The report "Flavors & Fragrances Market by Ingredient Type (Synthetic, Natural), End-use Industry (Beverages, Bakery, Savory & Snacks, Dairy Products, Confectionery, Consumer Products, Fine Fragrances), and Region - Global Forecast to 2029", size was USD 35.3 billion in 2024 and is projected to reach USD 42.3 billion by 2029, at a CAGR of 3.7%, between 2024 and 2029. The Flavors & Fragrances Market report provides a comprehensive view of the industry with market insights on the competitive scenarios and market segments with complete representation through graphs, tables, and charts to study the market easy to use and compare the numbers and user-friendly.

The growing customer demand for convenience and packaged foods is one of the main factors propelling the flavors and fragrances market. The market for flavors and fragrances is expanding due to the growing applications across various industries. Flavors are vital for developing products that are both appealing and unique in the beverage industry. The use of flavors has increased due to the popularity of functional meals and drinks, which provide further health benefits. Fragrances are extensively used in the consumer products segment as they improve the sensory experience and strengthen brand identity.

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Natural ingredient segment is projected to register the highest CAGR, in terms of value, of the global flavors & fragrances market during the forecast period.

The growth of the natural ingredient segment is mostly due to the changes in regulations and industry standards. Globally, governments and regulatory agencies are strengthening their policies regarding the use of synthetic compounds, especially those that are a threat to people or the environment. These changes in regulations not only encourage manufacturers to look for safer, natural substitutes, but they also promote innovation in the creation of novel organic compounds. The need to reformulate products to comply with these rules frequently fuels the market's need for natural ingredients.

Bakery is estimated to be the second-largest end-use industry of flavors market, in terms of value, during the forecast period.

Bakery segment is the second-largest end-use industry in the flavors market. Bakery products have a unique role in international culinary practices. Many consider bread, cakes, pastries, cookies, and other baked products to be basics, cherished for their delicious and comforting features. This enduring trend assures a steady and strong demand for a wide range of baked goods. A wide range of bakery goods are always in high demand thanks to this enduring custom. To be attractive to a variety of consumer tastes, each category within the bakery segment needs to have a unique flavor profile. The segment's diversity demands a wide range of flavors, which is fueling a substantial demand in the flavors market.

Consumer products segment to lead fragrances market in end-use industry segment, during the forecast period, in terms of value.

The consumer products segment accounted for the largest share of the fragrances market in 2023, in terms of value. Scents are infused in perfumes, deodorants, shampoos, and soaps to convey personal preferences. These products let the consumers to express their personality, mood, or ideal image to themselves and peers through their choice of fragrance. Fragrances have a strong psychological impact on personal care routines; the emotional resonance of a favorite perfume or body lotion can dramatically impact one's confidence and sense of comfort throughout the day.

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South America is projected to register the highest CAGR, in terms of value, during the forecast period in the flavors & fragrances market.

South America is projected to register the highest CAGR in the flavors & fragrances market, in terms of value, during forecast period due to several factors. South America has a great potential to produce various fruits, herbs, and spices as far as the local climatic conditions are concerned. Brazil and Peru are recognized for having great stocks of excellent raw materials that are not only demanded domestically but internationally as well. These natural resources are henceforth available to the flavors market and help bring to realization faithful and unique flavors for the consumers. The focus on natural and organic ingredients is also now picking up steam in line with the health and wellness trends seen on most regions.

Flavors & Fragrances Market Key Players

The key players profiled in the report Givaudan SA (Switzerland), International Flavors & Fragrances Inc. (US), DSM-Firmenich AG (Switzerland), Symrise AG (Germany), ADM (US), Takasago International Corporation (Japan), Sensient Technologies Corporation (US), MANE (France), Robertet Group (France), T. Hasegawa Co., Ltd. (Japan), and Bell Flavors & Fragrances (US).

Givaudan SA is a world leader in the food and cosmetics sector, bringing cutting-edge concepts to the food and beverage industries and inspiring new directions in the fields of fragrance and beauty. The company operates under two business segments, namely, Taste & Wellbeing and Fragrances & Beauty. It manufactures and offers flavors for the food & beverage industry for confectionery, beverage, dairy, and savory applications. The company offers fragrances for functional cleaners, laundry, and personal care products. It offers flavors through the Taste & Wellbeing segment and fragrances through the Fragrances & Beauty segment. The company has 78 production sites and 166 locations worldwide. In April 2023, the company completed the acquisition of Amyris, Inc., a synthetic biotechnology and renewable chemical company. Through this acquisition, Givaudan SA will be able to take the full benefit of Amyris’s technological platform to create, scale, and produce the highest-performing bio-fermented ingredients.

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International Flavors & Fragrances Inc. is a global company focusing on delivering products and solutions that provide better care for a better world. The company has four operating business segments, namely, Nourish, Health & Biosciences, Scent, and Pharma Solutions. The company offers flavors & fragrances through the Scent segment. The company has its presence in North America, South America, Europe, the Middle East & Africa, and the Asia Pacific. The company’s focus on health and well-being, product performance, and user satisfaction have remained unwavering as the company has built its business to be the leader in consumer-driven product solutions.

Reasons to Purchase this Report: 

⇛  Comprehensive competitive landscape, including market rankings of major players, recent product/service launches, partnerships, business expansions, and acquisitions over the past five years.

⇛  In-depth qualitative and quantitative analysis of the market, covering both economic and non-economic factors.

⇛  Detailed market value data for each segment and sub-segment.

⇛  Identification of the region and segment expected to experience the fastest growth and lead the market.

⇛  Geographic analysis, highlighting regional product/service consumption and the factors influencing market conditions in each area.

⇛  Detailed company profiles, including overviews, insights, product comparisons, and SWOT analyses of key market players.

⇛  Current and future market outlook, focusing on growth opportunities, key drivers, challenges, and constraints in both emerging and developed regions.

⇛  Market dynamics and future growth opportunities in the coming years.