In terms of value, the flavors & fragrances market is estimated to grow from USD 35.3 billion in 2024 to USD 42.3 billion by 2029, at a CAGR of 3.7%. 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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Based on region, Asia Pacific is the largest market for flavors & fragrances, in terms of value, in 2023 due to the due to its robust economic growth, increasing population, rapid industrialization, rising disposable incomes, and favorable government regulations. The market potential is huge due to the sheer volume of consumers. There is a requirement for a broad variety of flavors and fragrances that are tailored to various geographical sensibilities owing to the diversity of consumer preferences and tastes.
The key players profiled in the report include 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). These players have adopted various growth strategies to strengthen their position in the market. These include introducing new technologies, expansions, and product launches to acquire larger market shares.
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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.
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.
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