Flavors & Fragrances Market

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

Report Code: CH 6073 Aug, 2024, by marketsandmarkets.com

Flavors & Fragrances Market

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 market for flavors & fragrances is expected to grow due to the increasing demand for convenient, ready-to-eat foods, changing customer preferences, and organic goods free of artificial ingredients. Urbanization and rising disposable incomes also play a role in driving the growth of the flavors & fragrances market in regions such as Asia Pacific, South America and Africa. The increasing demand for a range of consumer products, like food, beverages, personal care items, and household goods is driven by the migration of people to urban areas and their changing lifestyle and consumption patterns.

Flavors & Fragrances Market

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Flavors & Fragrances Market

Flavors & Fragrances Market Dynamics

Driver: Growing demand for natural products

The growing demand for natural products is boosting the flavors & fragrances market due to several factors. The interest has shifted to natural products in the light of growing awareness towards environmental sustainability, and consumers are becoming more aware of the environmental implications associated with their choices. Natural flavors & fragrances are also believed to be more ecological since they undergo fewer chemical transformations than their synthetic analogue in most cases. Furthermore, companies are investing their resources in researching and developing natural products to replace synthetic flavors and fragrances. These are the driving factors of this flavors market.

Restraints: Fluctuating raw material prices

The market for flavors & fragrances is restricted by the fluctuating raw material prices. The volatility in raw material prices affects more than short-term oriented financial implications for manufacturers. This may decrease the demand from end-customers, especially in price-sensitive markets where they may switch to cheaper alternatives or cut back their use of discretionary products. This second sales decline may further deteriorate the manufacturers' financial problems by creating a vicious circle of falling revenues and growing costs.

Opportunities : Innovation in end-use industries

The huge potential for the market of flavors & fragrances does exist because of the constant innovation in the end-use industries since the companies are always on the lookout for new methods to set them apart from the competition, catering to the changing taste of the customers, and adherence to legal requirements. The growing popularity of functional foods that have additional health benefits beyond simple nutrition has further accelerated the need for new flavors. In a bid to cater to these consumers and help themselves stand out in an increasingly competitive market, manufacturers are coming up with new innovative flavors from natural and plant-based sources.

Challenges: Limited progression in value chain among developing economies

Limited progression in value chain among developing economies present a significant hurdle for the flavors & fragrances market. The raw materials suppliers are from emerging countries like India, Bangladesh, Vietnam, and other South American countries. Many players are involved in the production of synthetic aroma ingredients due to lack of research and development facilities. Thus, these players are not able to create product differentiation and hence end up facing stiff price competition. Apart from this, the increasing competition from established players from China is further increasing the price competition and has forced the emerging players to work on low-profit margins. This has limited their capacity to invest in product development activities, which in turn hampers their growth and progression in the value chain.

Flavors & Fragrances Market Ecosystem

Prominent companies in this market include well-established, financially stable manufacturers of flavors & fragrances. These companies have been in business for a while and have a broad range of products, cutting-edge technologies, and robust international sales and marketing networks. Prominent companies in this market 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).

Flavors & Fragrances Market Ecosystem

Based on ingredient type, natural segment is projected to register highest CAGR in flavors & fragrances market, in terms of value, during forecast period.

Natural segment is projected to witness the highest CAGR in flavors & fragrances, during the forecast period. The usage of artificial ingredients and chemicals in consumer goods is subjected to stricter regulations and laws from governments and regulatory agencies across the globe. As an outcome, the manufacturers are required to reformulate them to comply with these rules, leading to the growing usage of natural ingredients.

Based on end-use industry, bakery segment was the second-largest segment of flavors market, in terms of value, in 2023.

The bakery segment holds the position as the second-largest end-use industry in the flavors market. With increasing busy lives, customers are getting more and more attracted to products that are convenient to purchase and consume on the move. Canned or packaged bakery products, especially ready-to-eat ones, fully meet these needs. This has resulted in the innovation of a wide variety of bakery products addressing diet needs, such as whole-grain, low-sugar, and gluten-free, among others. A boost in the capability of flavors to improve the palatability of healthy baked products is reinforcing the bakery segment in the flavors market.

Based on end-use industry, consumer products segment was the largest segment of fragrances market, in terms of value, in 2023.

The consumer products segment was the largest end-use industry in the fragrances market in terms of value, in 2023. The dominance of consumer products is due to the incorporation of fragrances with the objective to provide consumers with enhanced experiences and to establish an emotional connection with the consumer. Through its fragrance, a product can establish and create emotions of purity, freshness, thus differentiating the product in a highly crowded segment. The large consumer base has also spurred this market segment into larger demand for fragrances.

