Flavors And Fragrances Market To Grab Immense Growth At Fastest CAGR 2030 |Grand View Research, Inc.
Posted by Mrudula Karmarkar on August 29th, 2022
The global flavors and fragrances market size is expected to reach USD 34.19 billion by 2030, growing at a CAGR of 4.3% from 2022 to 2030, as per a new report by Grand View Research, Inc. The growth is majorly driven by the mounting demand for natural products and aroma chemicals from the personal care & cosmetics products and food & beverages industries.
The market is expected to acknowledge a remarkable growth during the forecast period owing to increasing demand in application industries such as toiletries, cosmetics, beverages, and food. The increasing use of flavors in the pharmaceutical, dietary supplements, and nutraceutical market is also projected to augment market growth. The health & wellness trend prevailing in the market is expected to magnify the preference for natural flavor ingredients.
Growing disposable income in emerging economies is anticipated to augment the demand for soaps & detergents, perfumes, toiletries, and cosmetics. Natural products are considered therapeutic, healthier, and safe. Manufacturers engaged in producing natural fragrances often charge a “green premium” on their products. The synthetic demand is also expected to rise, as they emit strong fragrances, offer greater freedom of creativity to manufacturers, and are long-lasting. Moreover, synthetic is less expensive as compared to natural.
The ongoing COVID-19 pandemic had an adverse impact on the industry as it had to face problems such as supply chain disruption, complete and partial lockdown of manufacturing facilities, and lack of availability of labor as well as raw material. Countries around the world had to restrict global trade due to which imports, and export got affected. However, since the first half of 2021, countries rapidly adjusted their economies and kept the agriculture and food industries in focus thus stabilizing the industry growth.
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The demand for the product is anticipated to be driven by the rising demand and consumption of processed food and personal care and cosmetics products globally. Rising disposable income in emerging economies like India and China coupled with rapid population growth is expected to augment the demand for personal care and cosmetic products in the market. In addition, the busy lifestyle pattern upheld in developing as well as developed countries are anticipated to augment demand for processed food & beverages, thereby increasing the demand for flavors in the global market.
Flavors And Fragrances Market Report Highlights
Natural fragrances and flavors are costly due to their processing and due to limited resources, market players have developed cost-efficient synthetic alternatives. These products have the advantages of regular supply, steady pricing, and lower production costs. In the past years, there used to exist an arrangement in which dealers would have a multi-year contract with other dealers, but such arrangement is no longer popular.
Due to the rise in awareness about the ill – effects of allopathic medicines, increasing concerns about the medicinal benefits, and therapeutic effects of herbal products are likely to fuel the demand for herbal products, dietary supplements, and herbal-based beauty aids derived from botanical extracts worldwide. These extracts are used in anti-aging cosmetic products to help in reducing the radical damage caused by bioflavonoids in their composition.
List of Key Players of Flavors And Fragrances Market
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About the AuthorMrudula Karmarkar
Joined: March 30th, 2020
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