Flavors and Fragrances Market Size , Share , Trends , Analysis and Forecasts To 2022
Global Flavors and Fragrances Market is accounted for $ 29.12 billion in 2015 and is expected to reach $ 44.60 billion by 2022 growing at a CAGR of 6.3 % during the forecast period from 2015 to 2022 . The increasing consciousness of people towards beauty and food & beverages is creating opportunities in the dairy , soap & detergents , fine fragrance and cosmetic & toiletries industries . Emerging middle class population in developing countries acts as the growth factor for the market . Moreover , increasing demand for natural flavors is the key trend of the market coupled with high disposable income of consumer and rapid change in lifestyle . In addition to all drivers , high cost of raw materials is one of the major factors restraining the market growth .
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Aroma chemicals segment is expected to be the fastest growing segment owing to the increasing use of this material for making flavor and fragrance compounds . Diary , cosmetics & toiletries , and household product segments are anticipated to show above average growth in market , reaction to its various uses in daily lifestyle . North America is estimated to be the largest market , while Asia Pacific is estimated to be the fastest growing market due to the increase in disposable income and changing lifestyle .
Some of the key players in the flavors and fragrances market include Firmenich SA , Givaudan SA , Symrise AG , Agilex Flavors & Fragrances , Inc ., International Flavors & Fragrances , Inc ., Bedoukian Research , Inc ., Aromatech SAS , BASF SE , Bell Flavors & Fragrances Inc ., Sensient Technologies Corp ., Takasago International Corp ., Royal DSM NV , Cargill Flavor Systems , ConAgra Foods Incorporated and Kerry Group plc .
Products Covered : Flavor blends Fragrance blends Aroma chemicals Natural Aroma chemicals Synthetic Aroma chemicals
Technologies Covered : Cold Extraction Technology Conventional Technologies Enzymatic Routes Flavor Encapsulation Supercritical Fluid Extraction
Applications Covered : Beverages Confectionary And Bakery Products