Asia Pacific is estimated to be the largest market for the flavors & fragrances market, in terms of value, during the forecast period.

Asia Pacific holds the position as the largest consumer region for flavors & fragrances market due to its cultural diversity. Different cultural traditions are prevalent in this region, with their spice and flavor blends differing and unique to each tradition. The complexity of the culture creates the need for a correspondingly wide range of flavors to suit regional preferences. This encourages creativity in the development of new flavor combinations, driving the flavors & fragrances market.

Flavors & Fragrances Market by Region

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Flavors & Fragrances Market Players

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) are the key manufacturers that secured major market share in the last few years.

Flavors & Fragrances Scope

Report Metric

Details

Years considered for the study

2018–2029

Base year considered

2023

Forecast period

2024–2029

Units considered

Value (USD Million)

Segments Covered

Ingredient Type, End-use Industry, and Region

Regions covered

Asia Pacific, North America, Europe, Middle East & Africa, and South America

Companies profiled

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). 

This report categorizes the global Flavors & fragrances Market based on type, product type, end-use industry, and region.

Based on ingredient type, the Flavors & Fragrances Market has been segmented as follows:
  • Synthetic
  • Natural
Based on End-use Industry, the Flavors & Fragrances Market has been segmented as follows:
  • Flavors
  • Beverages
  • Bakery
  • Savory & Snacks
  • Dairy Products
  • Confectionery
  • Others
  • Fragrances
  • Consumer Products
  • Fine Fragrances
Based on region, the Flavors & Fragrances Market has been segmented as follows:
  • Asia Pacific
  • Europe
  • North America
  • Middle East & Arica
  • South America

Recent Developments

  • In March 2024, DSM-Firmenich AG opened two modern production facilities for the manufacture of ingredients for perfumes in Castets, Southwest of France.
  • In March 2023, International Flavors & Fragrances Inc. announced the addition of two new flavor labs at its Europe Innovation Hub in Braband, Denmark. The laboratories will focus on creating gourmet and sweet flavors.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS
 
1 INTRODUCTION (Page No. - 24)
    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 (Page No. - 30)
    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 (Page No. - 40)
 
4 PREMIUM INSIGHTS (Page No. - 43)
    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 (Page No. - 46)
    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 (Page No. - 53)
    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 (Page No. - 76)
    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 (Page No. - 80)
    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 (Page No. - 93)
    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 (Page No. - 169)
     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 (Page No. - 190)
     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 (Page No. - 234)
     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 (Page No. - 239)
     13.1 DISCUSSION GUIDE 
     13.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 
     13.3 CUSTOMIZATION OPTIONS 
     13.4 RELATED REPORTS 
     13.5 AUTHOR DETAILS 
 
 
LIST OF TABLES (273 TABLES)
 
