(PharmaNewsWire.Com, April 20, 2018 ) According to Publisher, the Global Flavors and Fragrances Market is accounted for $29.12 billion in 2015 and is expected to reach $44.60 billion by 2022 growing at a CAGR of 6.3% during the forecast period from 2015 to 2022. The increasing consciousness of people towards beauty and food & beverages is creating opportunities in the dairy, soap & detergents, fine fragrance and cosmetic & toiletries industries. Emerging middle class population in developing countries acts as the growth factor for the market. Moreover, increasing demand for natural flavors is the key trend of the market coupled with high disposable income of consumer and rapid change in lifestyle. In addition to all drivers, high cost of raw materials is one of the major factors restraining the market growth.
Aroma chemicals segment is expected to be the fastest growing segment owing to the increasing use of this material for making flavor and fragrance compounds. Diary, cosmetics & toiletries, and household product segments are anticipated to show above average growth in market, reaction to its various uses in daily lifestyle. North America is estimated to be the largest market, while Asia Pacific is estimated to be the fastest growing market due to the increase in disposable income and changing lifestyle.
Some of the key players in the flavors and fragrances market include 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., Royal DSM NV, Cargill Flavor Systems, ConAgra Foods Incorporated and Kerry Group plc.
Applications Covered: -Beverages -Confectionary And Bakery Products -Cosmetics And Toiletries -Dairy Products -Household And Other Products -Oral Care -Soap & Detergent
Regions Covered: -North America -US -Canada -Mexico -Europe -Germany -France -Italy -UK -Spain -Rest of Europe -Asia Pacific -Japan -China -India -Australia -New Zealand -Rest of Asia Pacific -Rest of the World -Middle East -Brazil -Argentina -South Africa -Egypt
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