Flavors and Fragrances Market Report by Technavio predicts USD 10.44 Bn growth — Driven by an increasing number of new product launches – QNT Press Release

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NEW YORK, Sept. 25, 2022 /PRNewswire/ — The flavors and fragrances market has grown substantially over the years. To estimate the size of the market, Technavio has tracked the recent trends and developments in the flavors and fragrances market. The analysts at Technavio have considered various aspects such as the consumer base, adoption rate, average selling price, revenue generated by vendors, and various other factors to estimate the market size. Download Sample PDF Report Here to get an idea of ​​the overall scope of the full report.

The report on the flavors and fragrances market by Technavio expects the market size to increase at a CAGR of 5.64% and register an incremental growth of USD 10.44 billion between 2021 and 2026. However, the growth forecast could be missed with the market growing slower than expected if the following factors come into play: the threat of counterfeit products and stringent regulations and guidelines.

According to Technavio, the growth of the market is primarily driven by the increasing number of new product launches.

Successful new product launches help vendors increase their revenue and aid in expanding their market share. New product launches also provide multiple options to buyers, thus allowing vendors to increase their consumer base. Such benefits are encouraging vendors in the market to focus on new product launches . All these factors are driving the growth of the market in focus.

“Rising demand for personal care and food flavoring products and increase in disposable income will further accelerate the growth of the market”, says an analyst at Technavio.

The global flavors and fragrances market is fragmented, with the presence of numerous players at the regional level. Key players, including Givaudan SA, Symrise AG, Firmenich SA, McCormick and Company Inc., and Takasago International Corp., have established a strong presence in the market through their established brands.

The market is expected to grow during the forecast period, owing to the increasing demand for fragrances and flavors in the food and beverage and cosmetic industries, rapid urbanization, and new product launches. Vendors are investing in organic and inorganic growth strategies, such as the expansion of production plants and the acquisition of local companies, to increase their productivity and strengthen their market positions. Furthermore, consumers across the world have become conscious of the quality of consumable products. Hence, the competition in the global flavors and fragrances market is likely to shift from pricing to quality and brand reputation. Therefore, it is difficult for new market players to enter the global flavors and fragrances market.

The report breaks down the market into the following segments:

• Functionality: fragrances and flavors
• Geography: APAC, North America, Europe, South AmericaMEA

Based on the functionality, the fragrances segment is expected to create more revenue in the market. The segment is driven by the rising demand from end-users such as manufacturers of fine fragrances, cosmetics and toiletries, soaps and detergents, household cleaners, and air fresheners. Also, the growing awareness about hygiene and an increase in per capita income are driving the demand for household cleaners and air fresheners globally.

In terms of region, APAC will emerge as the dominant region, occupying 41% of the global market share. The regional market is driven by the presence of a huge consumer base, rising working women population, growing demand for international cuisines, and penetration of key vendors.

The complete report on the global flavors and fragrances market offers detailed insights on the potential business segments and regions to invest in over the forecast period. Before making the purchase, we recommend reading our Sample PDF Report.

The flavors and fragrances market report answers questions such as:

• Is the market structure fragmented or concentrated?
• What was the market size in 2021 and the forecast for the flavors and fragrances market through 2026?
• Which are the best product segment areas to invest in over the forecast period?
• What is the market share of dominant and strong vendors in the flavors and fragrances market?
• What are the inhibiting factors and the impact of COVID-19 on the flavors and fragrances market growth?
• What are the latest trends and regulatory frameworks in the flavors and fragrances market?

Got more queries? Speak to our analyst now

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Full story available on Benzinga.com

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