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
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%. Natural flavors and fragrances are becoming a growing trend due to their sensory and experiential attributes. Customers who are cautious of artificial additives and complicated chemical names are drawn to natural flavors and fragrances since they tend to have a clearer and more transparent ingredient list. Consumers gravitate towards natural solutions because of their need for authenticity and high-quality sensory experiences.
“Synthetic ingredient segment was the largest ingredient type of flavors & fragrances market, in terms of value, in 2023.”
Synthetic ingredients are the most used ingredient type in the flavors & fragrances market, in terms of value, in 2023. Synthetic ingredients' adaptability and flexibility for innovation add to their dominance in the flavors & fragrances market. Numerous flavors and fragrances that might not be readily obtained from natural sources can be created via synthetic chemistry. In a competitive market, having the freedom to explore and develop novel sensory experiences is a major advantage.
“Dairy products segment is projected to witness the highest CAGR in the flavors market, in terms of value, during the forecast period.”
The dairy products segment is projected to witness the highest CAGR in the flavors & market, in terms of value, during the forecast period. There is a growing demand for new flavors in dairy products due to product diversity and innovation. As more people choose vegan or lactose-free diets, plant-based dairy substitutes like almond, soy, and oat milk have become increasingly popular. To increase their attractiveness and set them apart from conventional dairy products, these products need unique flavors.
“Fine fragrances segment was the second largest end-use industry of fragrances market, in terms of value, in 2023.”
Fine fragrances segment stands as the second-largest end-use industry in the fragrances market. The growing inclination of consumers towards experiencing luxury and customized indulgence is contributing to the attraction of high-quality fragrances. Sensual pleasure, emotional fulfilment, and a feeling of personal identity are becoming increasingly important to modern customers, especially those in wealthier groups. Fine fragrances satisfy these needs by providing a sensual experience that goes beyond the ordinary, enabling consumers to showcase their uniqueness and elegance.
“Europe is projected to be the second largest region, in terms of value, during the forecast period in the flavors & fragrances market.”
Europe was the second-largest region in the flavors & fragrances market. Europe served as a pioneer when it comes to the creation and enhancement of flavors and fragrances. Ancient perfumery and culinary arts traditions abound in the region, with France and Italy being recognized for their centuries-long mastery in these art forms. Europe is recognized worldwide as a leader in the production and enjoyment of complex, premium flavors and fragrances owing to its rich legacy. Market needs for customization and regional specialties are still on the rise due to which companies do not cease to develop new solutions that would appeal to the target markets across Europe.
Research Coverage
This report segments the market for flavors & fragrances based on ingredient type, end-use industry, and region and provides estimations of value (USD Million) for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, services, and key strategies, associated with the market for flavors & fragrances.
Reasons to Buy this Report
This research report is focused on various levels of analysis — industry analysis (industry trends), market share analysis of top players, and company profiles, which together provide an overall view of the competitive landscape, emerging and high-growth segments of the flavors & fragrances market; high-growth regions; and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
“Synthetic ingredient segment was the largest ingredient type of flavors & fragrances market, in terms of value, in 2023.”
Synthetic ingredients are the most used ingredient type in the flavors & fragrances market, in terms of value, in 2023. Synthetic ingredients' adaptability and flexibility for innovation add to their dominance in the flavors & fragrances market. Numerous flavors and fragrances that might not be readily obtained from natural sources can be created via synthetic chemistry. In a competitive market, having the freedom to explore and develop novel sensory experiences is a major advantage.
“Dairy products segment is projected to witness the highest CAGR in the flavors market, in terms of value, during the forecast period.”
The dairy products segment is projected to witness the highest CAGR in the flavors & market, in terms of value, during the forecast period. There is a growing demand for new flavors in dairy products due to product diversity and innovation. As more people choose vegan or lactose-free diets, plant-based dairy substitutes like almond, soy, and oat milk have become increasingly popular. To increase their attractiveness and set them apart from conventional dairy products, these products need unique flavors.
“Fine fragrances segment was the second largest end-use industry of fragrances market, in terms of value, in 2023.”
Fine fragrances segment stands as the second-largest end-use industry in the fragrances market. The growing inclination of consumers towards experiencing luxury and customized indulgence is contributing to the attraction of high-quality fragrances. Sensual pleasure, emotional fulfilment, and a feeling of personal identity are becoming increasingly important to modern customers, especially those in wealthier groups. Fine fragrances satisfy these needs by providing a sensual experience that goes beyond the ordinary, enabling consumers to showcase their uniqueness and elegance.
“Europe is projected to be the second largest region, in terms of value, during the forecast period in the flavors & fragrances market.”
Europe was the second-largest region in the flavors & fragrances market. Europe served as a pioneer when it comes to the creation and enhancement of flavors and fragrances. Ancient perfumery and culinary arts traditions abound in the region, with France and Italy being recognized for their centuries-long mastery in these art forms. Europe is recognized worldwide as a leader in the production and enjoyment of complex, premium flavors and fragrances owing to its rich legacy. Market needs for customization and regional specialties are still on the rise due to which companies do not cease to develop new solutions that would appeal to the target markets across Europe.
