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Global Flavours and Fragrances Market to Grow at a CAGR of 5% between 2021-2026

According to a new report by EMR titled, ‘Global Flavours and Fragrances Market Report and Forecast 2021-2026’, the global flavours and fragrances market reached a value of almost USD 30.1 billion in 2020. The market is further expected to grow at a CAGR of 5% in the forecast period of 2021-2026 to attain USD 40.3 billion in 2026.

The global flavours and fragrances market is dominated by Europe, which accounts for over 25% of the market. Within Europe, Germany is the leading market, driven by the robust cosmetics and food and beverage industries in the country. The industry in Germany is also finding impetus for its growth in the high disposable incomes of the consumers. While Western Europe dominates the flavours and fragrances market at present, Eastern European markets are expected to witness comparatively faster growth in the coming years. North America and the Asia Pacific are the other significant markets, globally. The flavours and fragrances market in these regions are being driven by the rising demand for food and beverages that are low in fats, calories, and carbohydrates. The increasing obesity rates are leading to increased demand for low-calorie foods. Since such food and beverage products require added flavouring, the segment growth in major markets is aiding the flavours industry. The higher penetration of soaps and detergents in emerging economies like India is propelling the growth of the fragrances market. The rising consumption of scented personal care products in China and India is also aiding the growth of the fragrance segment, especially in the Asia Pacific market. Thus, soaps and detergents, along with toiletries and cosmetics, are the leading application sectors for fragrances, accounting for 55% of their applications.

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While synthetic fragrances and nature identical flavouring agents dominate the market, natural flavours and fragrances are witnessing rising demand from the consumers. Thus, the key players in the industry are investing in developing natural flavours and fragrances. In May 2020, Givaudan, a major player in the market, announced its acquisition of the Vietnamese flavour company, Golden Frog, in its bid to expand its naturals capabilities as a part of its 2021 strategy. Golden Frog’s range of natural flavours include spices, herbs, vegetables, and fruits along with natural essential oils. The acquisition also strengthens the company’s presence in the Asia Pacific. With rising environmental concerns, significant companies like Givaudan are investing in developing sustainable flavours and fragrances solution. In 2020, Givaudan opened an Innovation Centre in Switzerland with the aim of creating sustainable flavours and fragrances solutions for home and personal care, and food and beverage industries.

Market Analysis by Types, Flavouring Agent, Forms, Applications, and Regions:

  • The global flavours and fragrances market is broadly bifurcated into synthetic and natural flavours and fragrances.
  • Fragrances can be categorised as synthetic and natural, with natural fragrances being further divided into flowers, fruits, musk, wood, and spice, among others.
  • By flavouring agents, the market is divided into nature identical flavouring substance, artificial flavouring substance, and natural flavours.
  • By forms, flavours are divided into liquid and dry.
  • Beverage, dairy and frozen desserts, savouries and snacks, and bakery and confectionery products, among others, are the major application sectors for flavours.
  • The major application sectors of fragrances are household cleaners and air fresheners, cosmetics and toiletries, fine fragrances, and soap and detergents, among others.
  • The major regional markets for flavours and fragrances are the Asia Pacific, Europe, the Middle East and Africa, Latin Amerca, and North America.

Key Findings of the Report:

  • The flavours and fragrances market is being aided by the rising middle-class population and rapid urbanisation, especially in the emerging economies.
  • With consumers eschewing carbonated drinks, the beverage and dairy application sectors of flavours are witnessing a healthy growth.
  • The increased consumption of RTD and other processed food and beverage products is driving the market growth.
  • The rising awareness about hygiene and cleanliness through advertisements and other marketing strategies is also adding to the industry growth.
  • The rising population of younger consumers in the emerging countries is further propelling the market forward.
  • The increasing consumption of cosmetics products, globally, will also drive the market growth for flavours and fragrances.
  • The increasing innovations and product developments in the industry will support its growth in the coming years.

Key Offerings of the Market:

  • The EMR report looks into the historical (2016-2020) and forecasted (2021-2026) markets for the segments, types, and major regions of flavours and fragrances, globally.
  • The report gives an in-depth analysis of the flavours market by their flavouring types, forms, and applications for the periods (2016-2020) and (2021-2026).
  • It also assesses the historical (2016-2020) and future (2021-2026) markets for fragrances, based on their types and applications.

Givaudan SA, Firmenich SA, International Flavors & Fragrances, Inc., Symrise AG, Wild Flavors, Inc., Takasago International Corp, Mane SA, Sensient Technologies Corp., Robertet Group, T. Hasegawa Co., Ltd., and Kerry Group are the leading players in the global flavours and fragrances market as identified by EMR. The report by EMR covers the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions among these key players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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