Flavors & Fragrances Market

Flavors & Fragrances Market by Ingredients (Natural, Synthetic), End use (Beverage, Savory & Snacks, Bakery, Dairy Products, Confectionery, Consumer Products, Fine Fragrances), and Region (Asia Pacific, North America, Europe) - Global Forecast to 2026

Report Code: CH 6073 Sep, 2021, by marketsandmarkets.com
[258 Pages Report] 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. APAC is the key market for flavors & fragrances globally, followed by Europe and North America, in terms of value.

Flavors & Fragrances Market

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Impact of COVID-19 on Flavors & fragrances Market

The global pandemic has affected almost every sector in the world. The flavors & fragrances market is expected to be moderately affected due to disruptions in the global supply chain. The market is highly dependent on the food & beverage and consumer products market.

China is a major market exporter and industrial producer. Strict lockdowns in the country’s major provinces affected industrial activities in the country. The demand for flavors and fragrances products declined significantly in the first quarter of 2020, mainly due to the outbreak of COVID-19. China is among the largest producers of flavors & fragrances. However, the need for convenient food and increased production of consumer products such as personal care, home care and fabric care strengthened the production of flavors & fragrances in the country.

North America and Europe have also been severely affected by COVID-19; hence, an economic recession is expected in the US, Canada, Italy, and Spain in the next two to three years. As exports from China are expected to decline, the profit margins of flavors & fragrances dealers will also be affected; the price of flavors & fragrances is expected to rise over this period.

Market Dynamics

Driver: Increasing consumer preference toward convenience foods

Convenience foods are commercially processed food products that require little or no further preparation before consumption. They include packaged foods, preserved foods, and ready-to-eat food products. To enhance the taste of these products, individual flavor ingredients are added to these food products. Rapid urbanization and a rise in the working-class population in developed and developing economies have increased consumption of convenience foods. In addition, the rising disposable income of the middle-class population and increasing expenditure on convenience foods are expected to drive the demand for convenience foods, which in turn, will drive the demand for flavors.

In most European and North American countries, a majority of the women population is working, which reduces their time available to cook at home. Due to this, convenience food becomes an easy solution as it is tasty as well as healthy. Frozen food is also easy to use, consume, and store for a longer time, thus making it more convenient for single households; these factors also add to the popularity of these products among the younger population.

Restraints: Compliance with quality and regulatory standards

The flavors & fragrances industry faces a legal obligation to abide by the norms and standards of various regulatory standards. These regulatory standards vary in each country; however, they have a common goal of ensuring the safety of consumers. The regulations set by different countries also emphasize on the usage of flavors and fragrances and proper labeling of consumer products. These stringent regulations can delay or prevent the launch of new products, increase the prices of any new product introduced in the market, and may lead to product recalls. Therefore, implementation of new regulations and modifications in addition to the existing regulations negatively affect the growth of the market.

Opportunities: Digitalization of the retail industry

One of the latest trends driving the flavors & fragrance market is online food and consumer products shopping and the introduction of new apps, making it convenient for consumers to pick their preferred products. Consumers are inclined toward online shopping due to features of convenience and variety. According to Eurostat, in 2018, almost 25% of the population bought food and groceries from online retail channels. With the growing penetration of the Internet and smartphone usage, retail grocery shopping is emerging as one of the platforms for companies to showcase and sell their products. The number of stores accepting online payments is rising globally. Factors such as increasing smartphone usage, dedicated apps, and emerging payment methods fuel the overall online grocery market, thus contributing to the growth of the flavors & fragrance market.

“Increasing demand for flavors & fragrances from food & beverage and consumer products”

The market size of flavors & fragrances is estimated to be USD 27,850.0 million in 2020 and is projected to reach USD 37,286.3 million by 2026, at a CAGR of 5.12% 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 Synthetic is the largest ingredient of flavors & fragrances for flavors & fragrances market in 2020”

Synthetic ingredient is artificially made through chemical reactions. It is chemically modified and has different properties from its precursors. Synthetic flavors are prepared from a complex mixture of chemical compounds. The dominance of synthetic ingredient is owed to its low cost and growing use in various end uses, such as beverages, packaged food products, and home & personal care products. Unique formulation by manufacturing companies, innovation in flavoring ingredients, and significant demand of synthetic flavors in various edible & non-edible applications are driving the market for synthetic ingredient during the forecast period.

“Beverages and consumer products are estimated to be the largest end-use industry in flavors & fragrances market, respectively between 2021 and 2026.”

Bakery segment is expected to grow due to a rise in demand for aspirational purchase of global drink brands and increasing demand for dietary drinks owing to the rising percentage of health-conscious individuals. Consumer products segment is estimated to grow due to the rise of organized retail chains; changing lifestyles; and the growing demand for various consumer products such as home care and personal care products

“APAC is expected to be the largest flavors & fragrances market during the forecast period, in terms of value.”

APAC was the largest flavors & fragrances market in 2020. The changing lifestyle and high economic growth of emerging economies such as China, India, Vietnam, and Indonesia have fueled the demand for flavors and fragrances in this region. In addition, the rapidly growing food & beverage and cosmetic & homecare industries are fueling the growth of the flavors & fragrances market in the region.

Flavors & Fragrances Market by Region

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Europe is estimated to be the second-largest flavors & fragrances market during the forecast period.

The flavors & fragrance market in Europe is mature, unlike the markets in the developing regions. Hence, it is projected to grow at a relatively slower rate than the market of other regions during the forecast period. European countries have a strong base in the usage of flavors and fragrances for the past few decades. Major industries such as beverages, savory & snacks, bakery, dairy products, and consumer products uses flavors and fragrance to add value to the product. Beverages and consumer products are the largest end-use industries of flavors and fragrances market, respectively.

Europe has a few of the largest flavors & fragrances market players such as are Givaudan SA (Switzerland), Firmenich SA (Switzerland), Symrise AG (Germany), Mane SA (France), Robertet SA (France), CPL Aromas (UK), Iberchem (Spain), and Dauper (Spain).

Flavors & Fragrances Market by Region

Key Market Players

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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Scope of the Report

Report Metric

Details

Years considered for the study

2016-2026

Base Year

2020

Forecast period

2021–2026

Units considered

Value (USD Million)

Segments

Ingredients, End-use Industry, and Region

Regions

APAC, North America, Europe, Middle East & Africa, and South America

Companies

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)

This report categorizes the global flavors & fragrances market based on ingredients, end-use industry, and region.