TABLE 1 FLAVORS & FRAGRANCES MARKET: PORTER’S FIVE FORCES ANALYSIS
TABLE 2 GDP TRENDS AND FORECAST, BY MAJOR ECONOMY, 2021–2029 (USD BILLION)
TABLE 3 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS IN TOP-THREE END-USE INDUSTRIES OF FLAVORS & FRAGRANCES (%)
TABLE 4 KEY BUYING CRITERIA FOR TOP THREE END-USE INDUSTRIES OF FLAVORS & FRAGRANCES
TABLE 5 INDICATIVE AVERAGE SELLING PRICE TREND OF FLAVORS & FRAGRANCES, BY REGION (USD/KG)
TABLE 6 FLAVORS & FRAGRANCES MARKET: ROLE IN ECOSYSTEM
TABLE 7 IMPORT OF FLAVORS, BY REGION, 2017–2022 (USD MILLION)
TABLE 8 IMPORT OF FRAGRANCES, BY REGION, 2017–2022 (USD MILLION)
TABLE 9 EXPORT OF FLAVORS, BY REGION, 2017–2022 (USD MILLION)
TABLE 10 EXPORT OF FRAGRANCES, BY REGION, 2017–2022 (USD MILLION)
TABLE 11 NORTH AMERICA: REGULATIONS RELATED TO FLAVORS & FRAGRANCES
TABLE 12 EUROPE: REGULATIONS RELATED TO FLAVORS & FRAGRANCES
TABLE 13 ASIA PACIFIC: REGULATIONS RELATED TO FLAVORS & FRAGRANCES
TABLE 14 FLAVORS & FRAGRANCES: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 15 FLAVORS & FRAGRANCES MARKET: KEY CONFERENCES AND EVENTS
TABLE 16 PATENT STATUS: PATENT APPLICATIONS, LIMITED PATENTS, AND GRANTED PATENTS
TABLE 17 LIST OF MAJOR PATENTS OF FLAVORS & FRAGRANCES
TABLE 18 PATENTS BY NESTEC, INC.
TABLE 19 FLAVORS & FRAGRANCES MARKET, BY INGREDIENT TYPE, 2018–2022 (USD MILLION)
TABLE 20 FLAVORS & FRAGRANCES MARKET, BY INGREDIENT TYPE, 2023–2029 (USD MILLION)
TABLE 21 SYNTHETIC INGREDIENTS: FLAVORS & FRAGRANCES MARKET, BY TYPE, 2018–2022 (USD MILLION)
TABLE 22 SYNTHETIC INGREDIENTS: FLAVORS & FRAGRANCES MARKET, BY TYPE, 2023–2029 (USD MILLION)
TABLE 23 NATURAL INGREDIENTS: FLAVORS & FRAGRANCES MARKET, BY TYPE, 2018–2022 (USD MILLION)
TABLE 24 NATURAL INGREDIENTS: FLAVORS & FRAGRANCES MARKET, BY TYPE, 2023–2029 (USD MILLION)
TABLE 25 FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 26 FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 27 FLAVORS MARKET IN BEVERAGES, BY REGION, 2018–2022 (USD MILLION)
TABLE 28 FLAVORS MARKET IN BEVERAGES, BY REGION, 2023–2029 (USD MILLION)
TABLE 29 FLAVORS MARKET IN BAKERY, BY REGION, 2018–2022 (USD MILLION)
TABLE 30 FLAVORS MARKET IN BAKERY, BY REGION, 2023–2029 (USD MILLION)
TABLE 31 FLAVORS MARKET IN SAVORY & SNACKS, BY REGION, 2018–2022 (USD MILLION)
TABLE 32 FLAVORS MARKET IN SAVORY & SNACKS, BY REGION, 2023–2029 (USD MILLION)
TABLE 33 FLAVORS MARKET IN DAIRY PRODUCTS, BY REGION, 2018–2022 (USD MILLION)
TABLE 34 FLAVORS MARKET IN DAIRY PRODUCTS, BY REGION, 2023–2029 (USD MILLION)
TABLE 35 FLAVORS MARKET IN CONFECTIONERY, BY REGION, 2018–2022 (USD MILLION)
TABLE 36 FLAVORS MARKET IN CONFECTIONERY, BY REGION, 2023–2029 (USD MILLION)
TABLE 37 FLAVORS MARKET IN OTHER END-USE INDUSTRIES, BY REGION, 2018–2022 (USD MILLION)
TABLE 38 FLAVORS MARKET IN OTHER END-USE INDUSTRIES, BY REGION, 2023–2029 (USD MILLION)
TABLE 39 FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 40 FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 41 FRAGRANCES MARKET IN CONSUMER PRODUCTS, BY REGION, 2018–2022 (USD MILLION)
TABLE 42 FRAGRANCES MARKET IN CONSUMER PRODUCTS, BY REGION, 2023–2029 (USD MILLION)
TABLE 43 FRAGRANCES MARKET IN FINE FRAGRANCES, BY REGION, 2018–2022 (USD MILLION)
TABLE 44 FRAGRANCES MARKET IN FINE FRAGRANCES, BY REGION, 2023–2029 (USD MILLION)
TABLE 45 FLAVORS & FRAGRANCES MARKET, BY REGION, 2018–2022 (USD MILLION)
TABLE 46 FLAVORS & FRAGRANCES MARKET, BY REGION, 2023–2029 (USD MILLION)
TABLE 47 FLAVORS MARKET, BY REGION, 2018–2022 (USD MILLION)
TABLE 48 FLAVORS MARKET, BY REGION, 2023–2029 (USD MILLION)
TABLE 49 FRAGRANCES MARKET, BY REGION, 2018–2022 (USD MILLION)
TABLE 50 FRAGRANCES MARKET, BY REGION, 2023–2029 (USD MILLION)
TABLE 51 ASIA PACIFIC: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 52 ASIA PACIFIC: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 53 ASIA PACIFIC: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 54 ASIA PACIFIC: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 55 ASIA PACIFIC: FLAVORS MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
TABLE 56 ASIA PACIFIC: FLAVORS MARKET, BY COUNTRY, 2023–2029 (USD MILLION)
TABLE 57 ASIA PACIFIC: FRAGRANCES MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
TABLE 58 ASIA PACIFIC: FRAGRANCES MARKET, BY COUNTRY, 2023–2029 (USD MILLION)
