The global flavors and fragrances market revenue is expected to grow at a significant CAGR over the forecast period. Flavors and fragrances are type of substances used to provide taste and smell to food and various other products. Flavors and fragrances can be divided into all natural substances, artificial substances and nature identical substances. Availability of various types of natural and organic flavors and fragrances is making people more inclined towards natural products.
Negative health effect owing to excessive use of artificial flavors and fragrances may hamper the growth of the target market in the near future.
The global flavors and fragrances market report has been segmented on the basis of ingredients, application, and region. On the basis of ingredients, the market is segmented into natural and synthetic. The natural ingredient segment is expected to dominate the global market in terms of revenue over the forecast period, owing to an increasing preference towards natural products among individuals. On the basis of application, the market is segmented into flavors and fragrances. Fragrance segment dominated the global market and expected to maintain its position in the near future, owing to increasing demand for fragrances and development of chemical fragrances industry. Fragrances segment is further sub-segmented into consumer products and fine fragrances. Flavor segment is sub-segmented into beverages, bakery, dairy products, savory & snacks, confectionery, and others.
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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is anticipated to dominate the global market in terms of revenue and volume over the forecast period, owing to rising disposable income and increasing demand of ready-to-eat food in this region. The market in North America is projected to witness lucrative growth in terms of revenue, owing to increasing demand for baked and dietary products in the region.
Key players operating in the global flavors and fragrances market include Givaudan SA, International Flavors & Fragrances Inc., Firmenich SA, Mane SA, Symrise AG, Sensient Technologies Corporation, Takasago International Corporation, Frutarom Industries Ltd., Robertet SA, and T. Hasegawa Co., Ltd.