On the basis of Ingredients, the flavors & fragrances market has been segmented as follows:

  • Natural
  • Synthetic

On the basis of End-use industry, the flavors & fragrances market has been segmented as follows:

  • Flavors
    • Beverages
    • Savory & Snacks
    • Dairy Products
    • Bakery
    • Confectionary
    • Others
  • Fragrances
    • Consumer Products
    • Fine Fragrances

On the basis of region, the flavors & fragrances market has been segmented as follows:

  • Europe
  • North America
  • APAC
  • South America
  • Middle East & Africa

Recent Developments

  • In 2020,  Givaudan agreed on a research partnership with Novozymes and will jointly work on the research and development of innovative sustainable solutions in the areas of food and cleaning.
  • In 2020, International Flavors & Fragrances Inc. merged with DuPont’s Nutrition & Biosciences to produce high-value ingredients and solutions for the Food & Beverage, Home & Personal Care and Health & Wellness market.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 35)
    1.1 OBJECTIVES OF THE STUDY
    1.2 MARKET DEFINITION
           1.2.1 FLAVORS & FRAGRANCES MARKET: INCLUSIONS & EXCLUSIONS
           1.2.2 FLAVORS & FRAGRANCES: MARKET DEFINITION AND INCLUSIONS, BY INGREDIENT
           1.2.3 FLAVORS & FRAGRANCES: MARKET DEFINITION AND INCLUSIONS, BY END-USE INDUSTRY
    1.3 MARKET SCOPE
           1.3.1 REGIONS COVERED
           1.3.2 YEARS CONSIDERED FOR THE STUDY
    1.4 CURRENCY
    1.5 STAKEHOLDERS
    1.6 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 41)
    2.1 RESEARCH DATA
          FIGURE 1 FLAVORS & FRAGRANCES MARKET: RESEARCH DESIGN
           2.1.1 SECONDARY DATA
           2.1.2 PRIMARY DATA
                    2.1.2.1 Primary interviews – demand and supply sides
                    2.1.2.2 Key industry insights
                    2.1.2.3 Breakdown of primary interviews
    2.2 MARKET SIZE ESTIMATION
           2.2.1 BOTTOM-UP APPROACH
                    FIGURE 2 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1 (SUPPLY-SIDE): REVENUE OF PRODUCTS
                    FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 2, BOTTOM-UP (SUPPLY-SIDE): COLLECTIVE REVENUE OF ALL PRODUCTS
                    FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 3 – BOTTOM-UP (DEMAND-SIDE): PRODUCTS SOLD
           2.2.2 TOP-DOWN APPROACH
                    FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 4 – TOP-DOWN
    2.3 DATA TRIANGULATION
          FIGURE 6 FLAVORS & FRAGRANCES MARKET: DATA TRIANGULATION
    2.4 GROWTH RATE ASSUMPTIONS/GROWTH FORECAST
           2.4.1 SUPPLY-SIDE
                    FIGURE 7 MARKET CAGR PROJECTIONS FROM THE SUPPLY-SIDE
           2.4.2 DEMAND-SIDE
                    FIGURE 8 MARKET GROWTH PROJECTIONS FROM DEMAND-SIDE DRIVERS AND OPPORTUNITIES
    2.5 FACTOR ANALYSIS
    2.6 ASSUMPTIONS
    2.7 LIMITATIONS
    2.8 RISK ASSESSMENT
          TABLE 1 FLAVORS & FRAGRANCES MARKET: RISK ASSESSMENT

3 EXECUTIVE SUMMARY (Page No. - 51)
    FIGURE 9 SYNTHETIC INGREDIENT SEGMENT TO DOMINATE FLAVORS & FRAGRANCES MARKET DURING THE FORECAST PERIOD
    FIGURE 10 BEVERAGES SEGMENT TO DOMINATE THE FLAVORS MARKET IN 2020
    FIGURE 11 CONSUMER PRODUCTS SEGMENT TO DOMINATE THE FRAGRANCES MARKET
    FIGURE 12 APAC WAS LARGEST FLAVORS & FRAGRANCES MARKET IN 2020

4 PREMIUM INSIGHTS (Page No. - 54)
    4.1 ATTRACTIVE OPPORTUNITIES IN THE FLAVORS & FRAGRANCES MARKET
          FIGURE 13 FLAVORS & FRAGRANCES MARKET TO REGISTER MODERATE GROWTH DURING THE FORECAST PERIOD
    4.2 APAC: FRAGRANCES MARKET, BY END-USE AND COUNTRY
          FIGURE 14 CHINA LED THE APAC FRAGRANCES MARKET IN 2020
    4.3 FLAVORS & FRAGRANCES MARKET, BY REGION
          FIGURE 15 APAC TO BE FASTEST-GROWING MARKET BETWEEN 2021 AND 2026
    4.4 FLAVORS MARKET, REGION VS END-USE INDUSTRY
          FIGURE 16 BEVERAGES ACCOUNTED FOR LARGEST SHARE IN MOST OF THE REGIONS IN 2020
    4.5 FLAVORS MARKET ATTRACTIVENESS
          FIGURE 17 INDIA TO BE FASTEST-GROWING MARKET BETWEEN 2021 AND 2026

