Flavors and fragrances are essential components of different consumer goods and packaged foods. Natural and synthetic essence compositions make the cool mint flavor of toothpaste, the cinnamon aroma of pumpkin lattes and the cherry taste of cherry cola. Moreover, fragrance compositions add the fresh smell of pine to exotic top notes to fine perfumes and household cleaning products. The market is expected to experience healthy growth over the forecast period. It is primarily driven by the demand from companies that manufacture food and beverages, cosmetics, perfumes, toiletries, and household products. In addition, emerging middle class developing countries is a key driver boosting the growth of the market. Growth in the market is depended on the availability and geographical distribution of flavors and fragrances among the consumers. Furthermore, manufacturing aroma chemicals by chemical synthesis has opened up a branch of chemistry.
Flavors and fragrances primarily include a set of compounds such as alcohol, esters, lactones, acids, ketones and aldehydes. This market is segmented by ingredients type, product type, end user type and by geography. Based on ingredients type, the flavors and fragrances market is categorized into aroma chemicals and essential oils. On the basis of product type, the market is segmented into flavor blends, fragrance blends, and aroma chemicals which are further sub segmented into natural aroma chemicals and synthetic aroma chemicals. Based on end use type, the global fragrances market is bifurcated into soaps and detergents industry, cosmetics and toiletries industry, fine fragrances industry and household cleaners and air fresheners industry. On the basis of end user type, the global flavors market is further segmented into beverages segment, dairy segment, savory segment, bakery segment, and confectionery segment. Geographically, the flavors and fragrances market is segmented into North America, Europe, Asia Pacific and rest of the World.
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The global flavors and fragrances market witnessed growth in recent years due to increasing demand for natural ingredients. In addition, there are several factors contributed to growth of flavors and fragrances market including the worldwide growing industrialization leading to the large-volume production of flavored or scented products such as processed foods and beverages, personal care products, soap, detergents, oral hygiene products and household cleaners. In spite of the various advantages offered by flavors and fragrances, there are some restraining factors that prevent the growth of the market such as fluctuation in raw material prices.
Some of the key players operating in the flavors and fragrances market are Firmenich SA, Givaudan SA, Symrise AG, Agilex Flavors & Fragrances, Inc., International Flavors & Fragrances, Inc., Bedoukian Research, Inc., Aromatech SAS, BASF SE, Bell Flavors & Fragrances Inc., Sensient Technologies Corp., Takasago International Corp. and Royal DSM NV among others.
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Asia Pacific dominated the global demand for flavors and fragrances market in 2014 in terms of revenue. India and China are projected to exhibit rapid growth, boosting usage of flavors and fragrances in the Asia Pacific region. Furthermore, as developing regions continue to acquire an increasing share of the global market that creates huge market opportunities, leading flavor and fragrance manufacturers are expected to continue to make investments in these areas. Though the fastest growth is expected to be experienced in developing countries, industrialized countries are slated to be continue to account for the majority of demand, for instance the U.S. alone accounting for around one third share of total demand in 2016. Other countries with a significant share of the market include China, Japan, France, Germany, and India.