TABLE 59 CHINA: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 60 CHINA: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 61 CHINA: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 62 CHINA: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 63 JAPAN: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 64 JAPAN: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 65 JAPAN: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 66 JAPAN: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 67 INDIA: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 68 INDIA: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 69 INDIA: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 70 INDIA: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 71 SOUTH KOREA: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 72 SOUTH KOREA: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 73 SOUTH KOREA: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 74 SOUTH KOREA: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 75 INDONESIA: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 76 INDONESIA: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 77 INDONESIA: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 78 INDONESIA: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 79 THAILAND: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 80 THAILAND: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 81 THAILAND: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 82 THAILAND: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 83 AUSTRALIA: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 84 AUSTRALIA: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 85 AUSTRALIA: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 86 AUSTRALIA: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 87 VIETNAM: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 88 VIETNAM: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 89 VIETNAM: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 90 VIETNAM: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 91 PHILIPPINES: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 92 PHILIPPINES: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 93 PHILIPPINES: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 94 PHILIPPINES: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 95 BANGLADESH: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 96 BANGLADESH: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 97 BANGLADESH: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 98 BANGLADESH: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 99 PAKISTAN: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 100 PAKISTAN: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 101 PAKISTAN: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 102 PAKISTAN: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 103 TAIWAN: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 104 TAIWAN: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 105 TAIWAN: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 106 TAIWAN: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 107 MALAYSIA: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 108 MALAYSIA: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 109 MALAYSIA: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 110 MALAYSIA: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 111 SINGAPORE: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 112 SINGAPORE: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 113 SINGAPORE: FRAGRANCES MARKET, BY END-USE INDUSTRY,  2018–2022 (USD MILLION)
TABLE 114 SINGAPORE: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 115 MYANMAR: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 116 MYANMAR: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 117 MYANMAR: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 118 MYANMAR: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 119 EUROPE: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 120 EUROPE: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 121 EUROPE: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 122 EUROPE: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 123 EUROPE: FLAVORS MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
TABLE 124 EUROPE: FLAVORS MARKET, BY COUNTRY, 2023–2029 (USD MILLION)
TABLE 125 EUROPE: FRAGRANCES MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
TABLE 126 EUROPE: FRAGRANCES MARKET, BY COUNTRY, 2023–2029 (USD MILLION)
