Flavors and Fragrances: Regulations Set By Different Countries
Posted by RahulSharma on February 11th, 2020
Flavors & Fragrances Market was valued at USD 20.55 Billion in 2016 and is projected to reach USD 24.13 Billion by 2022, at a CAGR of 2.67% during the forecast period. The base year considered for the study is 2016, and the forecast period is from 2017 to 2022.
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The growing demand for flavors & fragrances from end-use industries such as food & beverage and consumer goods is expected to drive the flavors & fragrances market. The flavors & fragrances market is also expected to grow due to rising demand for consumer products and changing consumer preferences for convenience food products.
The market has been segmented on the basis of ingredients, end use, and region. Based on ingredients, the natural ingredients segment is projected to grow at the highest CAGR between 2017 and 2022. This growth of the natural ingredients segment is attributed to the strict regulations related to the use of synthetic flavors & fragrances and growing awareness among populations concerning health and wellness.
Asia Pacific is expected to be the largest market for flavors & fragrances during the forecast period
The flavors & fragrances market has been studied for five regions, namely, Asia Pacific, North America, Europe, the Middle East & Africa, and South America. The Asia Pacific is projected to be the largest flavors & fragrances market during the forecast period due to the growing population and rapid urbanization. Increase in per capita spending on consumer products in high-growth economies, such as China, India, South Korea, and Indonesia is also expected to drive the flavors & fragrances market in the Asia Pacific.
Based on end use, the flavors market has been segmented into beverage, savory & snacks, bakery, dairy products, and confectionery, among others. Beverages is estimated to be the largest end-use segment of the flavors market during the forecast period. The demand for flavors for beverages is mainly due to the growing demand for soft drinks, energy drinks, and other drinks. In addition, aspirational purchase of global drink brands is also driving the demand for flavors for beverages. Based on end use, the fragrances market is segmented into consumer products and fine fragrances.
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The key players profiled have a strong presence in the global food flavors market; they include Givaudan (Switzerland), International Flavors & Fragrances (US), Firmenich (Switzerland), Symrise (Germany), Frutarom (Israel), Sensient (US), MANE (France), Takasago (Japan), T.Hasegawa (Japan), and Robertet (France).
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About the AuthorRahulSharma
Joined: September 3rd, 2019
Articles Posted: 50
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