COVID-19 Impact on Bio-based Flavors and Fragrances Market

  • The COVID-19 outbreak is hampering the demand for bio-based flavors and fragrances in many applications. Governments of various countries across the globe have enforced lockdown measures to curb the spread of the coronavirus. This has resulted in slowdown and even halt in manufacturing operations, thus hampering the demand for bio-based flavors and fragrances.
  • Key players operating in the bio-based flavors and fragrances market are primarily tier I and tier II manufacturers and suppliers. Manufacture and supply chain facilities of these manufacturers are spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Many of these players have halted their production output over the last few months due to the COVID-19 pandemic. The pandemic has negatively impacted the demand and supply chain of these materials.
  • The COVID-19 outbreak has directly affected the production and demand for bio-based flavors and fragrances. The industrial shutdown caused by the COVID-19 pandemic has created disruption in the supply chain. Disruption in supply of raw materials is projected to hamper full-scale operations of companies operating in the market.

Key Drivers of Bio-based Flavors and Fragrances Market

  • Rise in demand for bio-based flavors and fragrances in the food industry is a significant factor projected to fuel the global bio-based flavors and fragrances market during the forecast period. Demand for these bio-based flavors and fragrances is high in various applications such as food & beverages, cosmetics, and bio-based ingredients. Synthetic biology may enable firms to achieve better performance and lower cost.
  • Consumer goods companies are facing pressure to produce more flavors and fragrances to stay competitive in the market. Demand for ecofriendly and natural products is high among consumers. This is driving the bio-based flavors and fragrances market.

Restraints of Bio-based Flavors and Fragrances Market

  • Unclear long term consumer acceptance, high international competition, and dependence on various parameters such as resources of raw materials and configuration of processes are hampering the bio-based flavors and fragrances market
  • Availability of substitutes is also likely to restrain the bio-based flavors and fragrances market during the forecast period

Asia Pacific to Constitute Significant Share of Global Bio-based Flavors and Fragrances Market

  • In terms of region, the global bio-based flavors and fragrances can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • Asia Pacific dominated the global market in 2020. Asia Pacific is the major region of the bio-based flavors and fragrances market. Asia Pacific is expected to account for the leading share of the global bio-based flavors and fragrances market during the forecast period owing to growth in urbanization and rise in spending power of countries in the region. The bio-based flavors and fragrances in the region is expected to expand at a rapid pace throughout the forecast period.
  • Europe is also one of the key consumers of tire bio-based flavors and fragrances. The region is expected to account for large share of the global bio-based flavors and fragrances market during the forecast period, owing to the increase in number of manufacturers and rise in sales of bio-based products in the region.

Competitive Landscape of Global Bio-based Flavors and Fragrances Market

Major players operating in the global bio-based flavors and fragrances market are adopting various organic and inorganic growth strategies such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development to increase their regional presence and business operations. The market is currently witnessing fierce competition among several leading players. Key players operating in the market include:

  • Givaudan (India) Private Limited
  • CHR Hansen Holding A/S
  • Firmenich SA
  • International Flavors & Fragrances
  • Symrise AG
  • Mane SA
  • Frutarom Industries Ltd
  • Takasago International Corporation
  • Sensient Technologies
  • Robertet SA
  • T. Hasegawa Co., Ltd

Global Bio-based Flavors and Fragrances Market

Global Bio-based Flavors and Fragrances Market, by Technology

  • Fermentation by Microbes
  • Supercritical Carbon Dioxide Extraction
  • Microwave Radiation
  • Spinning Cone Column

Global Bio-based Flavors and Fragrances Market, by Product Type

  • Natural
  • Nature Identical

Global Bio-based Flavors and Fragrances Market, by Application

  • Food & Fragrance
  • Cosmetics
  • Bio-based ingredients
  • Pharmaceuticals
  • Others

Global Bio-based Flavors and Fragrances, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Bio-based Flavors and Fragrances Market: Introduction

  • Flavors and fragrances are chemical substances that trigger the sense of taste and smell. They are used industrially to influence taste or smell of products such as food, personal care, or cosmetics and bio-based ingredients. Natural aromas usually blend many different components. They usually account for small fraction of finished products. Flavors and fragrances may significantly influence the purchasing decision. Consumers across the world are increasingly demanding natural products.

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Bio-based Flavors And Fragrances Market