According to a new market report published by Lucintel, future of the global flavor and fragrance market looks promising with opportunities in dairy, savory/snacks, fine fragrance, cosmetics, toiletries, household, and air care. The global flavor and fragrance market is expected to reach an estimated $36.6 billion by 2024 with a CAGR of 4.3% from 2019 to 2024. The major drivers for this market are increasing disposable income among the middle class, changing consumer preference, and growing awareness among customers to buy products that contain natural ingredients.

Flavors and fragrances are used as major raw materials in food, beverages, cosmetics, and detergent markets. On the basis of its comprehensive research, Lucintel forecasts that flavor is expected to remain the largest segment by value due to growing popularity of nutritionally supplemented functional foods, low-sodium foods, and low-sugar beverages.

Within the global flavor and fragrance market, beverage will remain the largest application and it is also expected to witness the highest growth over the forecast period due to growing consumption of energy soft drinks, sports drinks, and juices.

Asia Pacific will be expected to remain the largest region by value and volume and it is also expected to witness the highest growth over forecast period due to strengthening economies, growing urbanization, changing lifestyle, and a rise in per capita income.

An emerging trend, which has a direct impact on the dynamics of the industry, includes the increasing use of biotic ingredients in beverage and dairy products. Givaudan, Firmenich, IFF, Symrise, Takasago, Mane SA, Frutarom, Sensient Flavors, Robertet SA and T. Hasegawa are among the major suppliers of the flavor and fragrance market.

Lucintel, a leading global strategic consulting and market research firm, has analyzed the global flavor and fragrance market by product, application, raw material, country, and region, and has come up with a comprehensive research report, entitled “Growth Opportunities in the Global Flavor and Fragrance Market 2019-2024: Trends, Forecast, and Opportunity Analysis”. The Lucintel report serves as a springboard for growth strategy, as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global flavor and fragrance by product type, application, raw material, country, and region as follows:

By Product Type (Value ($B) shipment analysis from 2013-2024):
• Flavor
• Fragrance

By Application Type (Value ($B) shipment analysis from 2013-2024):

By Flavor:
• Dairy
• Savory/Snacks
• Beverage
• Confectionery/ Bakery
• Others

By Fragrance:
• Fine fragrance
• Cosmetics and toiletries
• Soaps and detergents
• Household and air care
• Others

By Raw Material (Value ($B) shipment analysis from 2013-2024):
• Aroma Chemical
• Essential Oils

By Region (Value ($B) shipment analysis from 2013-2024):

By Flavor:
• North America
• Europe
• Asia Pacific
• Rest of the World

By Fragrance:
• North America
• Europe
• Asia Pacific
• Rest of the World

By Country (Value ($B) shipment analysis from 2013-2024):
• US
• Western Europe
• Eastern Europe
• Central Europe
• China
• Japan
• India
• Middle East
• South America
• Africa

This 206-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or [email protected]. Lucintel offerings include Consumer Goods Report, Consumer Market Report, Merger & Acquisition, Due Diligence and Strategic Growth Consulting.


About Lucintel

Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services for executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.

This report answers following 11 key questions:

Q. 1. What are some of the most promising, high-growth trends in the global flavor and fragrance market by product (flavor and fragrance), applications (dairy, savory/Snacks, confectionery/bakery, beverage, fine fragrance, cosmetic and toiletry, soaps and detergents, household and air care, and others), raw materials (aroma chemical and essential oils), and region (North America, Europe, Asia Pacific and Rest of the World)?
Q.2.Which segments will grow at a faster pace and why?
Q.3.Which region will grow at a faster pace and why?
Q.4.What are the key factors affecting market dynamics? What are the drivers, challenges and business risks in this market?
Q.5.What are the business risks and competitive threats in this market?
Q.6.What are the emerging trends in this market and the reasons behind them?
Q.7.What are some of the changing demands of customers in the market?
Q.8.What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10.What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q. 11.What M & A activity has occurred in the last 5 years and what is its impact on the industry?