LONDON--(BUSINESS WIRE)--The global flavors and fragrances chemical market is expected to grow at a CAGR of over 4% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global flavors and fragrances chemical market for 2016-2020. By ingredients used, this market can be segmented into formulated flavors and fragrances, essential oils, and aroma chemicals.
Flavors and fragrances are mainly chemical compounds derived from natural and synthetic sources. They are used to enhance the appeal of consumer goods, beverages, and food products. Flavor blends, fragrance blends, essential oils and aroma chemicals are some of the major offerings in this market space.
The market is set to showcase a healthy growth by the end of the forecast period. This growth will mainly be driven by an increase in disposable income in the middle class, leading to increased revenue contribution by that demographic for personal and beauty care products. This will have a direct positive impact on the global flavors and fragrances market.
Technavio’s research study segments the global flavors and fragrances chemicals market into the following regions:
- Americas
- APAC
- EMEA
Americas: largest flavors and fragrances chemical market
Ajay Adikari, one of the lead analysts at Technavio for specialty chemicals research says, “The flavors and fragrances market in the Americas will witness steady growth during the forecast period. Because of modern lifestyles and work schedule, many people are opting for the convenience offered by personal care and home care products in their daily personal care routines. This drives the demand for the market in the region.”
The flavors and fragrances market in the Americas was valued at USD 9.16 billion in 2015. Most countries in the region have high levels of awareness and growing aging populations, which is driving the demand for cosmetic products. Government driven initiatives (like project Skin Care) to increase public awareness have also had a significant impact on the market. Vendors are also increasing their focus towards the Hispanic population, which holds high growth potential for these products.
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APAC: market driven by populous developing countries
The APAC region has rapidly developing countries like China, India, and Indonesia which has resulted in a large number of people moving into the middle-class bracket with more spending power. These people focus on increasing their lifestyle standards which leads to a direct increase in consumption of personal care products, leading to more demand for flavors and fragrances chemicals.
APAC is one of the largest consumers of flavored dairy products. 50% of global flavored milk in consumed by a few countries within this region. In addition, this region witnesses a high number of new products being launched which is attractive to a wide customer base. Factors such as increasing population, increasing investments, increasing dairy production, and increasing number of middle-income families will also impact the market in this region.
EMEA: market of diverse economic demographics
“The flavors and fragrances market in EMEA is driven by the high standard of living, high product awareness, and an increase in the number of product launches. Across the Middle East, the flavors market is in different stages. However, in the other countries, the market is at its initial stage and is getting popularity. In South Africa, the demand for flavored dairy products is increasing, driven by the growing awareness about the additional nutritional benefits of flavored milk to children,” says Ajay.
In countries like the UK, France, Italy, and Germany with mature economies, premium-priced and multi-functional cosmetic products contribute to the revenue of the fragrances market. An increase in the demand for anti-aging products has also boosted the global personal care products market which translated into the demand for fragrances in cosmetics.
The global flavors and fragrances market key vendors highlighted in the report are:
- Firmenich
- Givauden
- International Flavors & Fragrances Inc.
- Symrise
- Takasago
Browse Related Reports:
- Global Perfumes and Fragrances Market 2015-2019
- Global Aroma Chemicals Market 2015-2019
- Flavors and Fragrances Market in Latin America 2015-2019
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