Global Flavours and Fragrances Market Report and Forecast 2021-2026

Global Flavours and Fragrances Market to be Driven by the Increasing Demand for Natural Flavours and Fragrances in the Forecast Period of 2021-2026

The new report titled, ‘Global Flavours and Fragrances Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global flavours and fragrances market, assessing the market based on its segments like product types, forms, ingredients, applications, 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.

The key highlights of the report include:

• Market Overview (2016-2026)
• Historical Market Size (2020): USD 28.90 billion
• Forecast CAGR (2021-2026): 5%
• Forecast Market Size (2026): USD 38.95 billion

The flavours and fragrances market is being driven by the increasing product demand for various applications in industries like food and beverages, personal care, and others. The growing demand for refreshing beverages with low calories, coupled with the rising disposable income and increasing living standards in developing economies of the world, is likely to bolster the demand for nature-identical flavours, thus aiding the flavours and fragrances industry. Thus, the increasing penetration of nature-identical flavouring agents in the beverage industry is expected to further aid the market in the forecast period. On the other hand, the rising demand for fragrances in soap, detergents, toiletries, and other products to attract consumers and enhance their experience, is further propelling the market growth. The market in the forecast period, will further be propelled by the rising demand for natural flavours in dessert and dairy products such as caramel latte, chocolate yogurt, and pineapple ice cream, among others.

Industry Definition and Major Segments

Flavour refers to a specific taste of a substance, while fragrance refers to particular smell of that substance. These are usually added to both food and non-food products. Food products may include dairy, beverage, dessert, and others, while non-food products include toiletries, soaps, and detergents, among various others.

On the basis of product type, the global flavours market is divided into:

• Nature-Identical
• Artificial
• Natural

Among these, nature identical flavouring agents account for a major share in the market.

Based on form, the flavours industry is bifurcated into:

• Liquid
• Dry

Among these, the liquid segment accounts for the largest share in the market.

The significant applications of flavours include:

• Beverages
• Dairy and Frozen Desserts
• Savouries and Snacks
• Bakery and Confectionery Products
• Others

The global fragrances market, based on ingredients, is divided into:

• Synthetic
• Natural

The significant applications of fragrances include:

• Soap and Detergents
• Cosmetics and toiletries
• Fine Fragrances
• Household Cleaners and Fresheners
• Others

The regional markets for flavours and fragrances include:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Europe is the largest flavours and fragrances market globally.

Market Trends

The global flavours and fragrances market is expected to be driven by the rising innovation and development of new flavours in the industry, which are anticipated to gain significant popularity in the forecast period. These include desserts with flavours like pineapple, vanilla, and fruits, among others. Furthermore, with improving living standards and rising disposable income, the demand for fine fragrances among consumers is expected to witness a considerable growth. This will further augment the market growth in the forecast period.

Key Market Players

The major players in the market are Givaudan, Firmenich SA, International Flavors & Fragrances, Inc., Symrise Group, Takasago International Corporation, Mane Group, Sensient Technologies Corporation, and 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.