Technavio, a tech-focused market research firm, has published a new report on the global flavors and fragrances market, which is expected to experience a moderate growth rate with a CAGR of more than 4% during the forecast period 2016-2020.
This latest report by Technavio covers the market outlook and growth prospects of the global flavors and fragrances market for 2016-2020, considering 2015 as the base year. In addition, an overview of the market, key leading countries, vendor landscape, and a detailed analysis of the top vendors operating in this market are covered in the report.
Based on geographical division, Technavio market researchers segment the global flavors and fragrances market into the following key regions: The Americas, APAC, and EMEA.
Geographical segmentation of the global flavors and fragrances market for 2015 (market share %)
|
Americas |
36.35% |
|
APAC |
34.13% |
|
EMEA |
29.52% |
Source: Technavio
Flavors and fragrances market in the Americas
The Americas accounted for the largest share of around 36% in the global flavors and fragrances market, in 2015 and will witness a steady growth during the forecast period. Owing to the busy lifestyles, people are opting for convenience products such as personal care and home care products for their daily needs, which is leading to an increase in the demand for innovative flavors and fragrances in the region. Besides this, other factors driving growth in the market are the rising aging population in the Americas and increasing awareness about the cosmetic products. Moreover, awareness about the importance of physical appearance and growing demand for cosmeceuticals, anti-aging creams, and beauty products among the aging population are also boosting the demand for flavors and fragrances in the American cosmetics industry.
According to Ajay Adhikhari, a lead analyst at Technavio, specializing in research on specialty chemicals, “The US is the major end-user of the flavors and fragrances market in the Americas, compelling the vendors in the fragrances industry to focus on the Hispanic population in the US, which offers a high growth potential consumer base for these products. This is mainly due to the growing purchasing power among this population. For instance, the purchasing power of the Hispanic population rose by almost 50% in recent years.”
The flavors market in the Americas is attributed to an increase in the consumption of packaged food products. The consumption of milk in countries such as Brazil is expected to increase during the forecast. Increasing population, increasing per capita consumption of milk, and increasing production of milk are some of the factors responsible for the growth of flavored milk market in the Americas.
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Flavors and fragrances market in APAC
The growing population, specially the middle-class families, drives the fragrances market in APAC. Rapid development in the economies of countries in APAC such as India, China, Indonesia, and others has led to an increase in the middle-class population. People belonging to the middle-class section mainly focus on improving their lifestyle standards which has led to an upsurge in the consumption of home care and personal care products, further driving the demand for flavors and fragrances. APAC is one of largest consumers of flavored dairy products. It is anticipated that nearly 50% of flavored milk worldwide is consumed by six countries within APAC including India, the Philippines, Malaysia, China, Indonesia, and Thailand. The market is expected to grow in the region during the forecast period due to various factors such as increasing dairy production, investments, population, the number of middle-income families in the region, and the launch of new products.
Flavors and fragrances market in EMEA
Factors such as rising product awareness, high standard of living, and an increase in the number of product launches are driving growth in the flavors and fragrances market in EMEA. For instance, a lot of launches can be seen in the UK and European markets. Across the Middle East, the flavors market is in different stages, however, in other countries of the region, the market is at its initial stage. In South Africa, the demand for flavored dairy products is increasing, driven by the growing awareness about the additional nutritional benefits of flavored milk for children. The premium-priced and multi-functional cosmetic products contribute to the maximum revenue of the fragrances market, especially in countries like Italy, France, the UK, and Germany. An increase in the demand for anti-aging products has boosted the personal care products market in the region, which has also translated into the increased demand for fragrances in the cosmetics industry.
The top leading vendors operating in the global flavors and fragrances market are:
- Firmenich
- Givaudan
- International Flavors & Fragrances
- Symrise
- Takasago
Other prominent vendors in the market include Frutarom, MANE, Robertet Group, and Sensient Technologies Corporation.
A more detailed analysis is available in the Technavio report tilted, ‘Global Flavors and Fragrances Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other 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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