According to a new market report published by
Lucintel, future of the global flavor and fragrance market looks promising with
opportunities in dairy, savory/snacks, fine fragrance, cosmetics, toiletries, household,
and air care. The global flavor and fragrance market is expected to reach an
estimated $36.6 billion by 2024 with a CAGR of 4.3% from 2019 to 2024. The
major drivers for this market are increasing disposable income among the middle
class, changing consumer preference, and growing awareness among customers to
buy products that contain natural ingredients.
Flavors and fragrances
are used as major raw materials in food, beverages, cosmetics, and detergent
markets. On the basis of its comprehensive research, Lucintel forecasts that
flavor is expected to remain the largest segment by value due to growing
popularity of nutritionally supplemented functional foods, low-sodium foods,
and low-sugar beverages.
Within the global flavor
and fragrance market, beverage will remain the largest application and it is
also expected to witness the highest growth over the forecast period due to
growing consumption of energy soft drinks, sports drinks, and juices.
Asia Pacific will be expected to remain the
largest region by value and volume and it is also expected to witness the
highest growth over forecast period due to strengthening economies, growing
urbanization, changing lifestyle, and a rise in per capita income.
An emerging trend, which has
a direct impact on the dynamics of the industry, includes the increasing use of
biotic ingredients in beverage and dairy products. Givaudan, Firmenich, IFF, Symrise, Takasago,
Mane SA, Frutarom, Sensient Flavors, Robertet SA and T.
Hasegawa are among the major suppliers of the flavor and
fragrance market.
Lucintel, a leading global strategic
consulting and market research firm, has analyzed the global flavor and fragrance
market by product, application, raw material, country, and region, and has
come up with a comprehensive research report, entitled “Growth
Opportunities in the Global Flavor and Fragrance Market 2019-2024: Trends,
Forecast, and Opportunity Analysis”. The Lucintel report serves as a
springboard for growth strategy, as it provides a comprehensive data and
analysis on trends, key drivers, and directions. The study includes a forecast
for the global flavor and fragrance by product type, application, raw material,
country, and region as follows:
By Product Type (Value ($B)
shipment analysis from 2013-2024):
- Flavor
- Fragrance
By Application Type (Value
($B) shipment analysis from 2013-2024):
By Flavor:
- Dairy
- Savory/Snacks
- Beverage
- Confectionery/ Bakery
- Others
By Fragrance:
- Fine fragrance
- Cosmetics and toiletries
- Soaps and detergents
- Household and air care
- Others
By Raw Material (Value ($B) shipment analysis
from 2013-2024):
- Aroma Chemical
- Essential Oils
By Region (Value ($B) shipment analysis from 2013-2024):
By Flavor:
- North America
- Europe
- Asia Pacific
- Rest of the World
By
Fragrance:
- North America
- Europe
- Asia Pacific
- Rest of the World
By Country (Value ($B) shipment analysis from 2013-2024):
- US
- Western
Europe
- Eastern
Europe
- Central
Europe
- China
- Japan
- India
- Middle East
- South America
- Africa
This
206-page research report will enable you to make confident business decisions
in this globally competitive marketplace. For a detailed table of contents,
contact Lucintel at +1-972-636-5056 or
helpdesk@lucintel.com. Lucintel offerings include Consumer
Goods Report, Consumer
Market Report, Merger &
Acquisition, Due
Diligence and Strategic
Growth Consulting.
About
Lucintel
Lucintel,
the premier global management consulting and market research firm, creates
winning strategies for growth. It offers market assessments, competitive
analysis, opportunity analysis, growth consulting, M&A, and due diligence
services for executives and key decision-makers in a variety of industries. For
further information, visit www.lucintel.com.
This report answers following 11 key
questions:
Q.
1. What are some of the most promising, high-growth trends in the global flavor
and fragrance market by product (flavor and fragrance), applications (dairy,
savory/Snacks, confectionery/bakery, beverage, fine fragrance, cosmetic and
toiletry, soaps and detergents, household and air care, and others), raw
materials (aroma chemical and essential oils), and region (North America,
Europe, Asia Pacific and Rest of the World)?
Q.2.Which
segments will grow at a faster pace and why?
Q.3.Which
region will grow at a faster pace and why?
Q.4.What
are the key factors affecting market dynamics? What are the drivers, challenges
and business risks in this market?
Q.5.What
are the business risks and competitive threats in this market?
Q.6.What
are the emerging trends in this market and the reasons behind them?
Q.7.What
are some of the changing demands of customers in the market?
Q.8.What
are the new developments in the market? Which companies are leading these
developments?
Q.9.
Who are the major players in this market? What strategic initiatives are key
players pursuing for business growth?
Q.10.What
are some of the competing products in this market and how big of a threat do
they pose for loss of market share by material or product substitution?
Q.
11.What M & A activity has occurred in the last 5 years and what is its
impact on the industry?
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