The global flavors and fragrances market size is anticipated to reach USD 28.64 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 4.7% during the forecast period. Flavors and fragrances deliver long-lasting sensory impressions, when applied through medical products, beverage, food, and other substances. These products enrich the overall aesthetic value and appeal of consumer goods.
Flavors and fragrances are generally manufactured using essential oils and volatile chemicals to enhance existing flavors or to provide a precise flavor. The products are primarily categorized into natural and synthetic. Rising demand for natural and fresh products has added to exponential growth of the market.
Increasing demand for ready-to-eat and convenience foods, health and wellness foods coupled with technological advancements are predicted to trigger the flavors and fragrances market growth. Increasing consumer disposable income along with rapid industrialization in developing countries such as India and China is estimated to fuel the food flavors market.
Owing to the massive demand for natural products, forests have been chopped down to develop minute quantity of oil. Numerous arable lands have also been transformed into monoculture farming lands to nurture a single crop or plant gain a particular oil. This, in turn, has led to restricted availability of raw materials for natural products.
Flavor and fragrance producers operate by collaborating with artists, filmmakers, writers, musicians, and scientists to knock into artistic minds to reveal perfumes to new as well as constantly developing creative approaches and territories. Manufacturers also build creative teams which comprise fragrance perfumers, flavorists, and evaluators.
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Further key findings from the report suggest:
Aroma chemicals is projected to hold the largest share of flavors and fragrances market with more than 70.0% in terms of revenue by 2025
Increasing cost of R&D for fragrance compounds is expected to support the demand for aroma chemicals over the forecasts period
Essential oils are anticipated to grow as the fastest as well as largest emerging natural product segment
Demand for orange essential oil was valued at USD 1.64 billion in 2018
Fragrances application segment is predicted to lead the market and is projected to register a CAGR of 5.0% from 2019 to 2025
Asia Pacific is expected to register the fastest CAGR on account of availability of raw materials and increasing demand
Grand View Research has segmented the global flavors and fragrances market on the basis of product, application and region:
Flavors and Fragrances Product Outlook (Revenue, USD Million, 2014 - 2025)
Flavors and Fragrances Application Outlook (Revenue, USD Million, 2014 - 2025)
Cosmetics and Toiletries
Soaps & Detergents
Flavors and Fragrances Regional Outlook (Revenue, USD Million, 2014 - 2025)
Middle East & Africa
Central and South America
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