5 MARKET OVERVIEW AND INDUSTRY TRENDS (Page No. - 57)
    5.1 INTRODUCTION
    5.2 MARKET DYNAMICS
          FIGURE 18 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES IN THE FLAVORS & FRAGRANCES MARKET
           5.2.1 DRIVERS
                    5.2.1.1 Increasing demand for natural flavors and fragrances
                    5.2.1.2 Increasing consumer preference toward convenience foods
                                TABLE 2 FROZEN FOOD MARKET SIZE, BY REGION, 2020–2025 (USD BILLION)
                    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
                                TABLE 3 FLAVORS AND FRAGRANCES: REGULATIONS SET BY DIFFERENT COUNTRIES
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Digitalization of the retail industry
                                FIGURE 19 ONLINE PURCHASES OF GOODS & SERVICES IN THE EUROPEAN UNION (2018)
                    5.2.3.2 Innovation in end-use industries to drive the flavors & fragrances market
           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
          FIGURE 20 PORTER’S FIVE FORCES ANALYSIS OF FLAVORS & FRAGRANCES MARKET
           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
                    TABLE 4 FLAVORS & FRAGRANCES MARKET: PORTER’S FIVE FORCES ANALYSIS
    5.4 MACROECONOMIC INDICATORS
           5.4.1 GDP TRENDS AND FORECAST OF MAJOR ECONOMIES
                    TABLE 5 GDP TRENDS AND FORECAST, BY MAJOR ECONOMY, 2018–2026 (USD BILLION)
    5.5 COVID-19 IMPACT
           5.5.1 INTRODUCTION
           5.5.2 COVID-19 HEALTH ASSESSMENT
                    FIGURE 21 COUNTRY-WISE SPREAD OF COVID-19
           5.5.3 COVID-19 ECONOMIC ASSESSMENT
                    FIGURE 22 REVISED GDP FORECASTS FOR SELECT G20 COUNTRIES IN 2021
                    5.5.3.1 COVID-19 Impact on the Economy—Scenario Assessment
                                FIGURE 23 FACTORS IMPACTING THE GLOBAL ECONOMY
                                FIGURE 24 SCENARIOS OF COVID-19 IMPACT
    5.6 IMPACT OF COVID-19: CUSTOMER ANALYSIS
    5.7 SUPPLY CHAIN ANALYSIS
          FIGURE 25 FLAVORS & FRAGRANCES MARKET: SUPPLY CHAIN
           5.7.1 RAW MATERIAL
           5.7.2 INGREDIENT MANUFACTURING
           5.7.3 DISTRIBUTION
           5.7.4 END-USE INDUSTRIES
    5.8 FLAVORS & FRAGRANCE MARKET: REALISTIC, PESSIMISTIC, OPTIMISTIC, AND NON-COVID-19 SCENARIOS
          FIGURE 26 MARKET SIZE UNDER REALISTIC, PESSIMISTIC, OPTIMISTIC, AND NON-COVID-19 SCENARIOS
          TABLE 6 FLAVORS & FRAGRANCE MARKET FORECAST SCENARIO, 2019–2026 (USD MILLION)
           5.8.1 NON-COVID-19 SCENARIO
           5.8.2 OPTIMISTIC SCENARIO
           5.8.3 PESSIMISTIC SCENARIO
           5.8.4 REALISTIC SCENARIO
    5.9 TRENDS/DISRUPTIONS IMPACTING CUSTOMER’S BUSINESS
           5.9.1 REVENUE SHIFTS & REVENUE POCKETS FOR FLAVORS & FRAGRANCE MARKET
                    FIGURE 27 REVENUE SHIFT FOR FLAVORS & FRAGRANCE MARKET
    5.10 CONNECTED MARKETS: ECOSYSTEM
           FIGURE 28 FLAVORS & FRAGRANCES MARKET: ECOSYSTEM
           TABLE 7 FLAVORS & FRAGRANCES MARKET: SUPPLY CHAIN
    5.11 TECHNOLOGY ANALYSIS
    5.12 CASE STUDY ANALYSIS
           5.12.1 A CASE STUDY ON SLEEPSCORE LABS AND INTERNATIONAL FLAVORS & FRAGRANCES INC.
           5.12.2 A CASE STUDY ON GIVAUDAN AND MEDIAFLY
    5.13 TRADE ANALYSIS
           5.13.1 IMPORT SCENARIO OF FLAVORS & FRAGRANCES
                     FIGURE 29 FLAVORS & FRAGRANCES IMPORTS, BY KEY COUNTRY, 2012–2020
                     TABLE 8 IMPORTS OF FLAVORS & FRAGRANCES, BY REGION, 2012–2020 (USD MILLION)
           5.13.2 EXPORT SCENARIO OF FLAVORS & FRAGRANCES
                     FIGURE 30 FLAVORS & FRAGRANCES EXPORTS, BY KEY COUNTRY, 2012– 2020
                     TABLE 9 EXPORTS OF FLAVORS & FRAGRANCES, BY REGION, 2012–2020 (USD MILLION)
    5.14 TARIFF AND REGULATORY LANDSCAPE
    5.15 PATENT ANALYSIS
           5.15.1 APPROACH
           5.15.2 DOCUMENT TYPE
                     TABLE 10 GRANTED PATENTS ACCOUNTED FOR 4% OF THE TOTAL COUNT IN LAST 11 YEARS
                     FIGURE 31 PATENTS REGISTERED FOR FLAVORS & FRAGRANCES, 2010–2020
                     FIGURE 32 PATENTS PUBLICATION TRENDS FOR FLAVORS & FRAGRANCES, 2010–2020
           5.15.3 JURISDICTION ANALYSIS
                     FIGURE 33 MAXIMUM PATENTS FILED BY COMPANIES IN CHINA
           5.15.4 TOP APPLICANTS
                     FIGURE 34 HUBEI CHINA TOBACCO INDUSTRY CO. LTD. REGISTERED MAXIMUM NUMBER OF PATENTS BETWEEN 2010 AND 2020
                     TABLE 11 TOP 10 PATENT OWNERS (US) IN LAST 11 YEARS

6 FLAVORS & FRAGRANCES MARKET, BY INGREDIENT (Page No. - 87)
    6.1 INTRODUCTION
          FIGURE 35 NATURAL INGREDIENTS EXPECTED TO BE FASTER-GROWING SEGMENT DURING THE FORECAST PERIOD
          TABLE 12 FLAVORS & FRAGRANCES MARKET SIZE, BY INGREDIENT, 2016–2019 (USD MILLION)
          TABLE 13 FLAVORS & FRAGRANCES MARKET SIZE, BY INGREDIENT, 2020–2026 (USD MILLION)
    6.2 SYNTHETIC INGREDIENT
           6.2.1 TREND IN REPLICATION OF NATURAL FLAVORS INTO SYNTHETIC INGREDIENTS TO DRIVE THE MARKET
                    TABLE 14 SYNTHETIC INGREDIENT MARKET SIZE, BY TYPE, 2016–2019 (USD MILLION)
                    TABLE 15 SYNTHETIC INGREDIENT MARKET SIZE, BY TYPE, 2020–2026 (USD MILLION)
    6.3 NATURAL INGREDIENT
           6.3.1 INCREASING HEALTH AWARENESS AMONG CONSUMERS TO DRIVE THE MARKET
                    TABLE 16 NATURAL INGREDIENT MARKET SIZE, BY TYPE, 2016–2019 (USD MILLION)
                    TABLE 17 NATURAL INGREDIENT MARKET SIZE, BY TYPE, 2020–2026 (USD MILLION)