- By Company Type: Tier 1 - 69%, Tier 2 - 23%, and Tier 3 - 8%
- By Designation: C-Level - 23%, Director Level - 37%, and Others - 40%
- By Region: North America - 24%, Europe - 40%, Asia Pacific - 17%, South America – 7%, Middle East & Africa - 12%,
Research Coverage
This report segments the market for flavors & fragrances based on ingredient type, end-use industry, and region and provides estimations of value (USD Million) for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, services, and key strategies, associated with the market for flavors & fragrances.
Reasons to Buy this Report
This research report is focused on various levels of analysis — industry analysis (industry trends), market share analysis of top players, and company profiles, which together provide an overall view of the competitive landscape, emerging and high-growth segments of the flavors & fragrances market; high-growth regions; and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on flavors & fragrances offered by top players in the global market
- Analysis of key drivers: (Increasing demand for natural flavors & fragrances, Increasing consumer preference towards convenience foods, Rising demand for natural products, Rising demand for consumer products), restraints (Compliance with quality and regulatory standards, Fluctuating raw material prices), opportunities (Digitalization of the retail industry, Innovation in end-use industries), and challenges (Limited progression in value chain among developing economies, Lack of cold chain infrastructure in developing economies) influencing the growth of flavors & fragrances market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the flavors & fragrances market
- Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the markets for flavors & fragrances across regions.
- Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global flavors & fragrances market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the flavors & fragrances market
1 INTRODUCTION
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.2.1 INCLUSIONS AND EXCLUSIONS OF STUDY
1.2.2 FLAVORS & FRAGRANCES MARKET: DEFINITION AND INCLUSIONS, BY INGREDIENT TYPE
1.2.3 FLAVORS MARKET: DEFINITION AND INCLUSIONS, BY END-USE INDUSTRY
1.2.4 FRAGRANCES MARKET: DEFINITION AND INCLUSIONS, BY END-USE INDUSTRY
1.3 MARKET SCOPE
1.3.1 FLAVORS & FRAGRANCES MARKET SEGMENTATION
1.3.2 REGIONAL SCOPE
1.4 YEARS CONSIDERED
1.5 CURRENCY CONSIDERED
1.6 STAKEHOLDERS
1.7 SUMMARY OF CHANGES
1.7.1 IMPACT OF RECESSION
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
2.1.1 SECONDARY DATA
2.1.2 PRIMARY DATA
2.1.2.1 Interviews with experts–demand and supply sides
2.1.2.2 Key industry insights
2.1.2.3 Breakdown of interviews with experts
2.2 MARKET SIZE ESTIMATION
2.2.1 BOTTOM-UP APPROACH
2.2.2 TOP-DOWN APPROACH
2.3 DATA TRIANGULATION
2.4 GROWTH FORECAST
2.4.1 SUPPLY-SIDE ANALYSIS
2.4.2 DEMAND-SIDE ANALYSIS
2.5 IMPACT OF RECESSION
2.6 ASSUMPTIONS
2.7 LIMITATIONS
2.8 RISK ASSESSMENT
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN FLAVORS & FRAGRANCES MARKET
4.2 FLAVORS & FRAGRANCES MARKET, BY REGION
4.3 ASIA PACIFIC: FLAVORS MARKET, BY COUNTRY AND END-USE INDUSTRY (2023)
4.4 FRAGRANCES MARKET, BY END-USE INDUSTRY AND REGION
4.5 FRAGRANCES MARKET, BY KEY COUNTRY
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
5.2.1 DRIVERS
5.2.1.1 Increasing demand for natural flavors and fragrances
5.2.1.2 Increasing consumer preference for convenience food
5.2.1.3 Rising demand for natural products
5.2.1.4 Rising demand for consumer products
5.2.2 RESTRAINTS
5.2.2.1 Compliance with quality and regulatory standards
5.2.2.2 Fluctuating raw material prices
5.2.3 OPPORTUNITIES
5.2.3.1 Digitalization of retail industry
5.2.3.2 Innovation in end-use industries
5.2.4 CHALLENGES
5.2.4.1 Limited progression in value chain among developing economies
5.2.4.2 Lack of cold chain infrastructure in developing economies
5.3 PORTER’S FIVE FORCES ANALYSIS
5.3.1 THREAT OF NEW ENTRANTS
5.3.2 THREAT OF SUBSTITUTES
5.3.3 BARGAINING POWER OF SUPPLIERS
5.3.4 BARGAINING POWER OF BUYERS
5.3.5 INTENSITY OF COMPETITIVE RIVALRY
5.4 MACROECONOMIC INDICATORS
5.4.1 GDP TRENDS AND FORECAST OF MAJOR ECONOMIES
6 INDUSTRY TRENDS
6.1 SUPPLY CHAIN ANALYSIS
6.1.1 RAW MATERIALS
6.1.2 MANUFACTURING
6.1.3 DISTRIBUTION NETWORK
6.1.4 END-USE INDUSTRIES
6.2 KEY STAKEHOLDERS AND BUYING CRITERIA
6.2.1 KEY STAKEHOLDERS IN BUYING PROCESS
6.2.2 BUYING CRITERIA
6.3 PRICING ANALYSIS
6.3.1 INDICATIVE AVERAGE SELLING PRICE TREND OF FLAVORS & FRAGRANCES, BY REGION
6.4 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES
6.5 ECOSYSTEM ANALYSIS/MARKET MAP
6.6 CASE STUDIES
6.6.1 GIVAUDAN’S STRATEGIC MOVE: CAPTURING NATURAL INGREDIENT TREND THROUGH NATUREX ACQUISITION
6.6.2 INNOVATING WITH MICROBES: IFF’S JOURNEY INTO PROBIOTIC FLAVORS & FRAGRANCES
6.6.3 SENSIENT TECHNOLOGIES CORPORATION: SAFEGUARDING CONSUMER TRUST THROUGH CRISIS MANAGEMENT AND CONTINUOUS IMPROVEMENT
