Flavors & Fragrances Industry Data Book – Natural Flavors & Fragrances and Aroma Chemicals Market
Flavors & Fragrances Industry | Forecast 2030
Flavors & Fragrances Industry Data Book – Natural Flavors & Fragrances and Aroma Chemicals Market
The economic value generated by the flavors & fragrances industry was estimated at approximately USD 23.35 billion in 2021, is anticipated to expand at a compound annual growth rate (CAGR) of 4.3% from 2022 to 2030. This economic output is an amalgamation of natural flavors & fragrances such as essential oils & oleoresins as well as aroma chemicals including esters, alcohols, aldehydes, phenols, terpenes, among others.
Natural flavor & fragrance ingredients are expected to grow at a high CAGR on account of growing preference for organic ingredients in the food and personal care sector. Increasing disposable income in developing economies is projected to augment the demand for fragrances used in cosmetics, toiletries, perfumes, and soaps & detergents. Natural fragrances are perceived to be safe, healthier, and therapeutic. Manufacturers engaged in developing natural fragrances often charge a “green premium” on their products.
Natural Flavors And Fragrances Market Insights
The global natural flavors and fragrances market was valued at USD 9.15 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 6.3% from 2022 to 2030. The growth is driven by the growing demand for the product in convenience food and packaged food items. The industry growth was hampered amid the COVID-19 pandemic, as there were several restrictions on the import and export of chemicals coupled with quarantine and lockdown measures acting as some of the key barriers faced by several product manufacturers. The pandemic directly impacted people’s choices, lifestyles, preferences, health, and well-being.
Due to the shortage of labor owing to health concerns, many companies had to shut down their manufacturing units for a long period. Natural fragrances and flavors are derived from natural sources, such as plants and animals. These sources include vegetables, fruits, meat, spices, fish, roots, leaves, and more. It contains rich properties of fruits or vegetables that can be used for various purposes, such as adding flavor to food or instilling fragrance in beverages. Furthermore, natural flavors & fragrances are extensively consumed in the preparation of convenience foods. Food & beverage-producing companies tend to rely on these products owing to their organic nature and less harmful chemical content.
Order your copy of the Free Sample of “Flavors & Fragrances Industry Data Book – Natural Flavors & Fragrances and Aroma Chemicals Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 – 2030, published by Grand View Research
Essential Oils Market Insights
The global essential oils market size was valued at USD 21.79 billion in 2022 and is anticipated to expand at a compound annual growth rate (CAGR) of 7.9% from 2023 to 2030. This is attributable to the increasing demand from major end-use industries such as food & beverage, personal care & cosmetics, and aromatherapy. Essential oils contain complex, volatile chemical compounds, which are known for their antifungal, antibacterial, anti-inflammatory, and antiviral properties. Unlike most conventional medicines and drugs, these oils have no significant side effects. Such factors are projected to be the major driving factor for market growth. Conventional medicines and drugs have pleasant-smelling aroma compounds to create appealing products, mainly for chemicals that emit odors. Essential oils are also steadily replacing most chemicals, drugs, and medicines owing to associated health benefits and decreased risk of side effects.
The rising demand for convenience and ready-to-eat meals, health and wellness foods, and technological advancements are expected to boost food flavors market growth. Rapid industrialization and increasing consumer disposable incomes in emerging economies such as China and India are also projected to foster the global food flavors market over the forecast period.
Aroma Chemicals Market Insights
The global aroma chemicals market size was valued at USD 5.35 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.1% from 2022 to 2030. The growth is attributed to increased consumption of flavors & fragrance products in the cosmetics & toiletries, soaps & detergents, and food & beverages industries. Aroma chemicals are witnessing an increase in demand owing to the growing application scope in key end-use industries such as dairy, cosmetics & toiletries, soaps & detergents, fine fragrances, convenience foods, bakery foods, and confectionery. Moreover, increasing demand for low calories drinks and growth in the beverages market, are the major factors driving the growth of the industry.
Flavors being a prominent factor in taste in edible products, aroma chemicals are utilized to augment the taste in beverages and processed food. Increasing demand for health and wellness foods, regulation, and the ban on the use of some synthetic flavors are triggering the growth of natural aroma chemicals. The suitability of natural flavors in wider applications, additional health benefits of certain natural flavors, and advanced technological innovation are the key factors driving the market growth.
Table of Contents – Sectoral Outlook Report
Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Market Definition
1.3. Information Procurement
1.3.1. Purchased Database
1.3.2. GVR’s Internal Database
1.3.3. Secondary Sources & Third-Party Perspectives
Chapter 2. Executive Summary
2.1. Industry Snapshot
2.2. Key Trends – Highlights
Chapter 3. Industry Trend Analysis
3.1. Regulatory Framework & Benchmark
3.2. Value Chain Analysis
3.2.1. Raw Material Outlook
3.2.1.1. Natural versus Synthetic Ingredients
3.2.2. Technological Outlook
3.2.3. Value Addition & Profit Margin Analysis
3.3. Competitive Benchmarking
3.3.1. Manufacturing Ranking & Heat-map Analysis
3.4. Macroenvironmental Trend Analysis
3.4.1. Industry Driving Forces & Impact Analysis
3.4.2. Opportunities & Challenges
Company Profiles
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