Reports
Global Flavour & Fragrances Industry Report: Regional Analysis; Key Segmentation and Scope; Industry Opportunities and Challenges; Market Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Value Chain Analysis; Industry Events and Developments; Competitive Landscape, 2022-2027
Flavour & Fragrances Industry Report by Regional Category Spend, Price Analysis, Key Demand, and Price Indicators, and Best Buying Practices
The global Flavour & Fragrances market reached a value of about USD 31.8 billion in 2021. The industry is projected to grow at a CAGR of around 4.5% in the forecast period of 2022-2027 to reach a value of about USD 41.2 billion by 2027.
The global Flavour & Fragrances industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The growing consumer preference for organic and natural products is propelling the industry's growth. Europe is the highest category spender by region, driving the Flavour & Fragrances industry demand.
Industry Definition and Segmentation
Flavour or fragrance formulations are made up of a combination of aroma compounds, or in some cases, a single component, that is used to generate a specific taste or smell for usage in a wide range of consumer goods items. While flavour refers to a substance's distinct flavour, fragrance refers to a product's attractive scent. Both can be utilised in a variety of culinary and non-food products. Synthetic and natural fragrances are both accessible. The Flavour & Fragrances industry report comprises segments by Product Type (Nature-Identical, Artificial, Natural), Flavours Market Breakup by Form (Liquid, Dry), Application (Beverages, Dairy and Frozen Desserts, Savouries and Snacks, Bakery and Confectionery Products, Others), and Fragrances Market Breakup by Ingredients (Synthetic, Natural), Application (Soap and Detergents, Cosmetics and Toiletries, Fine Fragrances, Households Cleaners and Fresheners, Others) and Region (North America, Europe, Asia Pacific, the Middle East, and Africa, and South America).
European Region is Driving the Growth of the Industry
Europe holds a significant share in the industry and controls more than a quarter of the market. Germany is the region's important market, accounting for over a quarter of the total. The economies of Western Europe, such as the United Kingdom and France, are the continent's other major regional marketplaces.
The industry is being driven by the growing popularity of natural or organic flavours and perfumes. Cosmetics, toiletries, fragrances, soaps, and detergents are witnessing an increase in demand as customers' purchasing power grows in emerging nations. The expansion of the fragrance market is aided by rising demand for personal care goods, particularly those aimed at the people in developing countries. Furthermore, increased awareness of hygiene and cleanliness because of marketing initiatives and commercials is furthering the market growth. Also, as people become more eager to explore novel perfumes and flavours, especially the younger customers the market is likely to expand. Other factors such as fast urbanisation, a growing population, rising disposable incomes, changing consumer expenditure patterns, and an increase in the middle-class people are further boosting the market's development.
Best Procurement Practices
The global Flavour & Fragrances industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by prominent international Flavour & Fragrances regions across the globe, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
Category Management Studies
Formulations are created by exceptionally trained scientists, flavourists, or perfumers, whose employment combines the scientific understanding of the chemical palette with originality to create new and unique products. A demand or request from a client, usually a consumer products industry, starts the formulation process. The flavourist or perfumer creates a formula and compound based on their understanding of accessible chemical components, which is subsequently sent to the customer for testing. It may take several iterations with client input until the proper formulation is discovered. The Flavour & Fragrance House may perform sensory tests to evaluate consumer acceptability of a formulation before it is supplied to the customer or to further research the "sensory space" as part of the formulation process.
Growing Lifestyle Changes, Further Driving the Procurement of Flavour & Fragrances
The various developments are aiding the industry in the sector. Major industry participants are investing in developing a sustainable supply chain as manufacturers and consumers become more environmentally sensitive. In addition, the rising trend toward low-calorie meals and beverages, which require further flavour enhancers, is helping the flavours category. Demand for easy meals such as RTD beverages and ready-to-drink has increased as people's lifestyles have become busier, assisting the segment's growth. The growing consumption and manufacturing of processed foods and rising demand for high-end personal care products in established regions such as North America and Europe are likely to impact the market positively.
The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
Key Industry Players Mentioned in the Flavour & Fragrances Industry Report
- Givaudan
- Firmenich SA
- International Flavors & Fragrances, Inc.
- Symrise Group
- Takasago International Corporation
Market Landscape
The market is fragmented as massive international corporations dominate it. Smaller businesses set themselves apart by developing distinctive natural smells and tastes, making it harder for competitors to copy and penetrate the market. Safety issues and environmental protection legislation are becoming increasingly important in most industrialised nations. Operating costs and investment expenditures are likewise rising year after year. Furthermore, creativity and innovation are the most critical characteristics for gaining a competitive advantage. As a result, new components are being sought, resulting in increased processing costs.
Key Initiatives by Companies
- Givaudan and Novozymes decided to form a research collaboration in 2020, and the two companies would collaborate on the research and development of novel sustainable food and cleaning solutions.