6.7 TECHNOLOGY ANALYSIS
6.7.1 KEY TECHNOLOGIES
6.7.1.1 Supercritical fluid extraction
6.7.1.2 Ultrasonic extraction
6.7.2 COMPLEMENTARY TECHNOLOGIES
6.7.2.1 Artificial intelligence-powered fragrance creation
6.8 TRADE ANALYSIS
6.8.1 IMPORT SCENARIO
6.8.1.1 Flavors
6.8.1.2 Fragrances
6.8.2 EXPORT SCENARIO
6.8.2.1 Flavors
6.8.2.2 Fragrances
6.9 REGULATORY LANDSCAPE
6.9.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
6.10 KEY CONFERENCES AND EVENTS IN 2024–2025
6.11 INVESTMENT AND FUNDING SCENARIO
6.12 PATENT ANALYSIS
6.12.1 APPROACH
6.12.2 DOCUMENT TYPES
6.12.3 TOP APPLICANTS
6.12.4 JURISDICTION ANALYSIS
7 FLAVORS & FRAGRANCES MARKET, BY INGREDIENT TYPE
7.1 INTRODUCTION
7.2 SYNTHETIC
7.2.1 COST-EFFECTIVENESS OF SYNTHETIC INGREDIENTS TO DRIVE ADOPTION
7.3 NATURAL
7.3.1 CONSUMER PREFERENCES AND INCREASED HEALTH CONSCIOUSNESS TO DRIVE MARKET
8 FLAVORS & FRAGRANCES MARKET, BY END-USE INDUSTRY
8.1 INTRODUCTION
8.2 FLAVORS
8.2.1 BEVERAGES
8.2.1.1 Consumer preferences to drive demand
8.2.2 BAKERY
8.2.2.1 Extensive product range to drive market
8.2.3 SAVORY & SNACKS
8.2.3.1 Rising demand for plant-based products to support market growth
8.2.4 DAIRY PRODUCTS
8.2.4.1 Health & wellness trends to boost market
8.2.5 CONFECTIONERY
8.2.5.1 Continuous innovation and fast-changing consumer demand to drive market
8.2.6 OTHER END-USE INDUSTRIES
8.3 FRAGRANCES
8.3.1 CONSUMER PRODUCTS
8.3.1.1 Economic factors to influence market
8.3.2 FINE FRAGRANCES
8.3.2.1 Artistry and creativity in perfumes to drive market
9 FLAVORS & FRAGRANCES MARKET, BY REGION
9.1 INTRODUCTION
9.2 ASIA PACIFIC
9.2.1 RECESSION IMPACT
9.2.2 CHINA
9.2.2.1 Rapid industrialization to drive market
9.2.3 JAPAN
9.2.3.1 Growing beverages industry to drive demand
9.2.4 INDIA
9.2.4.1 Rising demand from end-use industries to propel market
9.2.5 SOUTH KOREA
9.2.5.1 Changing consumer lifestyle to drive demand for flavors & fragrances
9.2.6 INDONESIA
9.2.6.1 Expanding urban population to support market growth
9.2.7 THAILAND
9.2.7.1 Rich culinary heritage to support market growth
9.2.8 AUSTRALIA
9.2.8.1 Increasing health consciousness to drive demand
9.2.9 VIETNAM
9.2.9.1 Growing food processing sector to drive market
9.2.10 PHILIPPINES
9.2.10.1 Rising demand for Western food products to drive market
9.2.11 BANGLADESH
9.2.11.1 Growth in food processing sector to drive market
9.2.12 PAKISTAN
9.2.12.1 Rising middle-class population and preference for higher quality and safer food to drive market
9.2.13 TAIWAN
9.2.13.1 Rise in brand consciousness to drive demand
9.2.14 MALAYSIA
9.2.14.1 Growing demand for convenience foods to drive market
9.2.15 SINGAPORE
9.2.15.1 Increasing demand for natural and organic ingredients to drive market
9.2.16 MYANMAR
9.2.16.1 Increasing urbanization to drive demand
9.3 EUROPE
9.3.1 RECESSION IMPACT
9.3.2 GERMANY
9.3.2.1 Robust economy to drive market
9.3.3 FRANCE
9.3.3.1 Increasing production concentration and exports to boost market
9.3.4 UK
9.3.4.1 Adoption of healthier lifestyles to support market
9.3.5 RUSSIA
9.3.5.1 Natural resources to support market
9.3.6 ITALY
9.3.6.1 Marketing initiatives by government to drive market
9.3.7 SPAIN
9.3.7.1 Demand for healthy and natural ingredients-based foods to drive market
9.4 NORTH AMERICA
9.4.1 RECESSION IMPACT
9.4.2 US
9.4.2.1 Largest consumer of flavors & fragrances in North America
9.4.3 CANADA
9.4.3.1 Increasing health awareness and demand for natural-based flavors and fragrances to drive market
9.4.4 MEXICO
9.4.4.1 Growing food & beverage industry to drive market
9.5 MIDDLE EAST & AFRICA
9.5.1 RECESSION IMPACT
9.5.2 GCC COUNTRIES
9.5.2.1 Saudi Arabia
9.5.2.1.1 Increasing demand for premium consumer products to drive market