TABLE 127 GERMANY: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 128 GERMANY: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 129 GERMANY: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 130 GERMANY: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 131 FRANCE: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 132 FRANCE: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 133 FRANCE: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 134 FRANCE: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 135 UK: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 136 UK: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 137 UK: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 138 UK: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 139 RUSSIA: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 140 RUSSIA: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 141 RUSSIA: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 142 RUSSIA: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 143 ITALY: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 144 ITALY: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 145 ITALY: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 146 ITALY: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 147 SPAIN: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 148 SPAIN: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 149 SPAIN: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 150 SPAIN: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 151 NORTH AMERICA: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 152 NORTH AMERICA: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 153 NORTH AMERICA: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 154 NORTH AMERICA: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 155 NORTH AMERICA: FLAVORS MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
TABLE 156 NORTH AMERICA: FLAVORS MARKET, BY COUNTRY, 2023–2029 (USD MILLION)
TABLE 157 NORTH AMERICA: FRAGRANCES MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
TABLE 158 NORTH AMERICA: FRAGRANCES MARKET, BY COUNTRY, 2023–2029 (USD MILLION)
TABLE 159 US: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 160 US: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 161 US: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 162 US: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 163 CANADA: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 164 CANADA: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 165 CANADA: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 166 CANADA: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 167 MEXICO: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 168 MEXICO: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 169 MEXICO: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 170 MEXICO: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 171 MIDDLE EAST & AFRICA: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 172 MIDDLE EAST & AFRICA: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 173 MIDDLE EAST & AFRICA: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 174 MIDDLE EAST & AFRICA: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 175 MIDDLE EAST & AFRICA: FLAVORS MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
TABLE 176 MIDDLE EAST & AFRICA: FLAVORS MARKET, BY COUNTRY, 2023–2029 (USD MILLION)
TABLE 177 MIDDLE EAST & AFRICA: FRAGRANCES MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
TABLE 178 MIDDLE EAST & AFRICA: FRAGRANCES MARKET, BY COUNTRY, 2023–2029 (USD MILLION)
TABLE 179 SAUDI ARABIA: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 180 SAUDI ARABIA: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 181 SAUDI ARABIA: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 182 SAUDI ARABIA: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 183 IRAN: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 184 IRAN: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 185 IRAN: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 186 IRAN: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 187 TURKEY: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 188 TURKEY: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 189 TURKEY: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 190 TURKEY: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 191 SOUTH AFRICA: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 192 SOUTH AFRICA: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 193 SOUTH AFRICA: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 194 SOUTH AFRICA: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 195 SOUTH AMERICA: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 196 SOUTH AMERICA: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 197 SOUTH AMERICA: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 198 SOUTH AMERICA: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 199 SOUTH AMERICA: FLAVORS MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
