Flavour and fragrance are extracts/ingredients sourced from various naturally occurring plants or even synthetically created. These extracts are included as additions in various application such as cosmetics, food & beverage products, toiletries and various other areas to improve the flavour and smell of these products which subsequently provides higher consumer marketable appeal. Due to their various benefits in enhancement of taste and smell they are highly popular in reducing the negative impact of chemicals and camouflaging its overall impact in the product
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The main factors boosting the Flavour and Fragrance Market are:
- Rise in demand of natural flavour and fragrances: There has been a significant rise in the demands for naturally formulated clean-label ingredients from food, beverages, cosmetics and toiletries which has been factored to the consumer preferences for consuming organic natural products that have no negative impacts on the consumer’s health. This trend has resulted in the agricultural industry improving their productivity methods to cater to the demands for various ingredients from the industries
- Rising disposable income: Another factor that is having a valuable impact on the adoption rate for flavour and fragrance industry is the availability of expanded levels of disposable income amongst individuals helping the industry significantly by taking advantage of this situation and marketing their products to a wider consumer base. This trend also invokes availability of a premium product range targeting the high-end consumers
The market is segmented on the basis of ingredient as synthetic, natural; end use as flavours, fragrances.
Some of the Flavour and Fragrance Market developments are as follows:
- In September 2019, Bell Flavors & Fragrances GmbH announced the availability of natural flavours, natural hemp-based flavours and various other botanical extracts as well as natural flavorings. These flavorings have been designed to meet the trend of hemp-based products. The natural product range is strategic to the clean-label initiative that the company has initiated. The flavours are designed for various sweet and savory applications such as beer, cider, spirits, beverages, baked goods, confectionary, sauces, oils and marinades
- In April 2019, Givaudan announced the launch of “Carto”, an AI-powered tool helping innovate the creation process for perfumes. The tool utilizes “Odor Value Map” helping consumers experiment with Givaudan’s fragrances helping enhance the performance of olfactive for perfume formulation. This launch is part of the company’s 2020 digital innovation strategy reinventing the method of perfume production
“According to Data Bridge Market Research, global flavour and fragrance market is expected to reach USD 26.86 billion by 2026, growing at a steady CAGR during the forecast period of 2019 to 2026”
Some of the major players operating in the market are Givaudan, Firmenich SA, International Flavors & Fragrances Inc., Symrise, Takasago International Corporation, Sensient Technologies Corporation, MANE, Robertet, T.HASEGAWA CO. LTD., Bell Flavors & Fragrances, Archer Daniels Midland Company, Kerry Inc., Ogawa & Co. Ltd., Huabao International Holdings Limited, AROMATECH, Bedoukian Research Inc. among others.
With the rising volume of disposable income associated with the worldwide population, there is a sense of consuming only the high-quality food & beverages products because of the increasing affordability amongst the population. This trend amongst the population of having high quality products from the food & beverages is expected to foster a positive impact on the market’s demand from the different industry verticals.
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