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Middle East & Africa to Be the Fastest-Growing Flavors & Fragrances Market

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Rohna Patnakar
Middle East & Africa to Be the Fastest-Growing Flavors & Fragrances Market

Flavors & Fragrances Market was valued at USD 20.55 Billion in 2016 and is projected to reach USD 24.13 Billion by 2022, at a CAGR of 2.67% during the forecast period. The base year considered for the study is 2016, and the forecast period is from 2017 to 2022.

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Based on ingredients, the flavors & fragrances market has been segmented into synthetic and natural. The synthetic ingredients segment is projected to lead the flavors & fragrances market during the forecast period due to the low cost and growing usage in end-use products such as beverages, packaged food products, home care products, and personal care products.

Asia Pacific is expected to be the largest market for flavors & fragrances during the forecast period

The flavors & fragrances market has been studied for five regions, namely, Asia Pacific, North America, Europe, the Middle East & Africa, and South America. The Asia Pacific is projected to be the largest flavors & fragrances market during the forecast period due to the growing population and rapid urbanization. Increase in per capita spending on consumer products in high-growth economies, such as China, India, South Korea, and Indonesia is also expected to drive the flavors & fragrances market in the Asia Pacific.

Based on end use, the flavors market has been segmented into beverage, savory & snacks, bakery, dairy products, and confectionery, among others. Beverages is estimated to be the largest end-use segment of the flavors market during the forecast period. The demand for flavors for beverages is mainly due to the growing demand for soft drinks, energy drinks, and other drinks. In addition, aspirational purchase of global drink brands is also driving the demand for flavors for beverages. Based on end use, the fragrances market is segmented into consumer products and fine fragrances.

Consumer products is estimated to be the largest end-use segment of the fragrances market during the forecast period. The high demand for consumer products is mainly due to the rise in disposable incomes; growing urbanization; the rise of organized retail chains; changing lifestyles; and increasing awareness related to hygiene and cleanliness created by advertisements, which is adding to the overall growth of the consumer products segment.

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The key players profiled have a strong presence in the global food flavors market; they include Givaudan (Switzerland), International Flavors & Fragrances (US), Firmenich (Switzerland), Symrise (Germany), Frutarom (Israel), Sensient (US), MANE (France), Takasago (Japan), T.Hasegawa (Japan), and Robertet (France).

 

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

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