Flavors and Fragrances Market to grow from US$24.939 billion in 2015 to US$31.410 billion by 2021
Knowledge Sourcing Intelligence announces the publication of a new report "Flavors and Fragrances Market - Forecasts from 2016 to 2021" to their offering. The report has segmented the Flavors and Fragrances market by Type (Flavors and Fragrance), Raw Materials (Essential Oils, Aroma Chemicals and Others), Flavors Market by Application (Food, Beverages, Confectionary, Dairy, Pharmaceutical and Others), Fragrances Market by Application (Dish and Laundry Detergents , Skin and Hair care Products , Perfumes , Household Care and Others ) and by geography (Americas, Europe Middle East and Africa, and Asia Pacific) and estimates that the global flavors and fragrances market to grow from US$24.939 billion in 2015 to US$31.410 billion by 2021, at a CAGR of 3.92% over the forecast period.
Rapid urbanization, focus towards a healthier lifestyle, rising household final consumption expenditure, and increased demand for processed foods are some of the major factors driving this market. Growing affluence and rising purchasing power in emerging economies that is strengthening the emergence of a large middle class is expected to bolster further growth. Focus awards a healthier lifestyle, increase in disposable income and increasing application of flavors and fragrances are some factors accelerating growth in the flavors and fragrance Market.
Essential oil to witness highest market growth in raw material segment
Essential oils are expected to dominate the raw material segment owing to increasing demand for fragrances and flavors with a natural ingredient as the prevalence of obesity, high blood pressure and diabetes is rising across major markets. Moreover, essential oils can be used in small quantity for the production of flavors and fragrances, as compared to other raw materials, thus reducing input costs for the manufacturers.
Asia Pacific to witness fastest regional market growth during the forecasted period.
In Asia Pacific region, countries such as China and India are projected to witness high market growth due to rising household consumption expenditure and higher purchasing power attributable to healthy economic growth. Latin America is also expected to witness considerable market growth during the forecasted period attributable to rise in disposable income.
The key players in flavors and fragrance market covered in this report include Givaudan, Firmenich, International Flavors & Fragrances Inc, Symrise, Takasago International Corporation, MANE, Frutarom Industries Ltd, Sensient Flavors, The Robertet Group, Huabao International Holdings Limited, and BASF.
This report contains the market analysis on the current trends in the flavors and fragrances market and the opportunities for the vendors over the next six years. It provides deep insights into the drivers and restraints of the industry. Flavors and Fragrance Market report also consist of in-depth regional analysis. A lot of statistically relevant tools and detailed industry analysis models such as scenario analysis have been used to forecast the market trends and forecasts up to the year 2021.
The report also talks about the strategies adopted by the industry leaders to gain an advantage over competitors and the recent deals that they have gone into to position themselves better in this market.
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Knowledge Sourcing Intelligence is a market research and consulting firm based out of India. Driven by industry experts, the company provides syndicated reports, custom research, and consulting services. Our proprietary data analytics model blended with quality primary and secondary research data assists in generating quality reports providing crucial insights to managers and decision makers. The services offered by us help companies to gain required competitive edge. Our expertise across 10 industries such as ICT, Chemicals, Semiconductors, Healthcare among others caters to diverse client needs.
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