The global flavors and fragrances market size is poised to grow by USD 10.98 billion during 2020-2024, progressing at a CAGR of almost 6% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of the Market Impact of COVID-19.
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Technavio has announced its latest market research report titled Global Flavors and Fragrances Market 2020-2024 (Photo: Business Wire)
The global flavors and fragrances industry is driven by the increasing launch of new products by vendors. Successful new product launches help in increasing the revenue inflow of vendors and aid in increasing their market share. New product launches also provide multiple options to buyers and drive the growth of the market. For instance, in June 2020, Givaudan SA launched VivaScentz, which helps in crafting fragrances across all categories of perfume, including fine fragrance; personal, home, and fabric care; and oral care flavors.
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Report Highlights
- The major flavors and fragrances market growth came from the fragrances segment in 2019, and is expected to witness the fastest growth during the next five years. This is primarily because of the rising demand from end-users such as manufacturers of fine fragrances, cosmetics and toiletries, soaps and detergents, household cleaners, and air fresheners.
- APAC was the largest flavors and fragrances market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as the presence of a huge consumer base, rising working women population, growing demand for international cuisines, and penetration of key vendors.
- The global flavors and fragrances market is fragmented. DuPont de Nemours Inc., Firmenich SA, Givaudan SA, Kerry Group Plc, McCormick Company Inc., Sensient Technologies Corp., Solvay SA, Symrise AG, Takasago International Corp., and The MANE Group are some of the major market participants. To help clients improve their market position, this flavors and fragrances market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global flavors and fragrances market 2020-2024 is expected to have Neutral At Par growth. Even if the spread of the virus is contained, we expect that it may take more than two quarters (six months) to reach a normal state of economic activity.
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Rising Demand for Personal Care and Food Flavoring Products will be a Key Market Trend
The rising demand for personal care products and food-related products is likely to drive the growth of the global flavors and fragrances market during the forecast period. Fragrances are used mostly in the cosmetics industry in products such as perfumes and colognes. They are also used in personal care and hygiene-related products such as shampoos and soaps. Moreover, the demand for these products is increasing, with the increase in the number of working women population. In addition, food and beverage manufacturers has become one of the major end-users of flavor and fragrance products and ingredients. The changing taste and preferences of consumers and their willingness to try and experience new varieties are some of the factors that increase the demand for flavors and fragrances among different end-users.
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Flavors and Fragrances Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist flavors and fragrances market growth during the next five years
- Estimation of the flavors and fragrances market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the flavors and fragrances market
- Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of flavors and fragrances market vendors
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Executive Summary
Market Landscape
- Market ecosystem
- Market characteristics
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Functionality
- Market segments
- Comparison by Functionality
- Fragrances Market size and forecast 2019-2024
- Flavors Market size and forecast 2019-2024
- Market opportunity by Functionality
Market Segmentation by Ingredients
- Market segments
- Comparison by Ingredients
- Formulated flavors and fragrances Market size and forecast 2019-2024
- Aroma chemicals Market size and forecast 2019-2024
- Essential oils Market size and forecast 2019-2024
- Market opportunity by Ingredients
Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- APAC Market size and forecast 2019-2024
- North America Market size and forecast 2019-2024
- Europe Market size and forecast 2019-2024
- South America Market size and forecast 2019-2024
- MEA Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
Vendor Landscape
- Competitive scenario
- Vendor landscape
- Landscape disruption
- Industry risks
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- DuPont de Nemours Inc.
- Firmenich SA
- Givaudan SA
- Kerry Group Plc
- McCormick Company Inc.
- Sensient Technologies Corp.
- Solvay SA
- Symrise AG
- Takasago International Corp.
- The MANE Group
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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