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. The market is anticipated to growduring the projected period due to rapid development in the pharmaceuticals and
cosmetics sector. Fortune Business Insights™ publishes thisinformation in a report titled, "Flavors and Fragrances Market,2024-2032".
Source:
COVID-19Impact:
Impactof Virus on Sensory Organs to Create Challenges for Leading Manufacturers
TheCOVID-19 pandemic affected the global flavors and fragrances market growth due
to halt in manufacturing and production activities. Also, government imposed
strict restrictions on import/export activities restricted the supplies of raw
materials and affected the production rate of the companies. Furthermore, the
virus affected sensory organs due to the medication, which impacted the market
growth.
Segments:
FlavorsSegment to Lead the Market Due to its Unique Properties
Bytype, the market is bifurcated into flavors and fragrances. The flavors segment
is further categorized into natural and synthetic. The fragrances segment is
also divided into natural and synthetic.
Food& Beverage Sub-Segment to Dominate the Market
Basedon type (cross application), the market is segregated into flavors used in the
food & beverage sector for beverages, bakery, confectionery, dairy, and
others. These flavors are also used in pharmaceuticals and other sectors. The
fragrance segment is further classified into fine fragrances, cosmetics &
personal care, home & floor care, and others.
Geographically,the market share is segmented into North America, Europe, Asia Pacific, Latin
America, and the Middle East & Africa.
ReportCoverage:
Thereport sheds light on the current market state and recent developments in the
market. The impact of COVID-19 pandemic on the market growth is highlighted in
this report. Furthermore, the report sheds light on drivers and restraints
affecting the market development and expansion during the forecast period.
Also, a list of key market players is given, along with the regional insights
on segmented market areas.
Drivers& Restraints:
RisingDevelopment in Pharmaceuticals & Cosmetics Sector to Propel Growth
Themarket is expected to witness significant growth during the forecast period due
to the developing regional and novel flavors and fragrances. Also, consumers'
changing food preferences and tastes and the adoption of ready-to-eat food are
anticipated to fuel the regional market growth. Furthermore, growth in the
cosmetics and pharmaceuticals sectors is expected to drive market growth.