9.5.3 IRAN
9.5.3.1 Growing urban middle-class population and changing lifestyles to positively impact market growth
9.5.4 TURKEY
9.5.4.1 Rising disposable income to support growth
9.5.5 SOUTH AFRICA
9.5.5.1 Beverages segment to boost growth
9.6 SOUTH AMERICA
9.6.1 RECESSION IMPACT
9.6.2 BRAZIL
9.6.2.1 Rising demand for dairy products and premium fragrances to drive market
9.6.3 ARGENTINA
9.6.3.1 Growing consumer demand for personal care and household products to drive market
10 COMPETITIVE LANDSCAPE
10.1 INTRODUCTION
10.2 STRATEGIES ADOPTED BY KEY PLAYERS/RIGHT TO WIN
10.2.1 OVERVIEW OF STRATEGIES ADOPTED BY KEY FLAVOR & FRAGRANCE MANUFACTURERS
10.3 MARKET SHARE ANALYSIS
10.3.1 RANKING OF KEY MARKET PLAYERS, 2023
10.4 REVENUE ANALYSIS
10.5 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023
10.5.1 STARS
10.5.2 EMERGING LEADERS
10.5.3 PERVASIVE PLAYERS
10.5.4 PARTICIPANTS
10.5.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023
10.5.5.1 Company footprint
10.5.5.2 Region footprint
10.5.5.3 Ingredient type footprint
10.5.5.4 End-use industry footprint
10.6 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023
10.6.1 PROGRESSIVE COMPANIES
10.6.2 RESPONSIVE COMPANIES
10.6.3 DYNAMIC COMPANIES
10.6.4 STARTING BLOCKS
10.6.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2023
10.6.5.1 Detailed list of key startups/SMEs
10.6.5.2 Competitive benchmarking of key startups/SMEs
10.7 BRAND/PRODUCT COMPARISON ANALYSIS
10.8 COMPANY VALUATION AND FINANCIAL METRICS
10.9 COMPETITIVE SCENARIO
10.9.1 PRODUCT LAUNCHES
10.9.2 DEALS
10.9.3 EXPANSIONS
11 COMPANY PROFILES
11.1 KEY PLAYERS
11.1.1 GIVAUDAN SA
11.1.1.1 Business overview
11.1.1.2 Products offered
11.1.1.3 Recent developments
11.1.1.3.1 Product launches
11.1.1.3.2 Deals
11.1.1.4 MnM view
11.1.1.4.1 Key strengths
11.1.1.4.2 Strategic choices
11.1.1.4.3 Weaknesses and competitive threats
11.1.2 INTERNATIONAL FLAVORS & FRAGRANCES INC.
11.1.2.1 Business overview
11.1.2.2 Products offered
11.1.2.3 Recent developments
11.1.2.3.1 Deals
11.1.2.3.2 Expansions
11.1.2.4 MnM view
11.1.2.4.1 Key strengths
11.1.2.4.2 Strategic choices
11.1.2.4.3 Weaknesses and competitive threats
11.1.3 DSM-FIRMENICH AG
11.1.3.1 Business overview
11.1.3.2 Products offered
11.1.3.3 Recent developments
11.1.3.3.1 Product launches
11.1.3.3.2 Deals
11.1.3.3.3 Expansions
11.1.3.4 MnM View
11.1.3.4.1 Key strengths
11.1.3.4.2 Strategic choices
11.1.3.4.3 Weaknesses and competitive threats
11.1.4 SYMRISE AG
11.1.4.1 Business overview
11.1.4.2 Products offered
11.1.4.3 Recent developments
11.1.4.3.1 Product launches
11.1.4.4 MnM view
11.1.4.4.1 Key strengths
11.1.4.4.2 Strategic choices
11.1.4.4.3 Weaknesses and competitive threats
11.1.5 TAKASAGO INTERNATIONAL CORPORATION
11.1.5.1 Business overview
11.1.5.2 Products offered
11.1.5.3 Recent developments
11.1.5.3.1 Expansions
11.1.5.4 MnM View
11.1.5.4.1 Key strengths
11.1.5.4.2 Strategic choices
11.1.5.4.3 Weaknesses and competitive threats
11.1.6 SENSIENT TECHNOLOGIES CORPORATION
11.1.6.1 Business overview
11.1.6.2 Products offered
11.1.6.3 Recent developments
11.1.6.3.1 Deals
11.1.7 ADM
11.1.7.1 Business overview
11.1.7.2 Products offered
11.1.8 MANE
11.1.8.1 Business overview
11.1.8.2 Products offered
11.1.9 ROBERTET GROUP
11.1.9.1 Business overview
11.1.9.2 Products offered
11.1.10 T. HASEGAWA CO., LTD.
11.1.10.1 Business overview
11.1.10.2 Products offered
11.1.10.3 Recent developments
11.1.10.3.1 Product launches
11.1.11 BELL FLAVORS & FRAGRANCES
11.1.11.1 Business overview
11.1.11.2 Products offered
11.1.11.3 Recent developments
11.1.11.3.1 Product launches
11.2 OTHER PLAYERS
11.2.1 KERRY GROUP
11.2.2 OGAWA & CO., LTD.
11.2.3 HUABAO INTERNATIONAL HOLDINGS LTD.
