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North America Flavours and Fragrances Market to Attain USD 10 Billion by 2025.

According to a new report by EMR titled, 'North America Flavours and Fragrances Market Report and Forecast 2020-2025', the North America flavours and fragrances market is expected to support the growth of the global flavours and fragrances market, which reached a value of almost USD 28 billion in 2019. The North America flavours and fragrances market is projected to attain a value of USD 10 billion by 2025.

The North America flavours and fragrances market is the second-largest regional market after Europe. The region, much like Western Europe, is a mature market, driven by the rising high-income class population, especially in the United States. Almost half of the world's high-income population is believed to become North America residents by the end of this decade. The high-income class is propelling the demand for premium products like organic foods and high-end cosmetics. The rising disposable incomes being witnessed by the middle-class population is aiding the market growth due to the growing consumption of products imbued with additional flavours such as processed foods and beverage products. Globally, the flavours and fragrances market is led by Europe, accounting for over a quarter of the industry. The Europe market is being driven by the thriving personal care and growing food and beverage and beauty sectors. Germany, the United Kingdom, and France are the leading regional markets of Western Europe. However, Eastern Europe is expected to witness a faster growth than Western Europe in the coming years.

The rising R&D activities by the leading players in the industry is expected to drive the North America flavours and fragrances market growth. In October 2019, International Flavors & Fragrances, Inc. (NYSE: IFF), a leading innovator of scent, taste, and nutrition, opened a Centre of Excellence for Food Service and Seasonings in Carrollton, Texas. This site is located near the Company's existing facility and greatly enhances its ability to deliver to its customers with innovative offerings and represents a substantial investment into its foodservice strategy, along with its value-added seasonings and savoury solutions.

Market Analysis by Segment, Type, Flavouring Agent, Forms, Applications, and Region:

  • The flavours and fragrances market is divided on the basis of segments into flavours and fragrances.
  • On the basis of types, the market is divided into synthetic and natural. Natural fragrances are further categorised as flowers, fruits, musk, wood, and spice, among others.
  • By flavouring agent, the industry is divided into nature-identical flavouring substance, artificial flavouring substance, and natural flavour.
  • By forms, flavours can be bifurcated into liquid and dry.
  • While flavours find their applications in beverage, bakery and confectionery products, dairy and frozen desserts, and savouries and snacks, among others, fragrances find their applications in soap and detergents, fine fragrances, cosmetics and toiletries, and household cleaners and air fresheners, among others.
  • The major regional markets for North America flavours and fragrances industry are the United States of America and Canada.

Key Findings of The Report:

  • The North America flavours and fragrances market is being driven by the rise in the GDP and demand for consumer products.
  • The market is being aided by the rise in the acceptance and willingness of the consumers to try out new flavours and fragrances. 
  • The inflating disposable incomes have led to an increase in the purchase of non-essential food products that have innovative and unusual flavours and combinations such as chili chocolate.
  • The increasing health consciousness, along with the rise in the population afflicted by obesity and diabetes, the demand for low-calorie and low-carbohydrate food and beverage products are rapidly increasing, further aiding the growth of the flavour segment, as these products require additional flavours. 
  • The rising demand for juices and RTD beverages is aiding the market for flavours and fragrances.
  • The rise in the consumption of flavoured milk, as a healthy alternative to carbonated drinks, is providing impetus to the market growth.

Key Offerings of the Report:

  • The EMR report offers an overview of the North America flavours and fragrances market for the periods (2015-2019) and (2020-2025).
  • The report also offers the historical (2015-2019) and forecast (2020-2025) markets for the segments, types, flavouring types, forms, applications, and regional markets of flavours and fragrances.

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 key players in the North America flavours and fragrances market as identified by EMR. The comprehensive report covers their market share, capacity, and latest developments like mergers and acquisitions, and capacity expansions.

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