Published Date : Jun 01, 2016
Flavors and fragrances are among the most important components of several consumer goods and other packaged foods. The fragrance compositions in foods add to the fresh smell and enhances the quality of that product. In recent years, the global market for flavors and fragrances witnessed rapid growth, owing to the growing demand for natural ingredients. Moreover, there are several other factors that contributed significantly towards the growth of the flavors and fragrances market across the globe.
Some of the major set of components that are used in the flavors and fragrances market are mentioned as below:
In addition, the rapid industrialization has also helped in augmenting the production of scented or flavored products, including personal care products, oral hygiene products processed foods and beverages, soap, detergents, household cleaners, and others. However, the fluctuating raw material prices is one of the major factors anticipated to curb the growth of the global market for flavors and fragrances in the next few years.
In the last few years, Asia Pacific led the global market for flavors and fragrances on the basis of revenue. In the Asia Pacific region, China and India are expected to register a fast-paced growth, boosting the demand for flavors and fragrances in the next few years. Furthermore, the emerging nations are expected to contribute substantially towards the growth of the flavor and fragrance market, which will be creating potential opportunities for market players in the near future.
Analyzing the growing profits, several players are expected to participate in the global market for flavors and fragrances in the next few years. These players are spending an enormous amount on research and development activities in order to gain the competitive advantage in the market. The market players are also focusing on introducing new products to create a dominating place in the global market.
Some of the prominent players operating in the global market for flavors and fragrances are Sensient Technologies Corp., Takasago International Corp., Firmenich SA, BASF SE, Royal DSM NV, Aromatech SAS, Bedoukian Research, Inc., Agilex Flavors & Fragrances, Inc., Bell Flavors & Fragrances Inc., International Flavors & Fragrances, Inc., Symrise AG, and Givaudan SA.