Flavour and Fragrance Market is expected to grow USD 43.9 Bn by 2030

Description

According to the Market Statsville Group (MSG), the global flavour and fragrance market size is expected to grow from USD 29.3 billion in 2021 to USD 43.9 billion by 2030, at a CAGR of 5.2% from 2022 to 2030. Personal care is a significant application segment, owing to the increase in demand for deodorants, soaps, creams, talcum powders, perfumes, and hair oils. The rise in demand for car and room fresheners and the increase in popularity of aromatherapy are anticipated to drive the growth of the fragrance ingredients market. The hospitality sector is also experiencing a growth in demand for fragrances to create a pleasant atmosphere. Fragrances are widely approved for industrial use, such as ambiance fragrances for consumer durables and personal care accessories, which was an unexplored category previously. In addition, owing to growth in disposable income, more local consumers, especially young consumers, opt for quality goods. In the wake of the global pandemic, a greater focus on hygiene products has driven the market for new and creative fragrances used in products such as hand washes, sanitizers, and floor cleaners. Moreover, in 2021, the synthetic segment had the largest market share based on the nature in the global flavour and fragrance market.

The global food flavours industry is being driven by an increase in demand for ready-to-eat meals and fast food. Other factors that contribute to the growth of flavour products include innovative technologies, the introduction of new flavours, and a large inflow of investment in R&D activities. Natural flavours are becoming more popular as people become more health-conscious. Furthermore, the flavors and fragrance market has grown due to a high demand for flavours in European countries to produce commercialized clean label or green food products that are free of additives and other harmful chemicals.

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Scope of the Global Flavour and Fragrance Market

The study categorizes the flavour and fragrance market based on type, nature, application, and region.

By Type Outlook (Sales, USD Million, 2017-2030)

• Flavors
• Fragrance

By Nature Outlook (Sales, USD Million, 2017-2030)

• Natural
• Synthetic

By Application Outlook (Sales, USD Million, 2017-2030)

• Natural
• Synthetic

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By Region Outlook (Sales, USD Million, 2017-2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • Slovenia
  • Slovakia
  • the Netherlands
  • Belgium
  • Norway
  • Denmark
  • Czech Republic
  • Sweden
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Vietnam
  • The Philippines
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

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Key Market Players in the Global Flavour and Fragrance Market

The global flavour and fragrance market is highly competitive. Key industry players adopt various strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions.

Major players in the market are:

• Firmenich SA
• Frutarom Industries Ltd.
• PLC, Robertet SA
• S H Kelkar and Company Limited
• Sensient Technologies Corporation
• Givaudan International SA
• Huabao International Holdings Limited
• Kerry Group
• Symrise AG
• International Flavors & Fragrances, Inc.

Article source: https://article-realm.com/article/Finance/22274-Flavour-and-Fragrance-Market-is-expected-to-grow-USD-43-9-Bn-by-2030.html