7 FLAVORS & FRAGRANCES MARKET, BY END-USE INDUSTRY (Page No. - 91)
    7.1 INTRODUCTION
    7.2 FLAVORS
          FIGURE 36 BEVERAGES SEGMENT TO LEAD FLAVORS MARKET DURING THE FORECAST PERIOD
          TABLE 18 FLAVORS MARKET, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
          TABLE 19 FLAVORS MARKET, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
           7.2.1 BEVERAGES
                    7.2.1.1 Changing lifestyle and curiosity to try differently flavored beverages are driving the market
                                TABLE 20 FLAVORS MARKET SIZE IN BEVERAGES, BY REGION, 2016–2019 (USD MILLION)
                                TABLE 21 FLAVORS MARKET SIZE IN BEVERAGES, BY REGION, 2020–2026 (USD MILLION)
           7.2.2 SAVORY & SNACKS
                    7.2.2.1 Demand for plant-based products and growing preference for less salt, fat, and sugar to drive the market
                                TABLE 22 FLAVORS MARKET SIZE IN SAVORY & SNACKS, BY REGION, 2016–2019 (USD MILLION)
                                TABLE 23 FLAVORS MARKET SIZE IN SAVORY & SNACKS, BY REGION, 2020–2026 (USD MILLION)
           7.2.3 DAIRY PRODUCTS
                    7.2.3.1 Demand for health & wellness and emotional need for dairy products to drive the market
                                TABLE 24 FLAVORS MARKET SIZE IN DAIRY PRODUCTS, BY REGION, 2016–2019 (USD MILLION)
                                TABLE 25 FLAVORS MARKET SIZE IN DAIRY PRODUCTS, BY REGION, 2020–2026 (USD MILLION)
           7.2.4 BAKERY
                    7.2.4.1 APAC is largest market for flavors in the bakery segment
                                TABLE 26 FLAVORS MARKET SIZE IN BAKERY, BY REGION, 2016–2019 (USD MILLION)
                                TABLE 27 FLAVORS MARKET SIZE IN BAKERY, BY REGION, 2020–2026 (USD MILLION)
           7.2.5 CONFECTIONERY
                    7.2.5.1 Continuous innovation and fast-changing consumer demand to drive the market
                                TABLE 28 FLAVORS MARKET SIZE IN CONFECTIONERY, BY REGION, 2016–2019 (USD MILLION)
                                TABLE 29 FLAVORS MARKET SIZE IN CONFECTIONERY, BY REGION, 2020–2026 (USD MILLION)
           7.2.6 OTHERS
                    7.2.6.1 Changing consumer preferences and growing demand for new flavors to drive the market
                                TABLE 30 FLAVORS MARKET SIZE IN OTHER END-USE INDUSTRIES, BY REGION, 2016–2019 (USD MILLION)
                                TABLE 31 FLAVORS MARKET SIZE IN OTHER END-USE INDUSTRIES, BY REGION, 2020–2026 (USD MILLION)
    7.3 FRAGRANCES
          FIGURE 37 CONSUMER PRODUCTS SEGMENT TO DOMINATE FRAGRANCES MARKET DURING THE FORECAST PERIOD
          TABLE 32 FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
          TABLE 33 FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
           7.3.1 CONSUMER PRODUCTS
                    7.3.1.1 In-depth research on consumer products and changing preferences to drive the market
                                TABLE 34 FRAGRANCES MARKET SIZE IN CONSUMER PRODUCTS, BY REGION, 2016–2019 (USD MILLION)
                                TABLE 35 FRAGRANCES MARKET SIZE IN CONSUMER PRODUCTS, BY REGION, 2020–2026 (USD MILLION)
           7.3.2 FINE FRAGRANCES
                    7.3.2.1 Increasing connection of perfumers to diverse local cultures and trends can drive the market
                                TABLE 36 FRAGRANCES MARKET SIZE IN FINE FRAGRANCES, BY REGION, 2016–2019 (USD MILLION)
                                TABLE 37 FRAGRANCES MARKET SIZE IN FINE FRAGRANCES, BY REGION, 2020–2026 (USD MILLION)

