Categories: Food & Beverages

Flavors and Fragrances Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Flavors and Fragrances Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Flavors and Fragrances Global Market Report 2024, The flavors and fragrances market size has grown steadily in recent years. It will grow from $33.24 billion in 2023 to $34.86 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to consumer preferences for natural ingredients, innovation in product formulations, globalization of food and beverage industry, shift toward health and wellness products, demand for personal care products.

The flavors and fragrances market size is expected to see strong growth in the next few years. It will grow to $42.82 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to clean label and transparency demands, rise in plant-based and alternative products, customization and personalization trends, focus on mental well-being and mood enhancement, sustainable and ethical sourcing. Major trends in the forecast period include advancements in encapsulation technologies, technological advancements in extraction, focus on health and wellness, technological advancements in extraction methods, personalization in fragrances.

The increasing preference of consumers toward convenience foods is driving the flavors and fragrances market. Convenience foods refer to processed food products that require less time to prepare prior to consumption. They include ready-to-eat food products, packaged foods, and preserved foods. Increasing preferences towards convenience foods are expected to increase the utilization of flavors and fragrances, as they are widely used as a major ingredient to increase the taste and longevity of the products. For instance, in May 2022, according to the International Food Information Council, a US-based non-profit organization, in 2022, a remarkable 73% of adults reported snacking at least once a day, representing a substantial increase of 15% from the 58% reported in the previous year (2021). Therefore, the increase in consumer preference for convenience food is expected to boost demands for flavors and fragrances during the forecast period.

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The flavors and fragrances market covered in this report is segmented –

1) By Type: Flavors, Fragrance

2) By Form: Liquid, Dry

3) By Application: Food & Beverage, Cosmetics & Personal Care, Pharmaceutical, Home & Floor Care, Fine Fragrances, Other Applications

Major companies operating in the flavors and fragrances market are focused on developing innovative solutions such as AI-enabled platforms. An AI-enabled platform refers to a technology infrastructure or software system that incorporates artificial intelligence (AI) capabilities to enhance its functionality, decision-making, or interaction with users. For instance, in June 2021, Firmenich, a Switzerland-based fragrance and taste company announced the launch of ‘Scentmate’ AI-enabled platform. The platform facilitates and simplifies the co-creation process, ensuring the delivery of successful fragrance solutions for entrepreneurs and independent brands. The straightforward digital briefing process enables customers to specify all pertinent parameters and suggests optimal fragrance solutions curated by perfumers, reducing a process that used to take weeks into a matter of minutes.

The flavors and fragrances market report table of contents includes: