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MARKET ANALYSIS
Flavor is a substance or extract that provides a particular taste. In food industry, the major function of flavors is to add taste to foods, as they have no nutritional properties. Flavors come in varieties such as natural and artificial. Artificial flavors are carefully selected to provide a larger and more diverse variety of flavors. Natural flavors incorporate natural derivatives such as fruits, spices and vegetables to achieve varieties of flavors. Further, fragrance is a substance, such as a perfume or cologne, designed to emit a pleasant odor. Fragrances are highly used in home care and personal care products. They mask the harsh scent of chemical cleaners, creating a more pleasant in-use experience.
GROWTH DRIVERS AND CHALLENGES
The flavors and fragrance market growth is mainly driven by the strong growth of the application industries such as food & beverage and cosmetics & personal care. In food manufacturing, the flavor and fragrance are the essential components. Many food products have a distinct and unacceptably unpleasant odor, hence the introduction of flavors and fragrances help to mask and improve the food quality while also increasing the acceptance of the food products. According to the China Chain Store & Franchise Association, the country’s food and beverage sector reached approximately $595 billion in 2019, a 7.8 percent increase over 2018. Moreover, India’s food processing sector is one of the largest in the world and its output is expected to reach US$ 535 billion by 2025-26, as per the India Brand Equity Foundation. Further, the rising customer demand for natural and sustainable products is also driving the growth of the food & beverage industry and subsequently the demand for natural flavors. In cosmetic and personal care products, flavors are used in a wide variety of products to enhance the taste of cosmetics and personal care products. They are also be used to produce or to mask a particular flavor. Fragrances are used in different cosmetic care products to enhance the user experience. Fragrances also provide a pleasant odor and make the products more recognizable or distinct, and help mask the smell of some ingredients. Further, along with women, there is a growth in the use of different cosmetic products among men in their daily routine. Moreover, cosmetic product manufacturers are focusing on product branding, advertising, and new product launching strategies to increase the sales of cosmetics products. Thus, the factors mentioned above are contributing to the strong growth of the cosmetics industry. Hence, the strong growth of the food & beverage and cosmetic and personal care industry is driving the flavor and fragrance market growth. However, various norms and regulation of different regulatory bodies are expected to hinder the flavor and fragrance market growth. There are different regulatory standards for the use of flavors and fragrances in food & beverage, cosmetic and personal care, and many other industries.
REPORT SEGMENTATION AND SCOPE
The "Global Flavors and Fragrances Market Analysis to 2030" is a specialized and in-depth study with a major focus on the global flavors and fragrances market trends and growth opportunities. The report aims to provide an overview of the global flavors and fragrances market with detailed market segmentation by type, source, application, and geography. The global flavors and fragrances market has been witnessing high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the consumption of flavors and fragrances worldwide along with their demand in major regions and countries. In addition, the report provides the qualitative assessment of various factors affecting the flavors and fragrances market performance in major regions and countries. The report also includes a comprehensive analysis of the leading players in the flavors and fragrances market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative flavors and fragrances market opportunities that would, in turn, aid in identifying the major revenue pockets.
Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global flavors and fragrances market, which helps understand the entire supply chain and various factors affecting the market growth.
SEGMENTAL ANALYSIS
The global flavors and fragrances market is segmented on the basis of type, source, and application. Based on type, the flavors and fragrances market is segmented as, flavors and fragrances. On the basis of source, the market is classified as, natural and synthetic. The flavors and fragrances market is categorized on the basis of application into, food and beverage, personal care, home care, and others.