8 FLAVORS & FRAGRANCES MARKET, BY REGION (Page No. - 103)
    8.1 INTRODUCTION
          FIGURE 38 APAC EXPECTED TO REGISTER HIGHEST CAGR BETWEEN 2021 AND 2026
          TABLE 38 FLAVORS & FRAGRANCES MARKET SIZE, BY TYPE, 2016–2019 (USD MILLION)
          TABLE 39 FLAVORS & FRAGRANCES MARKET SIZE, BY TYPE, 2020–2026 (USD MILLION)
          TABLE 40 FLAVORS & FRAGRANCES MARKET SIZE, BY REGION, 2016–2019 (USD MILLION)
          TABLE 41 FLAVORS & FRAGRANCES MARKET SIZE, BY REGION, 2020–2026 (USD MILLION)
          TABLE 42 FLAVORS MARKET SIZE, BY REGION, 2016–2019 (USD MILLION)
          TABLE 43 FLAVORS MARKET SIZE, BY REGION, 2020–2026 (USD MILLION)
          TABLE 44 FRAGRANCES MARKET SIZE, BY REGION, 2016–2019 (USD MILLION)
          TABLE 45 FRAGRANCES MARKET SIZE, BY REGION, 2020–2026 (USD MILLION)
    8.2 APAC
          FIGURE 39 APAC MARKET SNAPSHOT: CHINA ACCOUNTED FOR LARGEST SHARE IN 2020
           8.2.1 APAC FLAVORS & FRAGRANCE MARKET, BY END-USE INDUSTRY
                       TABLE 46 APAC: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                       TABLE 47 APAC: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                       TABLE 48 APAC: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                       TABLE 49 APAC: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
           8.2.2 APAC FLAVORS & FRAGRANCE MARKET, BY COUNTRY
                       TABLE 50 APAC: FLAVORS MARKET SIZE, BY COUNTRY, 2016–2019 (USD MILLION)
                       TABLE 51 APAC: FLAVORS MARKET SIZE, BY COUNTRY, 2020–2026 (USD MILLION)
                       TABLE 52 APAC: FRAGRANCES MARKET SIZE, BY COUNTRY, 2016–2019 (USD MILLION)
                       TABLE 53 APAC: FRAGRANCES MARKET SIZE, BY COUNTRY, 2020–2026 (USD MILLION)
                    8.2.2.1 China
                               8.2.2.1.1 Growing industrial activities and change in consumer’s lifestyle to drive the market
                                              TABLE 54 CHINA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 55 CHINA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                                              TABLE 56 CHINA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 57 CHINA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                    8.2.2.2 Japan
                               8.2.2.2.1 Growing investment in manufacturing sector to drive the flavors & fragrance market
                                              TABLE 58 JAPAN: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 59 JAPAN: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                                              TABLE 60 JAPAN: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 61 JAPAN: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                    8.2.2.3 India
                               8.2.2.3.1 Growing FDI investments in manufacturing industry to support market growth
                                              TABLE 62 INDIA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 63 INDIA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                                              TABLE 64 INDIA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 65 INDIA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                    8.2.2.4 South Korea
                               8.2.2.4.1 Increased exports to EU to drive the flavors and fragrance market
                                              TABLE 66 SOUTH KOREA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 67 SOUTH KOREA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                                              TABLE 68 SOUTH KOREA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 69 SOUTH KOREA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                    8.2.2.5 Indonesia
                               8.2.2.5.1 Strong rebound of economy and anticipated change in food consumption patterns to drive the market
                                              TABLE 70 INDONESIA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 71 INDONESIA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                                              TABLE 72 INDONESIA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 73 INDONESIA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                    8.2.2.6 Thailand
                               8.2.2.6.1 Increased exports of processed foods to drive the market
                                              TABLE 74 THAILAND: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 75 THAILAND: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                                              TABLE 76 THAILAND: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 77 THAILAND: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                    8.2.2.7 Australia
                               8.2.2.7.1 Demand for energy drinks among white-collar workers to drive the market
                                              TABLE 78 AUSTRALIA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 79 AUSTRALIA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                                              TABLE 80 AUSTRALIA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 81 AUSTRALIA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                    8.2.2.8 Vietnam
                               8.2.2.8.1 Beverages segment is largest and fastest-growing user of flavors
                                              TABLE 82 VIETNAM: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 83 VIETNAM: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                                              TABLE 84 VIETNAM: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 85 VIETNAM: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                    8.2.2.9 Philippines
                               8.2.2.9.1 Demand for western food products from youth population to drive the market
                                              TABLE 86 PHILIPPINES: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 87 PHILIPPINES: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                                              TABLE 88 PHILIPPINES: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 89 PHILIPPINES: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                    8.2.2.10 Bangladesh
                               8.2.2.10.1 Signs of recovery in economy and exports to drive the market
                                              TABLE 90 BANGLADESH: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 91 BANGLADESH: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                                              TABLE 92 BANGLADESH: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 93 BANGLADESH: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                    8.2.2.11 Pakistan
                               8.2.2.11.1 Rising middle-class population and preference for higher quality and safer food to drive the market
                                              TABLE 94 PAKISTAN: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 95 PAKISTAN: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                                              TABLE 96 PAKISTAN: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 97 PAKISTAN: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
    8.3 EUROPE
          FIGURE 40 EUROPE FLAVORS & FRAGRANCE MARKET SNAPSHOT: GERMANY ACCOUNTED FOR LARGEST MARKET SHARE IN 2020
           8.3.1 EUROPE FLAVORS & FRAGRANCES MARKET, BY END-USE INDUSTRY
                       TABLE 98 EUROPE: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                       TABLE 99 EUROPE: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                       TABLE 100 EUROPE: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                       TABLE 101 EUROPE: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
           8.3.2 EUROPE FLAVORS & FRAGRANCES MARKET, BY COUNTRY
                       TABLE 102 EUROPE: FLAVORS MARKET SIZE, BY COUNTRY, 2016–2019 (USD MILLION)
                       TABLE 103 EUROPE: FLAVORS MARKET SIZE, BY COUNTRY, 2020–2026 (USD MILLION)
                       TABLE 104 EUROPE: FRAGRANCES MARKET SIZE, BY COUNTRY, 2016–2019 (USD MILLION)
                       TABLE 105 EUROPE: FRAGRANCES MARKET SIZE, BY COUNTRY, 2020–2026 (USD MILLION)
                    8.3.2.1 Germany
                               8.3.2.1.1 Strong economic recovery post-COVID-19 pandemic to support market growth
                                              TABLE 106 GERMANY: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 107 GERMANY: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                                              TABLE 108 GERMANY: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 109 GERMANY: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY,  2020–2026 (USD MILLION)
                    8.3.2.2 France
                               8.3.2.2.1 Increase in production concentration and exports to support the market
                                              TABLE 110 FRANCE: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 111 FRANCE: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                                              TABLE 112 FRANCE: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 113 FRANCE: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                    8.3.2.3 UK
                               8.3.2.3.1 Adoption of healthier lifestyle and increase in usage of natural flavors & fragrances to drive the market
                                              TABLE 114 UK: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 115 UK: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                                              TABLE 116 UK: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 117 UK: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                    8.3.2.4 Italy
                               8.3.2.4.1 Marketing initiatives taken by the government to support the flavors and fragrance market
                                              TABLE 118 ITALY: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 119 ITALY: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                                              TABLE 120 ITALY: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 121 ITALY: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                    8.3.2.5 Spain
                               8.3.2.5.1 Demand for healthy and natural ingredients-based ready-to-eat food to drive the market
                                              TABLE 122 SPAIN: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 123 SPAIN: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                                              TABLE 124 SPAIN: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 125 SPAIN: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                    8.3.2.6 Russia
                               8.3.2.6.1 New export routes to Southeast Asian countries to support the market growth
                                              TABLE 126 RUSSIA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 127 RUSSIA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                                              TABLE 128 RUSSIA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 129 RUSSIA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
    8.4 NORTH AMERICA
           FIGURE 41 NORTH AMERICA FLAVORS & FRAGRANCES MARKET SNAPSHOT: US EXPECTED TO DOMINATE THE MARKET
           8.4.1 NORTH AMERICA FLAVORS & FRAGRANCE MARKET, BY END-USE INDUSTRY
                       TABLE 130 NORTH AMERICA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                       TABLE 131 NORTH AMERICA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                       TABLE 132 NORTH AMERICA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                       TABLE 133 NORTH AMERICA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
           8.4.2 NORTH AMERICA FLAVORS & FRAGRANCES MARKET, BY COUNTRY
                       TABLE 134 NORTH AMERICA: FLAVORS MARKET SIZE, BY COUNTRY, 2016–2019 (USD MILLION)
                       TABLE 135 NORTH AMERICA: FLAVORS MARKET SIZE, BY COUNTRY, 2020–2026 (USD MILLION)
                       TABLE 136 NORTH AMERICA: FRAGRANCES MARKET SIZE, BY COUNTRY, 2016–2019 (USD MILLION)
                       TABLE 137 NORTH AMERICA: FRAGRANCES MARKET SIZE, BY COUNTRY, 2020–2026 (USD MILLION)
                    8.4.2.1 US
                               8.4.2.1.1 Savory & snacks segment is fastest-growing end-user of flavors
                                              TABLE 138 US: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 139 US: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                                              TABLE 140 US: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 141 US: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                    8.4.2.2 Canada
                               8.4.2.2.1 Increasing health awareness and demand for natural-based flavors and fragrances to drive the market
                                              TABLE 142 CANADA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 143 CANADA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                                              TABLE 144 CANADA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 145 CANADA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                    8.4.2.3 Mexico
                               8.4.2.3.1 Rapid urbanization and increase in population of working women to support the market
                                              TABLE 146 MEXICO: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 147 MEXICO: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                                              TABLE 148 MEXICO: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 149 MEXICO: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
    8.5 SOUTH AMERICA
           8.5.1 SOUTH AMERICA FLAVORS & FRAGRANCES MARKET, BY END-USE INDUSTRY
                       TABLE 150 SOUTH AMERICA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                       TABLE 151 SOUTH AMERICA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                       TABLE 152 SOUTH AMERICA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                       TABLE 153 SOUTH AMERICA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
           8.5.2 SOUTH AMERICA FLAVORS & FRAGRANCES MARKET, BY COUNTRY
                       TABLE 154 SOUTH AMERICA: FLAVORS MARKET SIZE, BY COUNTRY, 2016–2019 (USD MILLION)
                       TABLE 155 SOUTH AMERICA: FLAVORS MARKET SIZE, BY COUNTRY, 2020–2026 (USD MILLION)
                       TABLE 156 SOUTH AMERICA: FRAGRANCES MARKET SIZE, BY COUNTRY, 2016–2019 (USD MILLION)
                       TABLE 157 SOUTH AMERICA: FRAGRANCES MARKET SIZE, BY COUNTRY, 2020–2026 (USD MILLION)
                    8.5.2.1 Brazil
                               8.5.2.1.1 Rising demand for dairy products and premium fragrances to drive the market
                                              TABLE 158 BRAZIL: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 159 BRAZIL: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                                              TABLE 160 BRAZIL: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 161 BRAZIL: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                    8.5.2.2 Argentina
                               8.5.2.2.1 Turmoil in manufacturing sector to have a negative impact on the market
                                              TABLE 162 ARGENTINA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 163 ARGENTINA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                                              TABLE 164 ARGENTINA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 165 ARGENTINA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
    8.6 MIDDLE EAST & AFRICA
           8.6.1 MIDDLE EAST & AFRICA FLAVORS & FRAGRANCE MARKET, BY END-INDUSTRY
                       TABLE 166 MIDDLE EAST & AFRICA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                       TABLE 167 MIDDLE EAST & AFRICA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                       TABLE 168 MIDDLE EAST & AFRICA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                       TABLE 169 MIDDLE EAST & AFRICA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
           8.6.2 MIDDLE EAST & AFRICA FLAVORS & FRAGRANCE MARKET, BY COUNTRY
                       TABLE 170 MIDDLE EAST & AFRICA: FLAVORS MARKET SIZE, BY COUNTRY, 2016–2019 (USD MILLION)
                       TABLE 171 MIDDLE EAST & AFRICA: FLAVORS MARKET SIZE, BY COUNTRY, 2020–2026 (USD MILLION)
                       TABLE 172 MIDDLE EAST & AFRICA: FRAGRANCES MARKET SIZE, BY COUNTRY, 2016–2019 (USD MILLION)
                       TABLE 173 MIDDLE EAST & AFRICA: FRAGRANCES MARKET SIZE, BY COUNTRY, 2020–2026 (USD MILLION)
                    8.6.2.1 Saudi Arabia
                               8.6.2.1.1 Higher penetration of premium consumer products supports the market growth
                                              TABLE 174 SAUDI ARABIA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 175 SAUDI ARABIA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                                              TABLE 176 SAUDI ARABIA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 177 SAUDI ARABIA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                    8.6.2.2 Iran
                               8.6.2.2.1 Growing urban middle-class population, changing lifestyle to make significant impact on the market
                                              TABLE 178 IRAN: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 179 IRAN: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                                              TABLE 180 IRAN: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 181 IRAN: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                    8.6.2.3 Turkey
                               8.6.2.3.1 Rise in disposable income to support growth of flavors & fragrance industry
                                              TABLE 182 TURKEY: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 183 TURKEY: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                                              TABLE 184 TURKEY: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 185 TURKEY: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                    8.6.2.4 South Africa
                               8.6.2.4.1 Beverages segment is largest consumer of flavors in South Africa
                                              TABLE 186 SOUTH AFRICA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 187 SOUTH AFRICA: FLAVORS MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)
                                              TABLE 188 SOUTH AFRICA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2016–2019 (USD MILLION)
                                              TABLE 189 SOUTH AFRICA: FRAGRANCES MARKET SIZE, BY END-USE INDUSTRY, 2020–2026 (USD MILLION)

