Flavors and Fragrances - Increasing demand for natural flavors is the key trend of the market coupled with high disposable income of consumer and rapid change in lifestyle
According to a new market report published by Stratistics MRC the Global Flavors and Fragrances market accounted for $29.12 billion in 2015 and is expected to reach $44.60 billion by 2022 growing at a Compound Annual Growth Rate (CAGR) of 6.3% during the forecast period. 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, increasing consciousness of people towards beauty and food & beverages is creating opportunities in the dairy, soap & detergents, fine fragrance and cosmetic & toiletries industries.
Global Flavors and Fragrances market is segmented by product into flavor blends, fragrance blends and aroma chemicals. Among Products, aroma chemicals commanded the market. The demand for aroma chemicals is from companies that manufacture food, soaps and detergents, cosmetics, toiletries, and household products. Another factor driving the market is an increase in the demand for aroma chemicals from various industries and rapidly changing consumer lifestyles. There is an increase in demand for products based on natural ingredients because of growing awareness of the harmful effects of chemical additives. Both the sense of taste and smell are affected by flavors whereas fragrance affects only smell.
Aroma chemicals are an important group of organic molecules used as ingredients in flavor and fragrance compositions. Aroma chemicals consist of natural, nature- identical and artificial molecules. There are 3500 different molecules which use in production of flavor and fragrance compositions, of which synthetic ingredients play a major part as components due to their current availability and relatively lower cost as compared with natural molecules.
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Global Flavors and Fragrances market is segmented by technology into cold extraction technology, conventional technologies, enzymatic routes, flavor encapsulation and supercritical fluid extraction. In Technology, flavor encapsulation acquired the largest market share. Encapsulation is the technique by which one material or a mixture of materials is coated with or entrapped within another material or system. Encapsulation technology is now well developed and accepted within the pharmaceutical, chemical, cosmetic, foods and printing industries. The technology has a growing array of applications, and has been pulled into the portfolios of most major flavor houses that are active in the U.S. market.
Applications of encapsulation includes encapsulation of food preservatives, flavors, fragrance, nutrients, probiotics, encapsulation in snack foods to enhance the health benefits of an otherwise unhealthy food category, and nano-encapsulation in beverages, among others. Benefits of encapsulation are this technology may provide barriers between sensitive bioactive materials and the environment, and thus, to allow taste and aroma differentiation, mask bad tasting or smelling, stabilize food ingredients or increase their bioavailability.
Global Flavors and Fragrances market is segmented by application into beverages, confectionary and bakery products, cosmetics and toiletries, dairy products, household and other products, oral care and soap & detergent. Amongst Applications, cosmetics and toiletries held the largest market share. The terms fragrance and aroma are used primarily by cosmetic industry to describe a pleasant odor, and are sometimes used to refer to perfumes. About 98% of the essential oils produced worldwide are produced for the cosmetic/perfume industries. In these industries, the therapeutic effect of the oil is not a consideration and so, the oils are produced in a manner is that is totally unsuited for oils to be uses in aromatherapy.
This report also covers trends driving each segment and offers analysis by geography, with key regions such as North America, Europe, Asia Pacific and Rest of the World. Europe has registered highest market share in the global market. Rising popularity of condensed-salt and condensed-sugar prepared foods, which need advanced flavor loadings to uphold taste, will improve demand for flavor blends. The major driver of growth within urbanized countries will be keen customer awareness in natural and organic products, demand for flavors will be supported by government campaigns for foods with lesser sodium, calorie, and fat content that require more flavorings to make these edible products which will create demand for essential oils and natural extracts. Eastern Europe is expected to illustrate growth in line with the global average, but still considerably quicker than developed areas.
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.
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