TABLE 200 SOUTH AMERICA: FLAVORS MARKET, BY COUNTRY, 2023–2029 (USD MILLION)
TABLE 201 SOUTH AMERICA: FRAGRANCES MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
TABLE 202 SOUTH AMERICA: FRAGRANCES MARKET, BY COUNTRY, 2023–2029 (USD MILLION)
TABLE 203 BRAZIL: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 204 BRAZIL: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 205 BRAZIL: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 206 BRAZIL: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 207 ARGENTINA: FLAVORS MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 208 ARGENTINA: FLAVORS MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 209 ARGENTINA: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2018–2022 (USD MILLION)
TABLE 210 ARGENTINA: FRAGRANCES MARKET, BY END-USE INDUSTRY, 2023–2029 (USD MILLION)
TABLE 211 FLAVORS & FRAGRANCES MARKET: DEGREE OF COMPETITION
TABLE 212 FLAVORS & FRAGRANCES MARKET: REGION FOOTPRINT
TABLE 213 FLAVORS & FRAGRANCES MARKET: INGREDIENT TYPE FOOTPRINT
TABLE 214 FLAVORS & FRAGRANCES MARKET: END-USE INDUSTRY FOOTPRINT
TABLE 215 FLAVORS & FRAGRANCES MARKET: DETAILED LIST OF KEY STARTUPS/SMES
TABLE 216 FLAVORS & FRAGRANCES MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES
TABLE 217 FLAVORS & FRAGRANCES MARKET: PRODUCT LAUNCHES, JANUARY 2021–JUNE 2024
TABLE 218 FLAVORS & FRAGRANCES MARKET: DEALS, JANUARY 2021–JUNE 2024
TABLE 219 FLAVORS & FRAGRANCES MARKET: EXPANSIONS, JANUARY 2021–JUNE 2024
TABLE 220 GIVAUDAN SA: COMPANY OVERVIEW
TABLE 221 GIVAUDAN SA: PRODUCTS OFFERED
TABLE 222 GIVAUDAN SA: PRODUCT LAUNCHES, JANUARY 2021–JUNE 2024
TABLE 223 GIVAUDAN SA: DEALS, JANUARY 2021–JUNE 2024
TABLE 224 INTERNATIONAL FLAVORS & FRAGRANCES INC.: COMPANY OVERVIEW
TABLE 225 INTERNATIONAL FLAVORS & FRAGRANCES INC.: PRODUCTS OFFERED
TABLE 226 INTERNATIONAL FLAVORS & FRAGRANCES INC.: DEALS, JANUARY 2021–JUNE 2024
TABLE 227 INTERNATIONAL FLAVORS & FRAGRANCES INC.: EXPANSIONS, JANUARY 2021–JUNE 2024
TABLE 228 DSM-FIRMENICH AG: COMPANY OVERVIEW
TABLE 229 DSM-FIRMENICH AG: PRODUCTS OFFERED
TABLE 230 DSM-FIRMENICH AG: PRODUCT LAUNCHES, JANUARY 2021–JUNE 2024
TABLE 231 DSM-FIRMENICH AG: DEALS, JANUARY 2021–JUNE 2024
TABLE 232 DSM-FIRMENICH AG: EXPANSIONS, JANUARY 2021–JUNE 2024
TABLE 233 SYMRISE AG: COMPANY OVERVIEW
TABLE 234 SYMRISE AG: PRODUCTS OFFERED
TABLE 235 SYMRISE AG: PRODUCT LAUNCHES, JANUARY 2021–JUNE 2024
TABLE 236 TAKASAGO INTERNATIONAL CORPORATION: COMPANY OVERVIEW
TABLE 237 TAKASAGO INTERNATIONAL CORPORATION: PRODUCTS OFFERED
TABLE 238 TAKASAGO INTERNATIONAL CORPORATION: EXPANSIONS
TABLE 239 SENSIENT TECHNOLOGIES CORPORATION: COMPANY OVERVIEW
TABLE 240 SENSIENT TECHNOLOGIES CORPORATION: PRODUCTS OFFERED
TABLE 241 SENSIENT TECHNOLOGIES CORPORATION: DEALS, JANUARY 2021–JUNE 2024
TABLE 242 ADM: COMPANY OVERVIEW
TABLE 243 ADM: PRODUCTS OFFERED
TABLE 244 MANE: COMPANY OVERVIEW
TABLE 245 MANE: PRODUCTS OFFERED
TABLE 246 ROBERTET GROUP: COMPANY OVERVIEW
TABLE 247 ROBERTET GROUP: PRODUCTS OFFERED
TABLE 248 T. HASEGAWA CO., LTD.: COMPANY OVERVIEW
TABLE 249 T. HASEGAWA CO., LTD.: PRODUCTS OFFERED
TABLE 250 T. HASEGAWA CO., LTD.: PRODUCT LAUNCHES, JANUARY 2021–JUNE 2024
TABLE 251 BELL FLAVORS & FRAGRANCES: COMPANY OVERVIEW
TABLE 252 BELL FLAVORS & FRAGRANCES: PRODUCTS OFFERED
TABLE 253 BELL FLAVORS & FRAGRANCES: PRODUCT LAUNCHES, JANUARY 2021–JUNE 2024
TABLE 254 KERRY GROUP: COMPANY OVERVIEW
TABLE 255 OGAWA & CO., LTD.: COMPANY OVERVIEW
TABLE 256 HUABAO INTERNATIONAL HOLDINGS LTD.: COMPANY OVERVIEW
TABLE 257 BIOLANDES SAS: COMPANY OVERVIEW
TABLE 258 FLAVEX NATUREXTRAKTE GMBH: COMPANY OVERVIEW
TABLE 259 SYNTHITE INDUSTRIES LTD.: COMPANY OVERVIEW
TABLE 260 UNGERER & COMPANY: COMPANY OVERVIEW
TABLE 261 AKAY NATURAL INGREDIENTS PRIVATE LIMITED: COMPANY OVERVIEW
TABLE 262 SOLVAY SA: COMPANY OVERVIEW
TABLE 263 OZONE NATURALS: COMPANY OVERVIEW
TABLE 264 BASF SE: COMPANY OVERVIEW
TABLE 265 AROMATECH SAS: COMPANY OVERVIEW
TABLE 266 BEDOUKIAN RESEARCH INC.: COMPANY OVERVIEW
TABLE 267 ALPHA AROMATICS: COMPANY OVERVIEW
TABLE 268 AROMA INGREDIENTS MARKET, BY REGION, 2016–2023 (USD MILLION)
TABLE 269 EUROPE: AROMA INGREDIENTS MARKET, BY COUNTRY, 2016–2023 (USD MILLION)
TABLE 270 ASIA PACIFIC: AROMA INGREDIENTS MARKET, BY COUNTRY, 2016–2023 (USD MILLION)
TABLE 271 NORTH AMERICA: AROMA INGREDIENTS MARKET, BY COUNTRY, 2016–2023 (USD MILLION)
TABLE 272 MIDDLE EAST & AFRICA: AROMA INGREDIENTS MARKET, BY COUNTRY, 2016–2023 (USD MILLION)
TABLE 273 SOUTH AMERICA: AROMA INGREDIENTS MARKET, BY COUNTRY, 2016–2023 (USD MILLION)
 
