The global flavor and fragrance (F&F) market witnessed growth in 2012 despite the recent economic turmoil worldwide. The F&F market is primarily driven by demand from companies engaged in manufacturing food and beverages, perfumes, cosmetics, as well as household products. Moreover, increased penetration of packaged food products coupled with willingness of consumers to try new flavors and fragrances has further boosted the growth of this industry.
F&F companies are targeting their activities towards highly populated and rapidly expanding regions of the world like Asia Pacific, Latin America, Middle East and Africa. North America constituted the largest market for flavors and fragrances followed by Asia-Pacific, Western Europe and South America. It is projected that Asia-Pacific will gradually overtake North America due to the much faster growth anticipated for this region. Price volatility of raw materials continued in 2012 and posed a severe challenge for F&F manufacturers.
Flavors and fragrance industry is highly fragmented though there were M&A activities in 2012 by leading players to expand into new geographies. Givaundan is the market leader in global F&F industry followed by Firmenich, IFF, Symrise, Takasago, Wild Flavors, Mane SA, Sensient Flavors and Frutarom.
The report provides an in-depth analysis of the global flavor and fragrances market. The various drivers and the challenges faced by the market are discussed in detail. The competitive aspect of the market is also highlighted and the key players are profiled with their strategies for this market.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.