The market size of flavors & fragrances is estimated to be USD 29.0 billion in 2021 and is projected to reach USD 37.3 billion by 2026, at a CAGR of 5.1% between 2021 and 2026. The growth of the flavors & fragrances market is primarily supported by the growing population in emerging economies such as China, India, Indonesia, South Korea, Brazil, and South Africa.
The demand for flavors and fragrances is also due to the increase in awareness among the population about the benefits of the ingredients used in food products and consumer products in countries such as the US, Japan, France, Canada, Germany, and the UK. The demand for flavors and fragrances is also attributed to changing consumer preferences toward convenience food and increasing demand for consumer products. Stringent government regulations on the use of synthetic flavors and fragrances in Japan, China, the US, and European countries are restricting the growth of the flavors & fragrances market.
The key market players profiled in the report include Givaudan (Switzerland), Firmenich SA (Switzerland), International Flavors & Fragrances (IFF) (US), Symrise AG (Germany), Takasago (Japan), The Archer Daniels Midland Company (ADM) (US), Sensient Technologies (US), Mane SA (France), Robertet (France), T. Hasegawa (Japan), and Bell Flavors & Fragrances (US).
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Players in the flavors & fragrances market are mainly concentrating on new product launches, and acquisitions to meet the growing demand for flavors & fragrances for various end-use industry. New product launches help companies to strengthen their product portfolio and meet the specific demands of customers.
The growth of the flavors & fragrances market has been influenced by new product launches that were undertaken between 2018 and 2021. Different companies are deploying different strategies to strengthen their position in the flavors & fragrances market. Givaudan is mostly focused on North America and European market; International Flavors & Fragrances Inc. & Symrise AG are majorly focused on Europe and Middle East & Africa market. In general, these four companies are all strong in their home region and exploring geographic diversification alternatives to grow their businesses. All the four companies are focused on increasing their market shares through partnerships and enhancing their product portfolio over the past few years.
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Givaudan is one of the leading players in the flavors & fragrances market. The company offers a range of flavors & fragrances for the food & beverage and consumer products industries. The company has continued investment in high growth market especially China and India. They have also invested in local and regional customer segment, both organically and via acquisition and have brought the overall share to 50% of the group’s sale. Company made joint ventures, acquisitions and research partnerships to be the global industry leader creating game changing innovation in food and beverage and inspiring creations in the world of scent and beauty. For instance, company acquired Privi Speciality Chemicals Limited (India), Myrissi (France), Alderys (France), and Drom (Germany) to strengthen its hold in the European and APAC flavors & fragrances market.
On the other hand, International Flavors & Fragrances (IFF) has a strong geographical footprint and is focusing on organic strategies to strengthen its position in the market. The company has a strong research & development (R&D) team, which is continuously focusing on developing new and improved flavors & fragrances for end-use manufacturers. The company has over 3000 scientists, engineers, technologists and application professionals driving their growth. They also have more than 130 research, technology and innovation centers all across the globe and over 20 regional creative and application centers. They have over 20 strategic university partnership and more than 12,000 patent granted and filed to date. Company has been acquiring and merging with other companies in the field of flavors & fragrances to increase its production capacity and strengthen its hold over the flavors & fragrances market.
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