- International Flavors & Fragrances Inc. and DuPont Nutrition & Biosciences combined in 2020 to provide high-value ingredients and solutions for the Food & Beverage, Home & Personal Care, and Health & wellness industries.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Flavours Market Analysis
8.1 Key Industry Highlights
8.2 Global Flavours Historical Market (2017-2021)
8.3 Global Flavours Market Forecast (2022-2027)
8.4 Global Flavours Market by Product Type
8.4.1 Nature-Identical
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2017-2021)
8.4.1.3 Forecast Trend (2022-2027)
8.4.2 Artificial
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2017-2021)
8.4.2.3 Forecast Trend (2022-2027)
8.4.3 Natural
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2017-2021)
8.4.3.3 Forecast Trend (2022-2027)
8.5 Global Flavours Market by Form
8.5.1 Liquid
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2017-2021)
8.5.1.3 Forecast Trend (2022-2027)
8.5.2 Dry
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2017-2021)
8.5.2.3 Forecast Trend (2022-2027)
8.6 Global Flavours Market by Application
8.6.1 Beverages
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2017-2021)
8.6.1.3 Forecast Trend (2022-2027)
8.6.2 Dairy and Frozen Desserts
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2017-2021)
8.6.2.3 Forecast Trend (2022-2027)
8.6.3 Savouries and Snacks
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2017-2021)
8.6.3.3 Forecast Trend (2022-2027)
8.6.4 Bakery and Confectionery Products
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2017-2021)
8.6.4.3 Forecast Trend (2022-2027)
8.6.5 Others
8.7 Global Flavours Market by Region
8.7.1 Market Share
8.7.1.1 North America
8.7.1.2 Europe
8.7.1.3 Asia Pacific
8.7.1.4 Latin America
8.7.1.5 Middle East and Africa
8.8 Regional Analysis
8.8.1 North America
8.8.1.1 Historical Trend (2017-2021)
8.8.1.2 Forecast Trend (2022-2027)
8.8.1.3 Breakup by Country
8.8.1.3.1 United States of America
8.8.1.3.2 Canada
8.8.2 Europe
8.8.2.1 Historical Trend (2017-2021)
8.8.2.2 Forecast Trend (2022-2027)
8.8.2.3 Breakup by Country
8.8.2.3.1 United Kingdom
8.8.2.3.2 Germany
8.8.2.3.3 France
8.8.2.3.4 Italy
8.8.2.3.5 Others
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2017-2021)
8.8.3.2 Forecast Trend (2022-2027)
8.8.3.3 Breakup by Country
8.8.3.3.1 China
8.8.3.3.2 Japan
8.8.3.3.3 India
8.8.3.3.4 ASEAN
8.8.3.3.5 Australia
8.8.3.3.6 Others
8.8.4 Latin America
8.8.4.1 Historical Trend (2017-2021)
8.8.4.2 Forecast Trend (2022-2027)
8.8.4.3 Breakup by Country
8.8.4.3.1 Brazil
8.8.4.3.2 Argentina
8.8.4.3.3 Mexico
8.8.4.3.4 Others
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2017-2021)
8.8.5.2 Forecast Trend (2022-2027)
8.8.5.3 Breakup by Country
8.8.5.3.1 Saudi Arabia
8.8.5.3.2 United Arab Emirates
8.8.5.3.3 Nigeria
8.8.5.3.4 South Africa
8.8.5.3.5 Others
9 Global Fragrances Market Analysis
9.1 Key Industry Highlights
9.2 Global Fragrances Historical Market (2017-2021)
9.3 Global Fragrances Market Forecast (2022-2027)
9.4 Global Fragrances Market by Ingredients
9.4.1 Synthetic
9.4.1.1 Market Share
9.4.1.2 Historical Trend (2017-2021)
9.4.1.3 Forecast Trend (2022-2027)
9.4.2 Natural
9.4.2.1 Market Share
9.4.2.2 Historical Trend (2017-2021)
9.4.2.3 Forecast Trend (2022-2027)
9.5 Global Fragrances Market by Application
9.5.1 Soap and Detergents
9.5.1.1 Market Share
9.5.1.2 Historical Trend (2017-2021)
9.5.1.3 Forecast Trend (2022-2027)
9.5.2 Cosmetics and Toiletries
9.5.2.1 Market Share
9.5.2.2 Historical Trend (2017-2021)
9.5.2.3 Forecast Trend (2022-2027)
9.5.3 Fine Fragrances
9.5.3.1 Market Share
9.5.3.2 Historical Trend (2017-2021)
9.5.3.3 Forecast Trend (2022-2027)
9.5.4 Households Cleaners and Fresheners
9.5.4.1 Market Share
9.5.4.2 Historical Trend (2017-2021)
9.5.4.3 Forecast Trend (2022-2027)
9.5.5 Others
9.6 Global Fragrances Market by Region
9.6.1 Market Share
9.6.1.1 North America
9.6.1.2 Europe
9.6.1.3 Asia Pacific
9.6.1.4 Latin America
9.6.1.5 Middle East and Africa
9.7 Regional Analysis
9.7.1 North America
9.7.1.1 Historical Trend (2017-2021)
9.7.1.2 Forecast Trend (2022-2027)
9.7.1.3 Breakup by Country
9.7.1.3.1 United States of America
9.7.1.3.2 Canada
9.7.2 Europe
9.7.2.1 Historical Trend (2017-2021)
9.7.2.2 Forecast Trend (2022-2027)