9 COMPETITIVE LANDSCAPE (Page No. - 171)
    9.1 INTRODUCTION
    9.2 STRATEGIES ADOPTED BY KEY PLAYERS
           9.2.1 OVERVIEW OF STRATEGIES ADOPTED BY FLAVORS & FRAGRANCES MANUFACTURERS
    9.3 MARKET SHARE ANALYSIS
           9.3.1 RANKING OF KEY MARKET PLAYERS, 2020
                    FIGURE 42 RANKING OF TOP FOUR PLAYERS IN THE FLAVORS & FRAGRANCES MARKET, 2020
           9.3.2 MARKET SHARE OF KEY PLAYERS
                    TABLE 190 FLAVORS & FRAGRANCES MARKET: DEGREE OF COMPETITION
                    FIGURE 43 GIVAUDAN IS LEADING PLAYER IN THE FLAVORS & FRAGRANCES MARKET
           9.3.3 GIVAUDAN
           9.3.4 INTERNATIONAL FLAVORS & FRAGRANCES (IFF)
           9.3.5 FIRMENICH
           9.3.6 SYMRISE AG
    9.4 REVENUE ANALYSIS
          FIGURE 44 REVENUE ANALYSIS FOR KEY COMPANIES IN PAST 5 YEARS
    9.5 COMPANY PRODUCT FOOTPRINT ANALYSIS
          FIGURE 45 FLAVORS & FRAGRANCES MARKET: COMPANY FOOTPRINT
          TABLE 191 FLAVORS & FRAGRANCES MARKET: INGREDIENT FOOTPRINT
          TABLE 192 FLAVORS & FRAGRANCES MARKET: END-USE INDUSTRY FOOTPRINT
          TABLE 193 FLAVORS & FRAGRANCES MARKET: COMPANY REGION FOOTPRINT
    9.6 COMPANY EVALUATION QUADRANT
           9.6.1 STARS
           9.6.2 EMERGING LEADERS
                    FIGURE 46 COMPANY EVALUATION QUADRANT FOR FLAVORS & FRAGRANCES MARKET (TIER 1)
    9.7 START-UP/SMES EVALUATION QUADRANT
           9.7.1 RESPONSIVE COMPANIES
           9.7.2 DYNAMIC COMPANIES
           9.7.3 STARTING BLOCKS
                    FIGURE 47 STARTUP/SMES EVALUATION QUADRANT FOR FLAVORS & FRAGRANCES MARKET
    9.8 COMPETITIVE SITUATION AND TRENDS
           9.8.1 PRODUCT LAUNCHES
                    TABLE 194 FLAVORS & FRAGRANCES MARKET: PRODUCT LAUNCHES, 2018- 2021
           9.8.2 DEALS
                    TABLE 195 FLAVORS & FRAGRANCES MARKET: DEALS, 2018-2021
           9.8.3 OTHER DEVELOPMENTS
                    TABLE 196 FLAVORS & FRAGRANCES MARKET: EXPANSIONS, INVESTMENTS, AND INNOVATIONS, 2016- 2021

