furthermore, the pharmaceutical industry, fast-food sector, and the rising demand for packaged food and personal-care items are pivotal factors contributing to market growth
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Increasing digitization of the retail sector has paved the way for digital marketing and smoothened the way for the launch of new flavors and fragrances. With the help of technology, consumers can also personalize their flavors and fragrances needs. All of these considerations abet the growth of the flavors and fragrances market during the forecast period.
The short-term growth between 2017 and 2022 was hindered by the pandemic, but the mid-term (2023-2028) is expected to witness steady growth due to FMCG expansion and advanced flavor processing. The long-term growth (2023-2033) is anticipated to be robust at a CAGR of 16.5%, driven by local flavors, the demand for ready and convenient food items, and the popularity of new perfume fragrances among the youth
The flavors and fragrances market is poised for substantial growth, driven by diverse factors across industries. Investors in the B2B sector can capitalize on emerging opportunities, including the demand for organic substances and the integration of local flavors in conventional production.
Key Takeaways:
- Strict government mandates regarding quality and constantly changing consumer preferences are factors that may limit the growth of the flavors and fragrances market.
- The flavors and fragrances market in North America will reach a value of US$ 10.98 billion by 2033 with a CAGR of 2.9% from 2023 to 2033.
- The expansion of the FMCG sector in emerging countries like China and India will push Asia Pacific to emerge as an opportunistic pocket for the market.
- In terms of type, the fragrances category will grow at a CAGR of 4.13% owing to a greater demand for personal care products.
- Based on nature, the synthetic segment will expand at a CAGR of 4.3% as they are affordable and easily available.
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Competitive Landscape
S.H. Kelkar and Company Limited, Robertet SA, Sensient Technologies Corporation, Frutarom Industries Ltd., Givaudan International SA, Kerry Group PLC, and Symrise AG, among others, are some of the dominant players in the flavors and fragrances market profiled in the full version of the report.
Key market players are keen on product upgrades, product innovation, and development, as well as the launch of novel products. These firms also employ various expansion strategies. A few of the participants are also focusing on open-label products with different sizes and packaging options.
More Insights Into Flavors And Fragrances Market
FMI offers an unbiased analysis of the global flavors and fragrances market, providing historical data from 2017 to 2022 and forecast statistics for 2023 to 2033. For a comprehensive understanding of the global market potential, growth, and scope, the market is segmented on the basis of product type, nature, application, and region.
According to the reports, based on segmentation, the synthetic category will perform well with a 4.3% CAGR. This growth can be attributed to the fact that synthetic-natured products are affordable and easily available. By type, the fragrance segment will dominate the global marketplace.
Based on region, the flavors and fragrances market in North America will record a CAGR of 2.9% and reach a value of US$ 10.98 billion by 2033. High consumption of cosmetics and packaged food as well as rising per capita income are responsible for the flavors and fragrances market growth in this region. Besides North America, Europe, and Asia Pacific will also aid the growth of the global flavors and fragrances market.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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