The global flavors and fragrances market size was valued at USD 27.50 billion in 2023 and is projected to grow from USD 28.72 billion in 2024 to USD 42.27 billion by 2032, exhibiting a CAGR of 5.0% during the forecast period.. This is attributable to the rapid growth of the food and beverage industry that propelled the demand for new flavors. This information is published report by Fortune Business Insights™
Source: https://www.fortunebusinessinsights.com/flavors-and-fragrances-market-102329
Report Highlights
- A 360-degree overview of the flavors and fragrances market
- Factors boosting, repelling and challenging the market
- Detailed segmentation of the market based on factors such as type, application, and geography.
- The report also lists the names of key players and strategies adopted by them to compete for the top position in the market
- Other flavors and fragrances market trends and opportunities
- Notable industry developments and interesting insights into the market.
Drivers –
Increasing Demand from Cosmetic Industry to Drive Market
The prevailing trend of ready-to-eat and convenience food products have propelled companies to introduce innovative flavors into the food and beverage industry. The increasing demand for innovative products from the food and beverage industry is a major factor boosting the flavors and fragrances market growth. In addition to this, there is a rise in demand for scented soaps, detergents, toiletries, and cosmetics, and perfumes, owing to the rise in modernization and the adoption of higher living standards among people. Therefore, the increasing demand from the cosmetic industry will also add impetus to the overall market in the forecast period.
Regional Analysis –
Asia Pacific to Emerge as Most Lucrative Market Owing to Increasing Demand from Cosmetic Industry
Europe is holding a significant position in the market on account of the increasing demand for encapsulated flavors and fragrances in liquor-based drinks as well as in cosmetic products in the region. Additionally, the market in North America has reached the maturity phase while this region earned USD 6.41 billion in 2018. Furthermore, Asia Pacific is likely to emerge as the most lucrative market owing to the rise in demand for flavors and fragrances from both the food and cosmetic industries.
