Global Flavors and Fragrances Market: Overview
The demand for flavor and fragrances has significantly risen as it is an essential component in various packaged and consumer goods. Adding fragrance into various products provides a fresh smell that can either be of variety of flowers to fruits and essential oils. Over the coming years, the flavor and fragrance market is expected to grow at a significant rate. The demand for flavor and fragrance is high in toiletries, food and beverages, perfumes, cosmetics, and household products. emerging middle class in developing economies has also contributed to the growth of this market.
The global flavor and fragrances market could be classified into product type, ingredient type, and end user type. Based on product type, the market could be split into fragrance blends, lavor blends, and aroma chemicals. The aroma chemicals segment can be further bifurcated into synthetic aroma chemicals and natural aroma chemicals. Under the end-user category, the market could be further divided into dairy segment, beverages, savory, confectionery, and bakery segments.
Key factors affecting the growth of the global flavor and fragrances market are elaborated in this report published by TMR. It contains key driver and restraints that help in understanding the different growth factors directly or indirectly affecting the market performance. Additionally, trends and opportunities provided in the report give insights related to the recent innovation-taking place in the market. Competitive landscape, geographic analysis, and segmentation are also provided in the report.
Global Flavors and Fragrances Market: Trends and Opportunities
Rapid growth in industrialization across the globe has led the growth of massive production of scented or flavored products such as processed food and beverages, soaps, personal care products, detergents, household cleaners, and oral hygiene products. Moreover, rising demand for natural ingredients across a large number of consumers that could drive the demand in the flavors and fragrances market. On the other hand, fluctuating prices of raw material are expected to deter the demand in this market. Strict rules and regulation imposed by various government across countries on using flavors and fragrances such as US Food and Drug Administration (FDA), European Food Safety Authority, and International Fragrance Association (IFRA) are likely to restrain market’s growth.
Global Flavors and Fragrances Market: Regional Analysis
Regions in which the global flavors and fragrances market is classified includes Europe, North America, the Middle East and Africa, Latin America, and Asia Pacific. Among these regions, Asia Pacific held dominated share in terms of revenue in 2014. Growing economic development in emerging countries like China and India are considered responsible for the dominance of Asia Pacific. In addition, emerging economies are growing at a significant rate; therefore, the investors are investing heavily in these markets. This is likely to create huge growth opportunities for the flavor and fragrances market. The demand for flavor and fragrances is expected to remain high in developed countries for example, in 2016 the U.S. held one-third share of the total demand.
Global Flavors and Fragrances Market: Companies Mentioned
The report also provides detailed information about the various key competitors operating in the market and what strategy these players are adopting. This section helps in understanding the current market status and dynamics. Givaudan SA, Symrise AG, Firmenich SA, Agilex Flavors & Fragrances, Inc., International Flavors & Fragrances, Inc., Aromatech SAS, and Bedoukian Research, Inc. are some of the prominent players of the flavor and fragrances market. Leading players in the market are focusing on investing in merger and acquisitions and are preparing to launch new products to cement their position in the global market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.