11.2.4 BIOLANDES SAS
11.2.5 FLAVEX NATUREXTRAKTE GMBH
11.2.6 SYNTHITE INDUSTRIES LTD.
11.2.7 UNGERER & COMPANY
11.2.8 AKAY NATURAL INGREDIENTS PRIVATE LIMITED
11.2.9 SOLVAY SA
11.2.10 OZONE NATURALS
11.2.11 BASF SE
11.2.12 AROMATECH SAS
11.2.13 BEDOUKIAN RESEARCH INC.
11.2.14 ALPHA AROMATICS
12 ADJACENT & RELATED MARKETS
12.1 INTRODUCTION
12.2 LIMITATIONS
12.3 AROMA INGREDIENTS MARKET
12.3.1 MARKET DEFINITION
12.3.2 MARKET OVERVIEW
12.4 AROMA INGREDIENTS MARKET, BY REGION
12.4.1 EUROPE
12.4.2 ASIA PACIFIC
12.4.3 NORTH AMERICA
12.4.4 MIDDLE EAST & AFRICA
12.4.5 SOUTH AMERICA
13 APPENDIX
13.1 DISCUSSION GUIDE
13.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
13.3 CUSTOMIZATION OPTIONS
13.4 RELATED REPORTS
13.5 AUTHOR DETAILS
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.2.1 INCLUSIONS AND EXCLUSIONS OF STUDY
1.2.2 FLAVORS & FRAGRANCES MARKET: DEFINITION AND INCLUSIONS, BY INGREDIENT TYPE
1.2.3 FLAVORS MARKET: DEFINITION AND INCLUSIONS, BY END-USE INDUSTRY
1.2.4 FRAGRANCES MARKET: DEFINITION AND INCLUSIONS, BY END-USE INDUSTRY
1.3 MARKET SCOPE
1.3.1 FLAVORS & FRAGRANCES MARKET SEGMENTATION
1.3.2 REGIONAL SCOPE
1.4 YEARS CONSIDERED
1.5 CURRENCY CONSIDERED
1.6 STAKEHOLDERS
1.7 SUMMARY OF CHANGES
1.7.1 IMPACT OF RECESSION
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
2.1.1 SECONDARY DATA
2.1.2 PRIMARY DATA
2.1.2.1 Interviews with experts–demand and supply sides
2.1.2.2 Key industry insights
2.1.2.3 Breakdown of interviews with experts
2.2 MARKET SIZE ESTIMATION
2.2.1 BOTTOM-UP APPROACH
2.2.2 TOP-DOWN APPROACH
2.3 DATA TRIANGULATION
2.4 GROWTH FORECAST
2.4.1 SUPPLY-SIDE ANALYSIS
2.4.2 DEMAND-SIDE ANALYSIS
2.5 IMPACT OF RECESSION
2.6 ASSUMPTIONS
2.7 LIMITATIONS
2.8 RISK ASSESSMENT
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN FLAVORS & FRAGRANCES MARKET
4.2 FLAVORS & FRAGRANCES MARKET, BY REGION
4.3 ASIA PACIFIC: FLAVORS MARKET, BY COUNTRY AND END-USE INDUSTRY (2023)
4.4 FRAGRANCES MARKET, BY END-USE INDUSTRY AND REGION
4.5 FRAGRANCES MARKET, BY KEY COUNTRY
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
5.2.1 DRIVERS
5.2.1.1 Increasing demand for natural flavors and fragrances
5.2.1.2 Increasing consumer preference for convenience food
5.2.1.3 Rising demand for natural products
5.2.1.4 Rising demand for consumer products
5.2.2 RESTRAINTS
5.2.2.1 Compliance with quality and regulatory standards
5.2.2.2 Fluctuating raw material prices
5.2.3 OPPORTUNITIES
5.2.3.1 Digitalization of retail industry
5.2.3.2 Innovation in end-use industries
5.2.4 CHALLENGES
5.2.4.1 Limited progression in value chain among developing economies
5.2.4.2 Lack of cold chain infrastructure in developing economies
5.3 PORTER’S FIVE FORCES ANALYSIS
5.3.1 THREAT OF NEW ENTRANTS
5.3.2 THREAT OF SUBSTITUTES
5.3.3 BARGAINING POWER OF SUPPLIERS
5.3.4 BARGAINING POWER OF BUYERS
5.3.5 INTENSITY OF COMPETITIVE RIVALRY
5.4 MACROECONOMIC INDICATORS
5.4.1 GDP TRENDS AND FORECAST OF MAJOR ECONOMIES
6 INDUSTRY TRENDS
6.1 SUPPLY CHAIN ANALYSIS
6.1.1 RAW MATERIALS
6.1.2 MANUFACTURING
6.1.3 DISTRIBUTION NETWORK
6.1.4 END-USE INDUSTRIES
6.2 KEY STAKEHOLDERS AND BUYING CRITERIA
6.2.1 KEY STAKEHOLDERS IN BUYING PROCESS
6.2.2 BUYING CRITERIA
6.3 PRICING ANALYSIS
6.3.1 INDICATIVE AVERAGE SELLING PRICE TREND OF FLAVORS & FRAGRANCES, BY REGION
6.4 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES
6.5 ECOSYSTEM ANALYSIS/MARKET MAP
6.6 CASE STUDIES
6.6.1 GIVAUDAN’S STRATEGIC MOVE: CAPTURING NATURAL INGREDIENT TREND THROUGH NATUREX ACQUISITION
6.6.2 INNOVATING WITH MICROBES: IFF’S JOURNEY INTO PROBIOTIC FLAVORS & FRAGRANCES
6.6.3 SENSIENT TECHNOLOGIES CORPORATION: SAFEGUARDING CONSUMER TRUST THROUGH CRISIS MANAGEMENT AND CONTINUOUS IMPROVEMENT
6.7 TECHNOLOGY ANALYSIS
6.7.1 KEY TECHNOLOGIES
6.7.1.1 Supercritical fluid extraction
6.7.1.2 Ultrasonic extraction
6.7.2 COMPLEMENTARY TECHNOLOGIES
6.7.2.1 Artificial intelligence-powered fragrance creation
6.8 TRADE ANALYSIS
6.8.1 IMPORT SCENARIO
6.8.1.1 Flavors
6.8.1.2 Fragrances
6.8.2 EXPORT SCENARIO
6.8.2.1 Flavors
6.8.2.2 Fragrances
6.9 REGULATORY LANDSCAPE
6.9.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
6.10 KEY CONFERENCES AND EVENTS IN 2024–2025
6.11 INVESTMENT AND FUNDING SCENARIO
6.12 PATENT ANALYSIS
6.12.1 APPROACH
6.12.2 DOCUMENT TYPES
6.12.3 TOP APPLICANTS
6.12.4 JURISDICTION ANALYSIS
7 FLAVORS & FRAGRANCES MARKET, BY INGREDIENT TYPE
7.1 INTRODUCTION
7.2 SYNTHETIC
7.2.1 COST-EFFECTIVENESS OF SYNTHETIC INGREDIENTS TO DRIVE ADOPTION
7.3 NATURAL
7.3.1 CONSUMER PREFERENCES AND INCREASED HEALTH CONSCIOUSNESS TO DRIVE MARKET
8 FLAVORS & FRAGRANCES MARKET, BY END-USE INDUSTRY
8.1 INTRODUCTION
8.2 FLAVORS
8.2.1 BEVERAGES
8.2.1.1 Consumer preferences to drive demand
8.2.2 BAKERY
8.2.2.1 Extensive product range to drive market
8.2.3 SAVORY & SNACKS
8.2.3.1 Rising demand for plant-based products to support market growth
8.2.4 DAIRY PRODUCTS
8.2.4.1 Health & wellness trends to boost market
8.2.5 CONFECTIONERY
8.2.5.1 Continuous innovation and fast-changing consumer demand to drive market
8.2.6 OTHER END-USE INDUSTRIES
8.3 FRAGRANCES
8.3.1 CONSUMER PRODUCTS
8.3.1.1 Economic factors to influence market
8.3.2 FINE FRAGRANCES
8.3.2.1 Artistry and creativity in perfumes to drive market
9 FLAVORS & FRAGRANCES MARKET, BY REGION
9.1 INTRODUCTION
9.2 ASIA PACIFIC
9.2.1 RECESSION IMPACT
9.2.2 CHINA
9.2.2.1 Rapid industrialization to drive market
9.2.3 JAPAN
9.2.3.1 Growing beverages industry to drive demand
9.2.4 INDIA
9.2.4.1 Rising demand from end-use industries to propel market
9.2.5 SOUTH KOREA
9.2.5.1 Changing consumer lifestyle to drive demand for flavors & fragrances
9.2.6 INDONESIA
9.2.6.1 Expanding urban population to support market growth
9.2.7 THAILAND
9.2.7.1 Rich culinary heritage to support market growth
9.2.8 AUSTRALIA
9.2.8.1 Increasing health consciousness to drive demand
9.2.9 VIETNAM
9.2.9.1 Growing food processing sector to drive market
9.2.10 PHILIPPINES
9.2.10.1 Rising demand for Western food products to drive market
9.2.11 BANGLADESH
9.2.11.1 Growth in food processing sector to drive market
9.2.12 PAKISTAN
9.2.12.1 Rising middle-class population and preference for higher quality and safer food to drive market
9.2.13 TAIWAN
9.2.13.1 Rise in brand consciousness to drive demand
9.2.14 MALAYSIA
9.2.14.1 Growing demand for convenience foods to drive market
9.2.15 SINGAPORE
9.2.15.1 Increasing demand for natural and organic ingredients to drive market
