Natural Flavor & Fragrance Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1751
Natural Flavor & Fragrance Market size is expected to witness a substantial growth, owing to rising demand for flavors & fragrances in food & beverages industry. Upsurge in production of natural personal care products with essential oils and exotic aroma will drive product demand over the forecast period. Extensive application scope in food processing and rising demand of beauty products worldwide will remain a key driving factor for the global market growth.
Natural flavors and fragrances are derived from mixing and blending of natural ingredients. Extensive application scope to enhance the taste and appeal of food, beverages, and other consumer products will drive the market growth. Fragrances are applied to impart desired scents to a wide range of consumer products such as perfumes, soaps and laundry detergents.
Shift in buying trends for products free from artificial flavor and color will augment product demand over forecast period. Growing consumer demand for natural flavor and fragrances, is driven mainly by rising health concerns regarding artificial ingredients. Surge in demand for essential oils owing to growing consumer preference for cleaning products and environmental fragrance goods will also stimulate natural flavor & fragrance market size. Rising concern among consumers regarding synthetic chemicals exposure will further add to the product market size.
Rapid population growth coupled with rising disposable income in emerging economies mainly India and China is anticipated to augment the product demand over the forecast period. Growing demand of processed food in industry will support product penetration. New product offerings, surge in number of retail stores, and economical prices of convenience food and personal care products are anticipated to be major driving factors natural flavor & fragrance market growth.
Asia Pacific is anticipated to witness significant growth as the region accounts for more than one-half of the world's population. Increasing quick service restaurants such as McDonald's and Pizza in developing countries mainly India will support product growth. Rising cosmetic industry and surge in consumer spending on beauty products in the region will add to the market size. High demand of meat flavor products will augment market growth over forecast period.
North America, dominated by the U.S. accounted for largest market share in 2016 owing to rising customer awareness about synthetic based cosmetic products. Increasing demand of beauty products and anti-ageing creams has flourished the product market size in the region. Surge in demand for snacks and convenience food possessing exotic taste will propel the market size. Hispanic groups are the major consumer of beauty products in the region as a result several companies are launching organic based products to boost business portfolio.
Europe led by developed nations such as UK and Germany will experience steady growth owing to presence of substantial number of manufacturers. Stringent government regulations for food industry and rising consumer health consciousness will add to demand of natural ingredients in food items and beauty products. Changing dietary patterns in this region will also play a vital role in booming natural flavors and fragrances demand over the forecast period.
Global natural flavors & fragrances manufacturers are involved in collaborations with scientists, artists, writers, musicians, and film maker to promote their product on a large scale. Companies also form creative teams that comprise perfumers, fragrance evaluators and flavorists in order to enhance product offerings. Manufacturers are anticipated to form alliances with various research institutions to increase their product portfolio.
Major industry participants are Chr. Hansen A/S, D.D. Williamson & Co., Firmenich S.A., Givaudan S.A., Royal DSM N.V., FMC Corp., Sethness Products, Aarkay Food Products and Sensient Technologies Corp. Other notable players in global natural flavour & fragrance market are Allied Biotech, BASF SE, Fiorio Colori S.p.A, David Michael, Flavourchem Corp. and Frutarom Industries.
Manufacturers for better market accessibility integrated their production and distribution channels. Most of the manufacturing firms are vertically integrated and produce natural products that cater to various applications at global level. Labeling laws, stringent government regulations, and standards set by regulatory authorities such as U.S. Department of Agriculture (USDA), and Food & Drug Agency (FDA) will further support flavor & fragrances market growth.
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