Based on type, the fragrances segment accounted for a significant flavors and fragrances market share which can be attributed to increasing their use in food, cosmetic and personal care products, home care products, and many other products. Fragrances are highly used in cleaning products to mask the harsh scent of chemical cleaners. Fragrances enhance consumer enjoyment of using products of personal hygiene. Based on source, natural segment accounted for a significant flavors and fragrances market share due to increasing demand for natural flavors and fragrances. Increasing consumer focus on using natural products is driving the demand for natural ingredients. Synthetic ingredients in various cosmetic and personal care products are a concern for many, particularly those with sensitive skin. This is driving the demand for natural fragrances. The demand for flavor and fragrances from the personal care segment is expected to grow significantly over the coming years owing to various factors such as increasing demand for men’s personal care products, growth of e-commerce platforms, and strong growth of the personal care industry. The personal care industry is heading for a major boom in sales owing to social media marketing, rising digitization, and the advent of e-commerce beauty platforms. Moreover, improving socio-economic standards are resulting in an increasing demand for personal care products.
REGIONAL ANALYSIS
The report provides a detailed overview of the global flavors and fragrances market with respect to five major regions, namely; North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA) and South & Central America. Asia Pacific is estimated to account for a significant flavors and fragrances market share globally. The strong growth of the food & beverage and personal care industries in China, Japan, South Korea, and India is driving the growth of the flavors and fragrances market in Asia Pacific. In India, the food & beverage industry is growing due to the high demand for packaged, healthy and immunity booster food products and strong growth of the online food ordering business. Moreover, the government’s ‘Atmanirbhar Bharat’ initiative places priority on food & beverage sector and offers support through various policies. Moreover, in Asia Pacific, improving socio-economic standards and large-scale development of digital and manufacturing sectors are resulting in an increasing demand for cosmetic products. The cosmetics and personal care industry is growing faster, with more and more people in the region are buying personal care and beauty products. Hence, the strong growth of the cosmetic industry in different countries from the region provide more opportunities for the growth of market.
INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES
Partnership, acquisitions and new product launches were found to be the major strategies adopted by the players operating in the global flavors and fragrances market.
- In September 2022, Solvay expanded the range of one of its flagship products, Rhovanil Natural CW, with three new natural flavor ingredients: Rhovanil Natural Delica, Alta and Sublima. With these new products, the company enable the food & beverage industries to cost effectively switch to natural and address growing consumer expectations for healthier, safer, tastier, and more natural products.
- In December 2021, Blue California announced the expansion of its natural flavor and fragrance portfolio of captive ingredients by producing a clean, sustainable nerolidol.
- In April 2023, Coverpla partnered with Asian fragrance brand Daniche to create the bottle, cap and pump for Pirate Song—Daniche’s new fragrance.
IMPACT OF COVID/IMPACT OF GEOPOLITICAL SCENARIO/IMPACT OF RECESSION
The covid-19 pandemic led to a decline in the progress of many industries across the globe. Shutdown of manufacturing plants and restricted trade across the globe led to supply chain constraints for the manufacturers across the globe. Flavors and fragrances market experienced a slump during the pandemic owing to the limited trade of flavors and fragrances across the globe. Moreover, food & beverage, personal care, and home care products industries also witnessed a decline during this period owing to the shortage of raw materials and limited supply of labor. Reduced production of food & beverages, personal care products, and home care products, declined the demand for flavors and fragrances.
However, in countries, various industries have resumed their business operations. Increased production of food & beverages, personal care products, and home care products has driven the demand for different flavors and fragrances in 2021. The flavors and fragrances market has recovered quite well from the aftermath of the pandemic and is expected to grow over the coming years.
COMPETITIVE LANDSCAPE AND KEY COMPANIES
Some of the key players operating in the flavors and fragrances market include, ADM; Givaudan; Firmenich SA; International Flavors and Fragrances Inc.; Bell Flavors and Fragrances; Robertet; Sensient Technologies Corporation; Symrise AG; T. Hasegawa Co., Ltd.; Takasago International Corporation; Synergy; Carmi Flavor & Fragrance Co., Inc; FLAVOR PRODUCERS, LLC; Sunimpex; and Parfex, among others.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
The List of Companies
- Bell Flavors & Fragrances
- Firmenich SA
- Givaudan
- International Flavors & Fragrances Inc.
- Mane
- Robertet Group
- Sensient Technologies Corporation
- Symrise AG
- T. Hasegawa U.S.A. Inc.
- Takasago International Corporation
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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