9.2.16 MYANMAR
9.2.16.1 Increasing urbanization to drive demand
9.3 EUROPE
9.3.1 RECESSION IMPACT
9.3.2 GERMANY
9.3.2.1 Robust economy to drive market
9.3.3 FRANCE
9.3.3.1 Increasing production concentration and exports to boost market
9.3.4 UK
9.3.4.1 Adoption of healthier lifestyles to support market
9.3.5 RUSSIA
9.3.5.1 Natural resources to support market
9.3.6 ITALY
9.3.6.1 Marketing initiatives by government to drive market
9.3.7 SPAIN
9.3.7.1 Demand for healthy and natural ingredients-based foods to drive market
9.4 NORTH AMERICA
9.4.1 RECESSION IMPACT
9.4.2 US
9.4.2.1 Largest consumer of flavors & fragrances in North America
9.4.3 CANADA
9.4.3.1 Increasing health awareness and demand for natural-based flavors and fragrances to drive market
9.4.4 MEXICO
9.4.4.1 Growing food & beverage industry to drive market
9.5 MIDDLE EAST & AFRICA
9.5.1 RECESSION IMPACT
9.5.2 GCC COUNTRIES
9.5.2.1 Saudi Arabia
9.5.2.1.1 Increasing demand for premium consumer products to drive market
9.5.3 IRAN
9.5.3.1 Growing urban middle-class population and changing lifestyles to positively impact market growth
9.5.4 TURKEY
9.5.4.1 Rising disposable income to support growth
9.5.5 SOUTH AFRICA
9.5.5.1 Beverages segment to boost growth
9.6 SOUTH AMERICA
9.6.1 RECESSION IMPACT
9.6.2 BRAZIL
9.6.2.1 Rising demand for dairy products and premium fragrances to drive market
9.6.3 ARGENTINA
9.6.3.1 Growing consumer demand for personal care and household products to drive market
10 COMPETITIVE LANDSCAPE
10.1 INTRODUCTION
10.2 STRATEGIES ADOPTED BY KEY PLAYERS/RIGHT TO WIN
10.2.1 OVERVIEW OF STRATEGIES ADOPTED BY KEY FLAVOR & FRAGRANCE MANUFACTURERS
10.3 MARKET SHARE ANALYSIS
10.3.1 RANKING OF KEY MARKET PLAYERS, 2023
10.4 REVENUE ANALYSIS
10.5 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023
10.5.1 STARS
10.5.2 EMERGING LEADERS
10.5.3 PERVASIVE PLAYERS
10.5.4 PARTICIPANTS
10.5.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023
10.5.5.1 Company footprint
10.5.5.2 Region footprint
10.5.5.3 Ingredient type footprint
10.5.5.4 End-use industry footprint
10.6 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023
10.6.1 PROGRESSIVE COMPANIES
10.6.2 RESPONSIVE COMPANIES
10.6.3 DYNAMIC COMPANIES
10.6.4 STARTING BLOCKS
10.6.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2023
10.6.5.1 Detailed list of key startups/SMEs
10.6.5.2 Competitive benchmarking of key startups/SMEs
10.7 BRAND/PRODUCT COMPARISON ANALYSIS
10.8 COMPANY VALUATION AND FINANCIAL METRICS
10.9 COMPETITIVE SCENARIO
10.9.1 PRODUCT LAUNCHES
10.9.2 DEALS
10.9.3 EXPANSIONS
11 COMPANY PROFILES
11.1 KEY PLAYERS
11.1.1 GIVAUDAN SA
11.1.1.1 Business overview
11.1.1.2 Products offered
11.1.1.3 Recent developments
11.1.1.3.1 Product launches
