The global flavorsand fragrances market size was valued at USD 27.50 billion in 2023 and isprojected to grow from USD 28.72 billion in 2024 to USD 42.27 billion by 2032,
exhibiting a CAGR of 5.0% during the forecast period.. This is attributable to therapid growth of the food and beverage industry that propelled the demand for
new flavors. This information is published report by Fortune Business Insights™
Report Highlights
· A360-degree overview of the flavors and fragrances market
· Factorsboosting, repelling and challenging the market
· Detailedsegmentation of the market based on factors such as type, application, and
geography.
· Thereport also lists the names of key players and strategies adopted by them to compete
for the top position in the market
· Otherflavors and fragrances market trends and opportunities
· Notableindustry developments and interesting insights into the market
Drivers –
Increasing Demandfrom Cosmetic Industry to Drive Market
The prevailing trend of ready-to-eat andconvenience food products have propelled companies to introduce innovative
flavors into the food and beverage industry. The increasing demand for
innovative products from the food and beverage industry is a major factor
boosting the flavors and fragrances market growth. In addition to this, there
is a rise in demand for scented soaps, detergents, toiletries, and cosmetics,
and perfumes, owing to the rise in modernization and the adoption of higher
living standards among people. Therefore, the increasing demand from the cosmetic
industry will also add impetus to the overall market in the forecast period.
RegionalAnalysis –
Asia Pacific toEmerge as Most Lucrative Market Owing to Increasing Demand from Cosmetic
Industry
Europe is holding a significant position inthe market on account of the increasing demand for encapsulated flavors and
fragrances in liquor-based drinks as well as in cosmetic products in the
region. Additionally, the market in North America has reached the maturity
phase while this region earned USD 6.41 billion in 2018. Furthermore, Asia
Pacific is likely to emerge as the most lucrative market owing to the rise in
demand for flavors and fragrances from both the food and cosmetic industries.