9.7.2.3 Breakup by Country
9.7.2.3.1 United Kingdom
9.7.2.3.2 Germany
9.7.2.3.3 France
9.7.2.3.4 Italy
9.7.2.3.5 Others
9.7.3 Asia Pacific
9.7.3.1 Historical Trend (2017-2021)
9.7.3.2 Forecast Trend (2022-2027)
9.7.3.3 Breakup by Country
9.7.3.3.1 China
9.7.3.3.2 Japan
9.7.3.3.3 India
9.7.3.3.4 ASEAN
9.7.3.3.5 Australia
9.7.3.3.6 Others
9.7.4 Latin America
9.7.4.1 Historical Trend (2017-2021)
9.7.4.2 Forecast Trend (2022-2027)
9.7.4.3 Breakup by Country
9.7.4.3.1 Brazil
9.7.4.3.2 Argentina
9.7.4.3.3 Mexico
9.7.4.3.4 Others
9.7.5 Middle East and Africa
9.7.5.1 Historical Trend (2017-2021)
9.7.5.2 Forecast Trend (2022-2027)
9.7.5.3 Breakup by Country
9.7.5.3.1 Saudi Arabia
9.7.5.3.2 United Arab Emirates
9.7.5.3.3 Nigeria
9.7.5.3.4 South Africa
9.7.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyers Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Competitive Landscape
12.1 Market Structure
12.2 Key Players’ Market Share
12.3 Company Profiles
12.3.1 Givaudan
12.3.1.1 Company Overview
12.3.1.2 Product Portfolio
12.3.1.3 Demographic Reach and Achievements
12.3.1.4 Certifications
12.3.2 Firmenich SA
12.3.2.1 Company Overview
12.3.2.2 Product Portfolio
12.3.2.3 Demographic Reach and Achievements
12.3.2.4 Certifications
12.3.3 International Flavours & Fragrances Inc.
12.3.3.1 Company Overview
12.3.3.2 Product Portfolio
12.3.3.3 Demographic Reach and Achievements
12.3.3.4 Certifications
12.3.4 Symrise Group
12.3.4.1 Company Overview
12.3.4.2 Product Portfolio
12.3.4.3 Demographic Reach and Achievements
12.3.4.4 Certifications
12.3.5 Takasago International Corporation
12.3.5.1 Company Overview
12.3.5.2 Product Portfolio
12.3.5.3 Demographic Reach and Achievements
12.3.5.4 Certifications
12.3.6 Mane Group
12.3.6.1 Company Overview
12.3.6.2 Product Portfolio
12.3.6.3 Demographic Reach and Achievements
12.3.6.4 Certifications
12.3.7 Sensient Technologies Corporation
12.3.7.1 Company Overview
12.3.7.2 Product Portfolio
12.3.7.3 Demographic Reach and Achievements
12.3.7.4 Certifications
12.3.8 ADM
12.3.8.1 Company Overview
12.3.8.2 Product Portfolio
12.3.8.3 Demographic Reach and Achievements
12.3.8.4 Certifications
12.3.9 Others
13 Industry Events and Developments
The global Flavour & Fragrances market size was valued at USD 31.8 billion in 2021.
In the forecast period of 2022-2027, the market is projected to grow at a CAGR of 4.5%.
The significant demand for convenience food products is one of the essential drivers of the Flavour & Fragrances market growth.
Givaudan, Firmenich SA, International Flavours & Fragrances Inc., Symrise Group, Takasago International Corporation, Mane Group, Sensient Technologies Corporation, ADM, and Others are some of the major players in the market.
The Europe region of the Flavour & Fragrances industry holds a significant share in the market.
The global Flavour & Fragrances market attained a value of USD 31.8 billion in 2021, driven by the growing popularity of natural or organic flavours and perfumes. Other factors such as fast urbanisation, a growing population, rising disposable incomes, changing consumer expenditure patterns, and an increase in the middle-class population further boost the market's development. Aided by the various products in the sector and trends like the shift toward low-calorie meals and beverages, demand for easy meals such as RTD beverages and ready-to-drink, consumption and manufacturing of processed foods paired with rising demand for high-end personal care products, the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 4.5%. The market is projected to reach USD 41.2 billion by 2027. Some of the leading players in the industry are Givaudan, Firmenich SA, International Flavours & Fragrances Inc., Symrise Group, Takasago International Corporation, Mane Group, Sensient Technologies Corporation, ADM, and Others.
Procurement Resources' detailed research approach explores deep into the industry, encompassing the macro and micro aspects of the industry. Its team of experts uses a combination of cutting-edge analytical tools and their expertise, thus, delivering its customers with market insights that are accurate and actionable and help them remain ahead of their competition.
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