11.1.1.3.2 Deals
11.1.1.4 MnM view
11.1.1.4.1 Key strengths
11.1.1.4.2 Strategic choices
11.1.1.4.3 Weaknesses and competitive threats
11.1.2 INTERNATIONAL FLAVORS & FRAGRANCES INC.
11.1.2.1 Business overview
11.1.2.2 Products offered
11.1.2.3 Recent developments
11.1.2.3.1 Deals
11.1.2.3.2 Expansions
11.1.2.4 MnM view
11.1.2.4.1 Key strengths
11.1.2.4.2 Strategic choices
11.1.2.4.3 Weaknesses and competitive threats
11.1.3 DSM-FIRMENICH AG
11.1.3.1 Business overview
11.1.3.2 Products offered
11.1.3.3 Recent developments
11.1.3.3.1 Product launches
11.1.3.3.2 Deals
11.1.3.3.3 Expansions
11.1.3.4 MnM View
11.1.3.4.1 Key strengths
11.1.3.4.2 Strategic choices
11.1.3.4.3 Weaknesses and competitive threats
11.1.4 SYMRISE AG
11.1.4.1 Business overview
11.1.4.2 Products offered
11.1.4.3 Recent developments
11.1.4.3.1 Product launches
11.1.4.4 MnM view
11.1.4.4.1 Key strengths
11.1.4.4.2 Strategic choices
11.1.4.4.3 Weaknesses and competitive threats
11.1.5 TAKASAGO INTERNATIONAL CORPORATION
11.1.5.1 Business overview
11.1.5.2 Products offered
11.1.5.3 Recent developments
11.1.5.3.1 Expansions
11.1.5.4 MnM View
11.1.5.4.1 Key strengths
11.1.5.4.2 Strategic choices
11.1.5.4.3 Weaknesses and competitive threats
11.1.6 SENSIENT TECHNOLOGIES CORPORATION
11.1.6.1 Business overview
11.1.6.2 Products offered
11.1.6.3 Recent developments
11.1.6.3.1 Deals
11.1.7 ADM
11.1.7.1 Business overview
11.1.7.2 Products offered
11.1.8 MANE
11.1.8.1 Business overview
11.1.8.2 Products offered
11.1.9 ROBERTET GROUP
11.1.9.1 Business overview
11.1.9.2 Products offered
11.1.10 T. HASEGAWA CO., LTD.
11.1.10.1 Business overview
11.1.10.2 Products offered
11.1.10.3 Recent developments
11.1.10.3.1 Product launches
11.1.11 BELL FLAVORS & FRAGRANCES
11.1.11.1 Business overview
11.1.11.2 Products offered
11.1.11.3 Recent developments
11.1.11.3.1 Product launches
11.2 OTHER PLAYERS
11.2.1 KERRY GROUP
11.2.2 OGAWA & CO., LTD.
11.2.3 HUABAO INTERNATIONAL HOLDINGS LTD.
11.2.4 BIOLANDES SAS
11.2.5 FLAVEX NATUREXTRAKTE GMBH
11.2.6 SYNTHITE INDUSTRIES LTD.
11.2.7 UNGERER & COMPANY
11.2.8 AKAY NATURAL INGREDIENTS PRIVATE LIMITED
11.2.9 SOLVAY SA
11.2.10 OZONE NATURALS
11.2.11 BASF SE
11.2.12 AROMATECH SAS
11.2.13 BEDOUKIAN RESEARCH INC.
11.2.14 ALPHA AROMATICS
12 ADJACENT & RELATED MARKETS
12.1 INTRODUCTION
12.2 LIMITATIONS
12.3 AROMA INGREDIENTS MARKET
12.3.1 MARKET DEFINITION
12.3.2 MARKET OVERVIEW
12.4 AROMA INGREDIENTS MARKET, BY REGION
12.4.1 EUROPE
12.4.2 ASIA PACIFIC
12.4.3 NORTH AMERICA
12.4.4 MIDDLE EAST & AFRICA
12.4.5 SOUTH AMERICA
13 APPENDIX
13.1 DISCUSSION GUIDE
13.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
13.3 CUSTOMIZATION OPTIONS
13.4 RELATED REPORTS
13.5 AUTHOR DETAILS