10 COMPANY PROFILES (Page No. - 194)
     10.1 MAJOR PLAYERS
(Business Overview, Products Offered, Recent Developments, New product launch, Deals, Other developments, MnM View, Key strengths/right to win, Strategic choices made, Weaknesses and competitive threats)*
             10.1.1 GIVAUDAN
                       FIGURE 48 GIVAUDAN: COMPANY SNAPSHOT
                       TABLE 197 GIVAUDAN: BUSINESS OVERVIEW
             10.1.2 FIRMENICH
                       TABLE 198 FIRMENICH: BUSINESS OVERVIEW
             10.1.3 INTERNATIONAL FLAVORS & FRAGRANCES INC.
                       FIGURE 49 INTERNATIONAL FLAVORS & FRAGRANCES INC.: COMPANY SNAPSHOT
                       TABLE 199 INTERNATIONAL FLAVORS & FRAGRANCES INC.: BUSINESS OVERVIEW
             10.1.4 SYMRISE AG
                       FIGURE 50 SYMRISE AG: COMPANY SNAPSHOT
                       TABLE 200 SYMRISE AG: BUSINESS OVERVIEW
             10.1.5 TAKASAGO
                       FIGURE 51 TAKASAGO: COMPANY SNAPSHOT
                       TABLE 201 TAKASAGO: BUSINESS OVERVIEW
             10.1.6 ARCHER DANIELS MIDLAND COMPANY
                       FIGURE 52 ARCHER DANIELS MIDLAND COMPANY (ADM): COMPANY SNAPSHOT
                       TABLE 202 ARCHER DANIELS MIDLAND COMPANY (ADM): BUSINESS OVERVIEW
             10.1.7 SENSIENT TECHNOLOGIES
                       FIGURE 53 SENSIENT TECHNOLOGIES: COMPANY SNAPSHOT
                       TABLE 203 SENSIENT TECHNOLOGIES: BUSINESS OVERVIEW
             10.1.8 MANE SA
                       FIGURE 54 MANE SA: COMPANY SNAPSHOT
                       TABLE 204 MANE SA: BUSINESS OVERVIEW
             10.1.9 ROBERTET
                       FIGURE 55 ROBERTET: COMPANY SNAPSHOT
                       TABLE 205 ROBERTET: BUSINESS OVERVIEW
             10.1.10 T. HASEGAWA CO. LTD.
                        FIGURE 56 T. HASEGAWA CO. LTD.: COMPANY SNAPSHOT
                        TABLE 206 T. HASEGAWA CO. LTD.: BUSINESS OVERVIEW
             10.1.11 BELL FLAVORS & FRAGRANCES
                        TABLE 207 BELL FLAVORS & FRAGRANCES: BUSINESS OVERVIEW
     10.2 STARTUP/SME PLAYERS
             10.2.1 KERRY
                       TABLE 208 KERRY: COMPANY OVERVIEW
             10.2.2 OGAWA & CO. LTD.
                       TABLE 209 OGAWA & CO. LTD.: COMPANY OVERVIEW
             10.2.3 HUABAO
                       TABLE 210 HUABAO: COMPANY OVERVIEW
             10.2.4 BIOLANDES SAS
                       TABLE 211 BIOLANDES SAS: COMPANY OVERVIEW
             10.2.5 FLAVEX NATUREXTRAKTE GMBH
                       TABLE 212 FLAVEX NATUREXTRAKTE GMBH: COMPANY OVERVIEW
             10.2.6 SYNTHITE INDUSTRIES LIMITED
                       TABLE 213 SYNTHITE INDUSTRIES LIMITED: COMPANY OVERVIEW
             10.2.7 UNGERER & COMPANY
                       TABLE 214 UNGERER & COMPANY: COMPANY OVERVIEW
             10.2.8 AKAY NATURAL INGREDIENTS PRIVATE LIMITED
                       TABLE 215 AKAY NATURAL INGREDIENTS PRIVATE LIMITED: COMPANY OVERVIEW
             10.2.9 SOLVAY SA
                       TABLE 216 SOLVAY SA: COMPANY OVERVIEW
             10.2.10 OZONE NATURALS
                        TABLE 217 OZONE NATURALS: COMPANY OVERVIEW
             10.2.11 BASF SE
                        TABLE 218 BASF SE: COMPANY OVERVIEW
             10.2.12 ROYAL DSM NV
                        TABLE 219 ROYAL DSM NV: COMPANY OVERVIEW
             10.2.13 AROMTECH SAS
                        TABLE 220 AROMTECH SAS: COMPANY OVERVIEW
             10.2.14 BEDOUKIAN RESEARCH, INC.
                        TABLE 221 BEDOUKIAN RESEARCH, INC.: COMPANY OVERVIEW

