NEW YORK, June 28, 2016 /PRNewswire/ -- Study coverage
This Freedonia industry study, World Flavors & Fragrances, offers historical demand data (2005, 2010, 2015) plus forecasts (2020, 2025) by market and supply, as well as demand by product, for 6 regions and 20 major countries. This study also assesses key market environment factors, evaluates company market share and profiles 33 industry players worldwide.
Increasing consumer demand for more natural products, driven in part by health concerns regarding artificial ingredients and a desire for transparency in labeling, will impact global demand for flavors and fragrances, particularly in developed countries.
According to World Flavors & Fragrances, a new study from The Freedonia Group, in developing countries, growing personal consumption expenditures will drive demand for flavor- and fragrance-containing goods, such as packaged foods and cosmetics and toiletries, supporting growth in flavor blends and fragrance blends. In addition, a shift to higher value and higher quality products worldwide will contribute to demand gains. Although North America and Western Europe will remain significant markets for flavors and fragrances, the Asia/Pacific region will become the largest global market, spurred by strong growth in developing countries, particularly China and India.
Flavor blends to remain largest segment
Freedonia forecasts that flavor blends will continue to be the largest flavor and fragrance segment worldwide by value, with gains driven by increasing demand for processed foods in developing regions. Growth in essential oils and natural extracts will outpace the other key flavor and fragrance segments as consumers increasingly prefer products with natural and organic ingredients.
Demand for fragrance blends and aroma chemicals will be spurred by growing production of toiletries and cleaners. Historically, the developed economies of North America, Western Europe, and Japan have been the dominant markets for flavors and fragrances, sustained by large food and beverage and toiletry and cleaner industries, as well as high levels of personal consumption expenditures. Going forward, the maturity of these markets will limit growth in demand for flavors and fragrances; however, growing use of higher value and higher quality products will support moderate growth in flavor blends and fragrance blends. Additionally, the increasing popularity of reduced-salt and reduced-sugar prepared foods, which require higher flavor loadings to maintain taste, will boost demand for flavor blends. The strongest driver of growth within developed countries will be heightened consumer interest in natural and organic products, which will drive demand for essential oils and natural extracts. In turn, demand for aroma chemicals will be below average as more consumers choose natural products over synthetic ones.
More robust gains in demand for flavors and fragrances will be registered in the developing economies of the Asia/Pacific and Africa/Mideast regions and Central and South America. In these areas, rapid population growth, a growing middle class, and the associated urbanization and increases in personal spending will drive demand for fragrance-containing cleaners and toiletries, as well as processed foods and carbonated beverages. The increasing popularity of these products will boost demand for fragrance blends, aroma chemicals, and flavor blends. Consumers in these regions will also increasingly demand products containing natural and organic ingredients, supporting demand for essential oils and natural extracts. However, in contrast to more developed regions, aroma chemicals will show healthy growth, as local food and beverage and toiletry and cleaner producers continue to utilize them due to low cost as compared to natural alternatives.
Read the full report: http://www.reportlinker.com/p01008680-summary/view-report.html
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
Contact Clare: firstname.lastname@example.org
Intl: +1 339-368-6001
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/world-flavors--fragrance-market-300291674.html