NEW YORK, Dec. 13, 2016 /PRNewswire/ -- Use this report to:
- Identify the factors driving and restraining the market for flavors and fragrances. - Analyze flavors and fragrances market trends and opportunities. - Receive information about recent developments, alliances, joint ventures, and mergers and acquisitions in the market.
- The global market for flavors and fragrances was valued at $26.0 billion in 2015. This market is expected to increase from $27.1 billion in 2016 to $37.0 billion in 2021 at a compound annual growth rate (CAGR) of 6.4% for 2016-2021. - The North American market is expected to grow from $8.1 billion in 2016 to $11.0 billion in 2021 at a CAGR of 6.3% from 2016 through 2021. - The western European market is expected to grow from nearly $7.9 billion in 2016 to $10.9 billion at a CAGR of 6.6% from 2016 through 2021.
STUDY GOALS AND OBJECTIVES
This report provides a detailed analysis of the global market for flavors and fragrances. It discusses natural and synthetic ingredients, raw material analysis, environmental regulations, as well as the flavor and fragrance value chain and technology developments. The information in this report will be useful for those involved in strategic planning, marketing, sales and development of flavors and fragrances.
In quantifying the global market for flavors and fragrances, the study's major objectives are to:
- Measure, analyze and forecast market revenues.
- Identify the factors driving and restraining the market.
- Analyze market trends and opportunities.
- Identify and analyze the market on the basis of key product type such as essential oils and aroma chemicals.
- Provide comprehensive market sizing and revenue forecasts for various applications in the market such as beverages, savory foods, dairy, cosmetics and toiletries, and soap and detergent.
- Strategically profile and analyze major market players and their core competences within the market.
- Identify recent developments, alliances, joint ventures, and mergers and acquisitions in the market.
Projections for flavors and fragrances are given for the geographical regions: North America (U.S., Canada, Mexico); Western Europe (Germany, France, U.K., Italy, Spain); Asia (China, India, Japan); and the rest of the world (ROW)—(South Africa, Brazil).
REASONS FOR DOING THE STUDY
Changing consumer preferences, increasing health concerns and a growing trend among customers to purchase products with natural ingredients are driving demand in the market for flavors and fragrances.
Rising consumer demand for flavor and fragrance products has spurred market players to launch a variety of new and innovative products to better position themselves in the global market. Regulatory authorities in different countries are taking initiatives to set standards and regulations for the promotion of safe and healthy flavor and fragrance products. This report provides a clear understanding of the supply and demand scenario, while evaluating technological and investment opportunities in the market for flavors and fragrances.
This report covers flavor and fragrance types, applications, demand trends and opportunities. It also examines the overall global market for flavors and fragrances and the market penetration of flavors and fragrances in different regions.
SCOPE OF REPORT
The market is segmented on the basis of application: flavors—beverages, savory foods, dairy, confectionary and bakery products, oral care and other; fragrance— cosmetics and toiletries, soap, detergent and others. This market report organizes information from diverse sources in order to compare natural and synthetic ingredients as well as analyzes the use of raw materials, the flavor and fragrance value chain, regulations, technologies, patent evaluations and Porter's five forces.
Each ingredient type is analyzed in terms of current global market size. Estimated values used are based on manufacturers' total revenues. Forecasts with a compound annual growth rate (CAGR) are provided for 2016 to 2021. Projected and forecast revenue values are in constant U.S. dollars, unadjusted for inflation. Product values are estimated based on manufacturers' revenue. Estimates of the regional markets for flavors and fragrances are based on its applications market. Regional sizing and forecasting are given for North America, Western Europe, Asia and ROW. In addition to the data, the report provides insight on market demand drivers and supplier strategies. Key players are also profiled as well as their market share in global market for flavors and fragrances.
This report will be of particular interest to manufacturers of flavors, fragrances, essential oils and aroma chemicals as well as traders, distributors and suppliers of flavors and fragrances. It will also be of interest to professionals within governments and regulatory agencies and associations, as it can help them understand the scope and pace of flavor and fragrance products as companies continue to expand in the market.
The report used a top-down approach to estimate market sizes of global flavor and fragrance companies. Key players in the global market for flavors and fragrances were identified through secondary research, and their market revenues were determined through primary and secondary research. This included studying annual reports of top market players and interviewing key leaders such as CEOs, directors and marketing professionals. The size of the global market for flavors and fragrances was derived from the aggregation of the market shares of major players. Forecasts are based on an analysis of market trends such as natural and synthetic ingredients consumption. The penetration of micro-markets was established through secondary sources and validated through primary sources.
The data for this report was gathered from primary and secondary sources. These included information obtained from industry analysts; manufacturer and company reports; industry trade journals; and industry associations such as the Flavor and Extract Manufacturers Association (FEMA), International Fragrance Association North America (IFRANA), Flavor Manufacturers Association of Canada (FMAC), European Flavor Association (EFFA), Japan Flavor and Fragrance Manufacturers' Association (JFFMA), Fragrance and Flavor Association of India (FAFAI) and Canadian Fragrance Materials Association (CFMA). Additional information was obtained from various sources such as the European Commission (EC), European Union (EU), Federation of Indian Chambers of Commerce and Industry (FICCI), Biotechnology and Biological Sciences Research Council (BBSRC), Research Institute for Fragrance Materials (RIFM) and the Environmental Protection Agency (EPA).
Natraj Pandal is the BCC Research analyst for this report. Mr. Pandal received a Master of Business Administration degree in marketing and systems and a Bachelor of Science degree from Osmania University in India. He has more than nine years of experience in business research and market intelligence. Mr. Pandal works as a consultant and for syndicated projects in different domains such as chemicals, materials, food and beverage, automotive, aerospace, oil and gas, information technology and telecom, healthcare and sporting goods.
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