 
LIST OF FIGURES (59 FIGURES)
 
FIGURE 1 FLAVORS & FRAGRANCES MARKET: RESEARCH DESIGN
FIGURE 2 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1 (SUPPLY SIDE)—COLLECTIVE SHARE OF KEY PLAYERS
FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 2 (SUPPLY SIDE)—COLLECTIVE REVENUE OF ALL PRODUCTS
FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 3 (DEMAND SIDE)—PRODUCTS SOLD
FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 4–TOP-DOWN APPROACH
FIGURE 6 FLAVORS & FRAGRANCES MARKET: DATA TRIANGULATION
FIGURE 7 CAGR PROJECTIONS FROM SUPPLY SIDE
FIGURE 8 MARKET GROWTH PROJECTIONS FROM DEMAND-SIDE DRIVERS AND OPPORTUNITIES
FIGURE 9 SYNTHETIC INGREDIENTS TO ACCOUNT FOR LARGER MARKET SHARE
FIGURE 10 BEVERAGES SEGMENT TO CONTINUE TO DOMINATE MARKET IN 2029
FIGURE 11 CONSUMER PRODUCTS SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD
FIGURE 12 SOUTH AMERICA TO REGISTER HIGHEST CAGR IN FLAVORS & FRAGRANCES MARKET DURING FORECAST PERIOD
FIGURE 13 INCREASING DEMAND FOR NATURAL FLAVORS & FRAGRANCES TO DRIVE MARKET
FIGURE 14 SOUTH AMERICA TO WITNESS FASTEST GROWTH DURING FORECAST PERIOD
FIGURE 15 BEVERAGES SEGMENT ACCOUNTED FOR LARGEST MARKET SHARE IN 2023
FIGURE 16 CONSUMER PRODUCTS SEGMENT DOMINATED FRAGRANCES MARKET ACROSS ALL REGIONS
FIGURE 17 IRAN TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
FIGURE 18 FLAVORS & FRAGRANCES MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
FIGURE 19 FLAVORS & FRAGRANCES MARKET: PORTER’S FIVE FORCES ANALYSIS
FIGURE 20 FLAVORS & FRAGRANCES MARKET: SUPPLY CHAIN
FIGURE 21 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS IN TOP-THREE END-USE INDUSTRIES OF FLAVORS & FRAGRANCES
FIGURE 22 KEY BUYING CRITERIA FOR TOP THREE END-USE INDUSTRIES OF FLAVORS & FRAGRANCES
FIGURE 23 INDICATIVE AVERAGE SELLING PRICE TREND OF FLAVORS & FRAGRANCES, BY REGION (USD/KG)
FIGURE 24 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES
FIGURE 25 ECOSYSTEM OF FLAVORS & FRAGRANCES MARKET
FIGURE 26 IMPORT OF FLAVORS, BY KEY COUNTRY, 2017–2022 (USD MILLION)
FIGURE 27 IMPORT OF FRAGRANCES, BY KEY COUNTRY, 2017–2022 (USD MILLION)
FIGURE 28 EXPORT OF FLAVORS, BY KEY COUNTRY, 2017–2022 (USD MILLION)
FIGURE 29 EXPORT OF FRAGRANCES, BY KEY COUNTRY, 2017–2022 (USD MILLION)
FIGURE 30 PATENTS REGISTERED FOR FLAVORS & FRAGRANCES, 2013–2023
FIGURE 31 LIST OF MAJOR PATENTS FOR FLAVORS & FRAGRANCES
FIGURE 32 LEGAL STATUS OF PATENTS FILED IN FLAVORS & FRAGRANCES
FIGURE 33 MAXIMUM PATENTS FILED IN JURISDICTION OF CHINA
FIGURE 34 SYNTHETIC INGREDIENTS WILL CONTINUE TO DOMINATE MARKET DURING FORECAST PERIOD
FIGURE 35 BEVERAGES SEGMENT TO DOMINATE MARKET IN 2024
FIGURE 36 CONSUMER PRODUCTS TO DOMINATE FRAGRANCES MARKET DURING FORECAST PERIOD
FIGURE 37 ASIA PACIFIC WILL CONTINUE TO DOMINATE MARKET DURING FORECAST PERIOD
FIGURE 38 ASIA PACIFIC: FLAVORS & FRAGRANCES MARKET SNAPSHOT
FIGURE 39 EUROPE: FLAVORS & FRAGRANCES MARKET SNAPSHOT
FIGURE 40 NORTH AMERICA: FLAVORS & FRAGRANCES MARKET SNAPSHOT
FIGURE 41 MARKET SHARE OF KEY PLAYERS IN FLAVORS & FRAGRANCES MARKET, 2023
FIGURE 42 RANKING OF PLAYERS IN FLAVORS & FRAGRANCES MARKET, 2023
FIGURE 43 REVENUE ANALYSIS OF KEY PLAYERS IN FLAVORS & FRAGRANCES MARKET, 2019–2023 (USD MILLION)
FIGURE 44 FLAVORS & FRAGRANCES MARKET: COMPANY EVALUATION MATRIX (KEY PLAYERS), 2023
FIGURE 45 FLAVORS & FRAGRANCES MARKET: COMPANY FOOTPRINT
FIGURE 46 FLAVORS & FRAGRANCES MARKET: COMPANY EVALUATION MATRIX (STARTUP/SMES), 2023
FIGURE 47 FLAVORS & FRAGRANCES MARKET: BRAND/PRODUCT COMPARISON
FIGURE 48 EV/EBITDA OF KEY MANUFACTURERS OF FLAVORS & FRAGRANCES
FIGURE 49 ENTERPRISE VALUATION (EV) OF KEY PLAYERS IN FLAVORS & FRAGRANCES MARKET
FIGURE 50 GIVAUDAN SA: COMPANY SNAPSHOT (2023)
FIGURE 51 INTERNATIONAL FLAVORS & FRAGRANCES INC.: COMPANY SNAPSHOT (2023)
FIGURE 52 DSM-FIRMENICH AG: COMPANY SNAPSHOT (2023)
FIGURE 53 SYMRISE AG: COMPANY SNAPSHOT (2023)
FIGURE 54 TAKASAGO INTERNATIONAL CORPORATION: COMPANY SNAPSHOT (2023)
FIGURE 55 SENSIENT TECHNOLOGIES CORPORATION: COMPANY SNAPSHOT (2023)
FIGURE 56 ADM: COMPANY SNAPSHOT (2023)
FIGURE 57 MANE: COMPANY SNAPSHOT (2023)
FIGURE 58 ROBERTET GROUP: COMPANY SNAPSHOT (2023)
FIGURE 59 T. HASEGAWA CO., LTD.: COMPANY SNAPSHOT
 

