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Report Overview
The global flavours and fragrances market is expected to attain nearly USD 27.90 Billion in 2023. It is projected to grow further in the coming years, growing at CAGR of 4.60% in the forecast period of 2024-2032. By 2032, the industry is estimated to reach USD 41.82 Billion.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Flavours and Fragrances Market Size
The global flavours and fragrances market is expected to attain nearly USD 27.9 billion in 2023. It is projected to grow further in the coming years, growing at CAGR of 4.6% in the forecast period of 2024-2032. By 2032, the industry is estimated to reach USD 36.5 billion.
While consumers are increasingly demanding natural flavours and fragrances, the higher costs of natural products are proving to be a hindrance. Thus, in the fragrance sector, synthetic scents are being preferred due to their lower cost. Nature identical flavouring agents are also proving to be more popular than natural or artificial flavouring agents, and currently dominate the flavours segment. According to form, liquid form dominates the flavour Industry. Flavours find the majority of their application in the beverage and dairy segments, which together account for over half the applications of the product. The industry is aided by the rising demand for RTD and low-calorie beverages. As consumers are moving away from carbonated drinks, the flavoured milk segment is witnessing a growth, further aiding the flavours industry. Soap, detergents, toiletries, and cosmetics, on the other hand, account for over 55% of the fragrance applications.
Europe is the largest flavours and fragrances market. It accounts for over a quarter of the industry. Germany is the leading market in the region, representing over a fifth of the regional market. Western European economies like the UK and France are the other significant regional markets on the continent. In the coming years, the emerging Eastern European economies are expected to witness a healthy growth. North America and the Asia Pacific are also major players in the industry. While the industry is being driven by the rising demand for low-carbohydrate and low-fat food and beverages in North America, in the Asia Pacific, the industry is being propelled forward due to the increased consumption of scented personal care products, especially in India and China.
Flavours and Fragrances Market Report Snapshots
Flavours and Fragrances Market Size
Flavours and Fragrances Market Analysis
Flavours and Fragrances Companies
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global flavours and fragrances market attained a value of nearly USD 27.90 Billion.
The market is projected to grow at a CAGR of 4.60% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 41.82 Billion by 2032.
The major drivers for the market include rising disposable incomes, increasing population, changing food preferences, and rising demand from the end-use sectors, like food and decoration sector.
The rapid innovations in the market act as a key trend aiding the market growth.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific, with Europe accounting for the largest share in the market.
Flavours are available in liquid and dry forms.
Flavours find wide applications in beverages, dairy and frozen desserts, savouries and snacks, bakery and confectionery products, among others. Fragrances find wide applications in soap and detergents, cosmetics and toiletries, fine fragrances, household cleaners and fresheners, among others.
The ingredients used in fragrances include synthetic and natural.
The major players in the market are Givaudan, Firmenich SA, International Flavors & Fragrances, Inc., Symrise Group, Takasago International Corporation, Mane Group, Sensient Technologies Corporation, and ADM, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124