New York City, NY, 23 September, 2019/ 24 Market Reports: Valued at USD 20.75 billion in 2018 the flavours and fragrances market is expected to expand at a CAGR of 4.7% in the forecast period of 2019-2025. The rise in the demand in the application industries such as cosmetics, food, beverages, and toiletries is projected to drive the growth of the market. Also, the increasing demand in processed food, snacks, juices, ready-to-eat meals and other beverages is boosting the market. For personal care products that are produced predominantly using natural ingredients are high in demand in the mature markets such as U.S., and U.K.
The rise in the demand for the personal care products along with the growing demand for food and beverages is estimated to propel the market in the forecast period. The use of the flavours in the nutraceuticals, dietary supplements, and in pharmaceuticals is projected to augment the demand in the upcoming years.
It is estimated for the aroma chemicals to acquire the largest market share during the forecast period. Majority of the demand for this segment is expected to come from the fragrance industry. In 2018, the demand for esters was valued at USD 5.73 billion. Increasing concern about fitness among the people of all the age groups is rising the demand for aroma chemicals in fragrances.
It is estimated for the natural segment to witness the fastest growth in the forecast period. The shift towards the natural products in the developed countries is estimated to drive the growth for the segment. It is estimated for the essential oils in the product segment to emerge as the fastest-growing product in the forecast period. There has been an increase in demand for essential oils in natural cosmetics, pharmaceuticals, aromatherapy, and other sectors which is driving the growth of the market.
In the forecast period, it is estimated for the fragrances to expand at the highest CAGR. Increasing investments in new product development to meet the demand in the segments like pharmaceutical, automotive, and hospitality industries is projected to increase the growth of the market.
The increase in demand from different application industries had made the Asia Pacific region to grow with the highest CAGR of 6.7% during the forecast period. The increasing demand from different industries such as dietary supplements, nutraceuticals, food processing, and pharmaceuticals has made the flavours segment to witness the highest growth. In the year 2018 North America held 24% of the market share and is expected to grow with a CAGR of 2.9% over the forecast period.
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