*Details on Business Overview, Products Offered, Recent Developments, New product launch, Deals, Other developments, MnM View, Key strengths/right to win, Strategic choices made, Weaknesses and competitive threats might not be captured in case of unlisted companies.

11 ADJACENT & RELATED MARKETS (Page No. - 243)
     11.1 INTRODUCTION
     11.2 LIMITATION
     11.3 AROMA INGREDIENTS MARKET
             11.3.1 MARKET DEFINITION
             11.3.2 MARKET OVERVIEW
     11.4 AROMA INGREDIENTS MARKET, BY REGION
             TABLE 222 AROMA INGREDIENTS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION)
             11.4.1 EUROPE
                       TABLE 223 EUROPE: AROMA INGREDIENTS MARKET SIZE, BY COUNTRY, 2016–2023 (USD MILLION)
                       TABLE 224 EUROPE: AROMA INGREDIENTS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION)
                       TABLE 225 EUROPE: AROMA INGREDIENTS MARKET SIZE, BY APPLICATION, 2016–2023 (USD MILLION)
             11.4.2 APAC
                       TABLE 226 APAC: AROMA INGREDIENTS MARKET SIZE, BY COUNTRY, 2016–2023 (USD MILLION)
                       TABLE 227 APAC: AROMA INGREDIENTS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION)
                       TABLE 228 APAC: AROMA INGREDIENTS MARKET SIZE, BY APPLICATION, 2016–2023 (USD MILLION)
             11.4.3 NORTH AMERICA
                       TABLE 229 NORTH AMERICA: AROMA INGREDIENTS MARKET SIZE, BY COUNTRY, 2016–2023 (USD MILLION)
                       TABLE 230 NORTH AMERICA: AROMA INGREDIENTS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION)
                       TABLE 231 NORTH AMERICA: AROMA INGREDIENTS MARKET SIZE, BY APPLICATION, 2016–2023 (USD MILLION)
             11.4.4 MIDDLE EAST & AFRICA
                       TABLE 232 MIDDLE EAST & AFRICA: AROMA INGREDIENTS MARKET SIZE, BY COUNTRY, 2016–2023 (USD MILLION)
                       TABLE 233 MIDDLE EAST & AFRICA: AROMA INGREDIENTS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION)
                       TABLE 234 MIDDLE EAST & AFRICA: AROMA INGREDIENTS MARKET SIZE, BY APPLICATION, 2016–2023 (USD MILLION)
             11.4.5 SOUTH AMERICA
                       TABLE 235 SOUTH AMERICA: AROMA INGREDIENTS MARKET SIZE, BY COUNTRY, 2016–2023 (USD MILLION)
                       TABLE 236 SOUTH AMERICA: AROMA INGREDIENTS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION)
                       TABLE 237 SOUTH AMERICA: AROMA INGREDIENTS MARKET SIZE, BY APPLICATION, 2016–2023 (USD MILLION)

12 APPENDIX (Page No. - 251)
     12.1 DISCUSSION GUIDE
     12.2 KNOWLEDGE STORE: MARKETSANDMARKETS SUBSCRIPTION PORTAL
     12.3 AVAILABLE CUSTOMIZATION
     12.4 RELATED REPORTS
     12.5 AUTHOR DETAILS

The study involved four major activities to estimate the market size for flavors & fragrances. 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. Thereafter, 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, Bloomberg, and others. Findings of this study were verified through primary research by conducting extensive interviews with key officials such as CEOs, VPs, directors, and other executives.

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 by the development in end-use industries such as beverages, savory & snacks, dairy products, bakery, confectionery, others (in flavors), consumer products and fine fragrances. 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. The breakdown of profiles of the primary interviewees is illustrated in the figure below:

Flavors & Fragrances Market Size, and Share

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

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 industry’s supply chain and market size, in terms of value, were determined through primary and secondary research processes.
  • All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.

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, the 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.

Report Objectives

  • To analyze and forecast the size of the flavors & fragrances market, in terms of value
  • To provide detailed information regarding key factors, such as drivers, restraints, and opportunities influencing the growth of the market
  • To define, describe, and segment the flavors & fragrances market on the basis of ingredients, and end-use industry
  • To forecast the size of the market segments for regions such as APAC, North America, Europe, South America, and the Middle East & Africa
  • To strategically analyze the segmented markets with respect to individual growth trends, prospects, and contribution to the overall market
  • To identify and analyze opportunities for stakeholders in the market
  • To analyze competitive developments such as expansion, new product launch, merger & acquisition, and agreement in the flavors & fragrances market
  • To strategically profile key players and comprehensively analyze their core competencies

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 application

Company Information

  • Detailed analysis and profiles of additional market players (up to five)
COVID-19

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Benchmarking the rapid strategy shifts of the Top 100 companies in the Flavors & Fragrances Market

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Sep, 2021
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