The study involved four major activities in estimating the market size for flavors & fragrances market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, the market breakdown and data triangulation procedures were used to estimate the market size of the segments and subsegments.

Secondary Research

Secondary sources used in this study included annual reports, press releases, and investor presentations of companies; white papers; certified publications; articles from recognized authors; and gold standard & silver standard websites such as Factiva, ICIS, Bloomberg, and others. The findings of this study were verified through primary research by conducting extensive interviews with key officials such as CEOs, VPs, directors, and other executives. The breakdown of profiles of the primary interviewees is illustrated in the figure below:

Primary Research

The flavors & fragrances market comprises several stakeholders, such as raw material suppliers, end-product manufacturers, and regulatory organizations in the supply chain. The demand side of this market is characterized from key opinion leaders in various applications for the flavors & fragrances market. The supply side is characterized by advancements in technology and diverse application industries. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.

Flavors & Fragrances Market Size, and Share

Note: Tier 1, Tier 2, and Tier 3 companies are classified based on their market revenue in 2022/ 2023, available in the public domain, product portfolios, and geographical presence.

Other designations include consultants and sales, marketing, and procurement managers.

To know about the assumptions considered for the study, download the pdf brochure

COMPANY NAME

DESIGNATION

Givaudan SA

Senior Manager

International Flavors & Fragrances Inc.

Innovation Manager

DSM-Firmenich AG

Vice-President

Symrise AG

Production Supervisor

ADM

Sales Manager

Market Size Estimation

Both top-down and bottom-up approaches were used to estimate and validate the total size of the flavors & fragrances market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

  • The key players in the industry have been identified through extensive secondary research.
  • The supply chain of the industry has been determined through primary and secondary research.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
  • All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.

Flavors & Fragrances Market: Bottom-Up Approach

Flavors & Fragrances Market Size, and Share

To know about the assumptions considered for the study, Request for Free Sample Report

Flavors & Fragrances Market: Top-Down Approach

Flavors & Fragrances Market Size, and Share

Data Triangulation

After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the flavors & fragrances industry.

Market Definition

The sensations that are detected by the tongue's taste buds and the nose's olfactory receptors when consuming food or beverages are referred to as flavors. They have a significant impact on the dietary choices and preferences as well as the way food is perceived and appreciated. Fragrances, often known as perfumes, are aromatic compounds intended to be applied to the body, products, or interior spaces for the purpose of creating a pleasing aroma.

Key Stakeholders

  • Flavors & fragrances manufacturers
  • Flavors & fragrances suppliers
  • Raw material suppliers
  • Service providers
  • Application sector companies
  • Government bodies

Report Objectives

  • To define, describe, and forecast the flavors & fragrances market in terms of value 
  • To provide detailed information regarding the drivers, opportunities, restraints, and challenges influencing market growth
  • To estimate and forecast the market size by ingredient type, end-use industry, and region
  • To forecast the size of the market for five main regions: Asia Pacific, Europe, North America, South America, and the Middle East & Africa, along with their key countries
  • To strategically analyze micromarkets1 with respect to their growth trends, prospects, and contribution to the overall market
  • To analyze opportunities in the market for stakeholders and provide a competitive landscape for market leaders
  • To analyze competitive developments, such as deals and expansions, in the market
  • To analyze the impact of the recession on the market
  • To analyze the impact of COVID-19 on the market and end-use industries
  • To strategically profile key players and comprehensively analyze their growth strategies

Available Customizations

Along with the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:

Regional Analysis

  • Further breakdown of a region with respect to a particular country or additional end-use industry

Company Information

  • Detailed analysis and profiles of additional market players (up to five)
Custom Market Research Services

We will customize the research for you, in case the report listed above does not meet with your exact requirements. Our custom research will comprehensively cover the business information you require to help you arrive at strategic and profitable business decisions.

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Report Code
CH 6073
Published ON
Aug, 2024
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