Global Markets for Flavors and Fragrances
The global flavour and fragrance market totaled $23.9 billion in 2013. This market is expected to grow to $25.3 billion in 2014 and $35.5 billion in 2019, a compound annual growth rate (CAGR) of 5.8%.
- An overview of the global markets for flavors and fragrances.
- Analyses of global market trends, with data from 2013, estimates for 2014, and projections of compound annual growth rates (CAGRs) through 2019.
- Analysis of recent technology developments.
- Identification of demand drivers.
- Information on the consumption of flavors and fragrances in different end-use sectors.
- Projections of future demand including application regional segments of the market.
- Projected demand for key flavor and fragrance ingredients such as essential oils and aroma chemicals.
- Analysis of developments in the structure of the flavor and fragrance industry.
- Comprehensive company profiles of major players in the field.
This market report organizes information from diverse sources into a cohesive unit that compares natural and synthetic ingredients as well as analyzes the use of raw materials, the flavor and fragrance value chain and Porter’s five forces.
BCC Research analyzed key categories, applications and regions to determine present and future flavor and fragrance market status and forecasted growth from 2014 to 2019. The report also discusses market strategies, regulations, patent evaluations and market driving forces.
Natraj Pandal is the BCC Research analyst for this report. Pandal received a Master of Business Administration degree in marketing and systems and a Bachelor of Science degree in science from Osmania University in India. Pandal has more than eight years of experience in business research and market intelligence. He works as a consultant for syndicated projects in different domains such as chemicals, materials, food and beverage, automotive, aerospace, oil and gas, information technology and telecommunications, health care and sporting goods.
The worldwide flavor and fragrance market was worth an estimated $21.8 billion in 2011. This figure is projected to exceed $23 billion in 2012 and $30 billion in 2017, a compound annual growth rate (CAGR) of 5.6% between 2012 and 2017.
The worldwide flavors and fragrance ingredient market is worth approximately $6.3 billion in 2006. Poised for an average annual growth rate (AAGR) of 4.5% per year, this value should grow to $7.8 billion in 2011. Flavors and fragrances have similar economic and operational characteristics, including research and development, the nature of the creative and production processes, the manner in which the products are distributed and the preferences of the customers.
World demand for quality essential oils and their derivatives is likely to see increasing demand in the coming years, and natural products will continue to remain an important part of the flavors and fragrances industry. The market should reach $5.0 billion by 2011, an AAGR of 5.2%.
End-user sectors such as cosmetics, toiletries, soaps, detergents, air freshener and fine fragrances are expected to grow at AAGRs ranging from 4.9% to 4.4% through 2011, depending on the market.
BCC estimates the total U.S. market for flavors and fragrances at about $4.2 billion in 1999. Expected to experience an AAGR (average annual growth rate) of nearly 5% during the 5-year forecast period, this market is expected to reach nearly $5.3 billion by 2004.
Food and beverages represent the largest end use, with about 40% of the total dollars, followed by cosmetics and toiletries with 30%. Soaps and detergents will show the most growth, at 5.5% a year, as given below in the summary table.
By product type, aroma chemicals are the largest, accounting for just over half of the dollar volume. Essential oils make up about one-quarter, with synthetic sweeteners and flavor enhancers the only other product groups.