According to a new market report published by Lucintel, the future of the global flavor and fragrance market looks good with opportunities in flavor and fragrance products, such as dairy, savory/snacks, fine fragrance, cosmetic and toiletries, and household and air care. The global flavor and fragrance market is forecast to grow at a CAGR of 4.2% from 2017 to 2022. The major drivers of growth for this market are increasing disposable income among middle class, changing consumer preferences, and growing awareness among customers to buy products that contain natural ingredients.

In this market, fine fragrance, soap and detergents, cosmetics and toiletries, household and air care are the major applications of fragrance. Dairy, beverage, savory/ snacks, and confectionery/bakery are the major applications of flavor. Lucintel predicts that the demand for fragrance is likely to experience the highest growth in the forecast period, supported by growing demand in end use applications.

On the basis of its comprehensive research, Lucintel forecasts that dairy, fine fragrances, and household and air care likely to experience the highest growth in the forecast period. Within the global flavor market, the beverage application is likely to remain the largest segment during the forecast period, while soap & detergents is likely to be the largest segment for the fragrance market.

Asia Pacific is expected to become the largest market and is also expected to witness above average growth over the forecast period due to strengthening economies, growing urbanization, changing lifestyle, and a rise in per capita income.

For business expansion, the report suggests innovation and new product development to produce ready-made active ingredients that provide solutions for skin care applications. The report further suggests the development of partnerships with customers to create win-win situations and the development of low-cost products for customers....Read more
http://www.lucintel.com/flavor-and-fragrance-market-2017.aspx