World Flavors and Fragrances Market
Flavors and Fragrances Market
Finished Date: TBD Report ID: 6002 Category: Industry Research Report
The global flavors and fragrances market has been showing a promising trend with the total global market reaching $21.4 billion in 2013, growing at a compounded annual growth rate of around 4.5% since 2006. Flavors and fragrances products are consumed on a constant basis, and are less sensitive to changes in economic growth. GMD predicts the market to grow at an average annual rate of 3-4% in the next years up to 2020 as a result of favorable demographic and industry specific drivers. Specifically, increased consumption in emerging markets, recovery in developed economies, and innovation are likely to fuel growth going forward.
Of the total global market, flavors account for approximately 54% and fragrances for the remaining 46%. The beverages sector was the largest global end-use market for flavors in 2013 with a share of 35.3%, followed by the dairy industry at 13.6%. The soap and detergents industry is the largest user of fragrances in the global market at 31.2% share, followed by the cosmetics and toiletries sector at 28% and fine fragrances at 17.5%.
Among the main global regions, Asia-Pacific is the major flavors and fragrances market, followed by North America and Western Europe. It is expected that the most robust growth for flavors and fragrances consumption will be realized in the developing economies of the ACPC region, Latin America, and the rest of world (Africa and Mid-East region), particularly in parts of Africa and Asia where consumers do not yet have ready access to processed foods and consumer goods. Increasing urbanization and getting Western lifestyles are also boosting market gains in developing regions.
Givaudan, IFF, Firmenich and Symrise continue to lead the global flavors and fragrances market with a combined sales of compound flavors and fragrances accounting for ~50% of the global market in 2013. Large companies are continuing to look for capacity expansion and a differentiated product portfolio. As a result, mergers & acquisitions as well as strategic partnerships involving small to mid-sized flavors and fragrances firms are likely to be very active over the coming years.
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