The global flavors and fragrances market size is prognosticated to reach USD 38.56 billion by 2026, exhibiting a CAGR of 4.8%by 2026. This is attributable to the rapid growth of the food and beverage industry that propelled the demand for new flavors. This information is published in an upcoming report by Fortune Business Insights™ titled,”Flavors and Fragrances Market Size, Share & Industry Analysis, By Type (Flavors {Natural and Synthetic} and Fragrances {Natural and Synthetic}) By Application (Food & Beverage, Cosmetics & Personal Care, Pharmaceutical, Home & Floor Care, Fine Fragrances, and others) and Regional Forecasts, 2019-2026.”
The flavors and fragrances market size value stood at USD 26.50 billion in 2018 and is prognosticated to reach USD 38.56 billion by 2026, exhibiting a CAGR of 4.8%by 2026.
Report Highlights
- A 360-degree overview of the flavors and fragrances market
- Factors boosting, repelling and challenging the market
- Detailed segmentation of the market based on factors such as type, application, and geography.
- The report also lists the names ofkey players and strategies adopted by them to compete for the top position in the market
- Other flavors and fragrances market trends and opportunities
- Notable industry developments and interesting insights into the market.
Drivers –
Increasing Demand from Cosmetic Industry to Drive Market
The prevailing trend of ready-to-eatand convenience food products have propelled companies to introduce innovative flavors into the food and beverage industry. The increasing demand for innovative products from the food and beverage industry is a major factor boosting the flavors and fragrances market growth.In addition to this, there is a rise in demand for scented soaps, detergents, toiletries, and cosmetics, andperfumes, owing to the rise in modernization and the adoption of higher living standards among people. Therefore, the increasing demand from the cosmetic industry will also add impetus to the overall market in the forecast period.
On the other side, synthetic fragrances are gaining popularity on account of their strong aroma and long-lasting properties. Analysts at Fortune Business Insights™ say, “There is a high preference for organic ingredients in the personal care sector. This is further propelling the demand for natural fragrances.” Therefore, the demand for synthetic and organic fragrances are anticipated to expand the flavors and fragrances market in the forecast period.
There is a rise in demand for flavors from the pharmaceutical industry as well. This is owing to the fact that flavors overpower the bitter taste of medicines and make it more edible, thus transmitting a beneficial therapeutic effect. Flavors are utilized as inactive ingredients in pharmaceutical products such as chewable gums and tablets, suspensions, syrups, and others. Therefore, the increasing demand for flavors from the pharmaceutical industry will help the market to grow remarkably in the forecast duration.
INFORMATON SOURCE:
https://www.fortunebusinessinsights.com/flavors-and-fragrances-market-102329
Regional Analysis –
Asia Pacific to Emerge as Most Lucrative Market Owing to Increasing Demand from Cosmetic Industry
Europe is holding a significant position in the market on account of the increasing demand for encapsulated flavors and fragrances in liquor-based drinks as well as in cosmetic products in the region. Additionally, the market inNorth America has reached the maturity phase while this region earned USD 6.41 billion in 2018. Furthermore, Asia Pacific is likely to emerge as the most lucrative market owing to the rise in demand for flavors and fragrances from both the food and cosmetic industries.
Competitive Landscape –
Merger and Acquisition is Major Strategy Adopted by Players
Currently, four key companies, namely Firmenich SA, Symrise AG, International Flavors and Fragrances (IFF), and Givaudan, are collectively holding 50% of the global flavors and fragrances market share.Companies are adopting merger and acquisition strategies to gain a competitive edge in the market. For instance, Firmenich has started the construction of a new plant in China since 2019 and Givaudan acquired more than five companies since 2018.
Notable Flavors and Fragrances MarketManufacturers:
- International Flavors and Fragrances (IFF)
- Robertet Group
- Sensient Technologies
- Takasago International Corp
- Mane
- Solvay S.A.
- Givaudan
- Symrise AG
- Kerry Group plc
- Firmenich SA
- Hasegawa Co., Ltd.
- Archer Daniels Midland Company
- Others
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Wine has been consumed by people for thousands of years and also has religious importance.
Wine and alcohol consumption has now become a social status and this supports the growth of alcoholic beverages worldwide.
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It is also cost-efficient and reduces the chances of medication errors by pharmacists.
The market is discussed in details in a recently published report by Fortune Business Insights™ titled, “E-prescribing Market Size, Share & Industry Analysis, By Delivery Mode (Web-based, On-premise), By Prescription Type (Controlled substance, Non controlled Substances) By End User (Hospitals, Physician's offices, Pharmacies) and Regional Forecast, 2019-2026.” As per this report, the market value was USD 863.64 million in 2018 and is expected to rise at a CAGR of 21.0 % in the forecast duration set between 2019 to 2026.For more information in the analysis of this report, visit: https://www.fortunebusinessinsights.com/e-prescribing-market-102698List of Players operating in thisMarket include:Epic Systems CorporationNextGen HealthcareSurescriptsMedical Information Technology, Inc. (MEDITECH)AthenahealtheClinicalWorksPractice Fusion, Inc.Cerner CorporationAllscripts Healthcare, LLCOthersWhat are the Report Highlights?The report is based on an in-depth analysis of the market and provides a 360-degree overview of the same.
It discusses factors boosting, repelling, challenging, ad creating opportunities for the market during the forecast period.
The report also describes the table of segmentation in detail and mentions the names and figures of the leading segments with their attributed factors.
The global Fragrances Market size is prognosticated to reach USD 38.56 billion by 2026, exhibiting a CAGR of 4.8% by 2026, the market value stood at USD 26.50 billion in 2018.This is attributable to the rapid growth of the food and beverage industry that propelled the demand for new flavors.
This information is published in an upcoming report by Fortune Business Insights™ titled, “Fragrances Market Size, Share & Industry Analysis, By Type (Flavors {Natural and Synthetic} and Fragrances {Natural and Synthetic}) By Application (Food & Beverage, Flavors and Fragrances & Personal Care, Pharmaceutical, Home & Floor Care, Fine Fragrances, and others) and Regional Forecasts, 2019-2026.”Drivers:Increasing Demand from Cosmetic Industry to Drive MarketThe prevailing trend of ready-to-eat and convenience food products have propelled companies to introduce innovative flavors into the food and beverage industry.
In addition to this, there is a rise in demand for scented soaps, detergents, toiletries, and Flavors and Fragrances, and perfumes, owing to the rise in modernization and the adoption of higher living standards among people.
Therefore, the increasing demand from the cosmetic industry will also add impetus to the overall market in the forecast period.On the other side, synthetic fragrances are gaining popularity on account of their strong aroma and long-lasting properties.
Analysts at Fortune Business Insights™ say, “There is a high preference for organic ingredients in the personal care sector.
This is further propelling the demand for natural fragrances.” Therefore, the demand for synthetic and organic fragrances are anticipated to expand the Fragrances Market in the forecast period.List of Best Players Profiled in Fragrances Market are;International Flavors and Fragrances (IFF)Robertet GroupSensient TechnologiesTakasago International CorpManeSolvay S.A.GivaudanSymrise AGKerry Group plcFirmenich SAT.
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