It is projected to grow further in the coming years, growing at CAGR of 5% in the forecast period of 2019-2024. In 2024, the industry is estimated to reach USD 36.5 billion.

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Competitive Landscape & Supplier Analysis

1. Givaudan SA (OTCMKTS: GVDNY)

2. Firmenich SA

3. International Flavors & Fragrances, Inc. (NYSE: IFF)

4. Symrise AG (OTCMKTS: SYIEY)

5. Wild Flavors, Inc.

6. Takasago International Corp (TYO: 4914)

7. Mane SA

8. Sensient Technologies Corp. (NYSE: SXT)

9. Robertet Group (OTCMKTS: RBTEF)

10. T. Hasegawa Co., Ltd. (OTCMKTS: HASGF)

11. Kerry Group (OTCMKTS: KRYAY)

While consumers are increasingly demanding natural flavours and fragrances, the higher costs of natural products are proving to be a hindrance. Thus, in the fragrance sector, synthetic scents are being preferred due to their lower cost. Nature identical flavouring agents are also proving to be more popular than natural or artificial flavouring agents, and currently dominate the flavour segment. According to form, liquid form dominates the flavour Industry. Flavours find the majority of their application in the beverage and dairy segments, which together account for over half the applications of the product. The industry is aided by the rising demand for RTD and low-calorie beverages. As consumers are moving away from carbonated drinks, the flavoured milk segment is witnessing a growth, further aiding the flavour industry. Soap, detergents, toiletries, and cosmetics, on the other hand, account for over 55% of the fragrance applications.

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Europe is the largest flavours and fragrances industry. It accounts for over a quarter of the industry. Germany is the leading market in the region, representing over a fifth of the regional market. Western European economies like the UK and France are the other significant regional markets on the continent. In the coming years, the emerging Eastern European economies are expected to witness a healthy growth. North America and the Asia Pacific are also major players in the industry. While the industry is being driven by the rising demand for low-carbohydrate and low-fat food and beverages in North America, in the Asia Pacific, the industry is being propelled forward due to the increased consumption of scented personal care products, especially in India and China.

The global Flavours & Fragrances is being driven by the rising population and rapid urbanisation. The increasing disposable incomes combined with the rise in the middle-class population are further driving the industry. The growing awareness of hygiene and cleanliness through marketing campaigns and advertisements is also expected to aid the industry. The rising trend towards natural products is driving the growth of the natural or organic flavours and fragrances. As manufacturers and consumers are becoming more environmentally conscious, major players in the industries are investing in creating a sustainable supply chain. With consumers willing to experiment with new fragrances and flavours, the industry is witnessing a further growth. The industry is being propelled forward by the rising population of younger consumers, especially in the emerging

nations, who are defining and changing the consumption patterns.

1 Preface

2 Research Methodology

3 Executive Summary

3.1 Market Overview

3.2 Key Demand Drivers

3.3 Top Global Suppliers

3.4 Supply Market Changes

4 Global Flavours & Fragrances Market Outlook

5 Global Flavours & Fragrances Market

5.1 Global Flavours and Fragrances Market Analysis

5.1.1 Figure: Global Flavours and Fragrances Historical Market (2014-2018) & Forecast (2019-2024)

5.1.2 Chart: Global Flavours and Fragrances Market Breakup by Segment

5.1.2.1 Flavours

5.1.2.2 Fragrances

5.1.3 Figure: Global Flavours and Fragrances Market Breakup by Segment: Historical Market (2014-2018) & Forecast (2019-2024)

5.1.3.1 Flavours

5.1.3.2 Fragrances

5.1.4 Chart: Global Flavours and Fragrances Market Breakup by Type

5.1.4.1 Synthetic

5.1.4.2 Natural

5.1.5 Figure: Global Flavours and Fragrances Market Breakup by Type: Historical Market (2014-2018) & Forecast (2019-2024)

5.1.5.1 Synthetic

5.1.5.2 Natural

5.1.6 Chart: Global Flavours and Fragrances Market Breakup by Region

5.1.6.1 North America

5.1.6.2 Europe

5.1.6.3 Asia Pacific

5.1.6.4 LATAM

5.1.6.5 Middle East and Africa

5.1.7 Figure: Global Flavours and Fragrances Market Breakup by Region: Historical Market (2014-2018) and Forecast (2019-2024)

5.1.7.1 North America

5.1.7.2 Europe

5.1.7.3 Asia Pacific

5.1.7.4 LATAM

5.1.7.5 Middle East and Africa

5.2 Global Flavours Market Analysis

5.2.1 Chart: Global Flavours Market Breakup by Flavouring Agent

5.2.1.1 Nature Identical Flavouring Substance

5.2.1.2 Artificial Flavouring Substance

5.2.1.3 Natural Flavour

5.2.2 Figure: Global Flavours Market Breakup by Flavouring Agent: Historical Market (2014-2018) and Forecast (2019-2024)

5.2.2.1 Nature Identical Flavouring Substance

5.2.2.2 Artificial Flavouring Substance

5.2.2.3 Natural Flavour

5.2.3 Chart: Global Flavours Market Breakup by Forms

5.2.3.1 Liquid

5.2.3.2 Dry

5.2.4 Figure: Global Flavours Breakup by Forms: Historical Market (2014-2018) and Forecast (2019-2024)

5.2.4.1 Liquid

5.2.4.2 Dry

5.2.5 Chart: Global Flavours Market Breakup by Applications

5.2.5.1 Beverage

5.2.5.2 Bakery and Confectionery Products

5.2.5.3 Dairy and Frozen Desserts

5.2.5.4 Savouries & snacks

5.2.5.5 Others

5.2.6 Figure: Global Flavours Market Breakup by Applications: Historical Market (2014-2018) and Forecast (2019-2024)

5.2.6.1 Beverage

5.2.6.2 Bakery and Confectionery Products

5.2.6.3 Dairy and Frozen Desserts

5.2.6.4 Savouries & snacks

5.2.6.5 Others

5.3 Global Fragrances Market Analysis

5.3.1 Chart: Global Fragrances Market Breakup by Types

5.3.1.1 Synthetic

5.3.1.2 Natural

5.3.2 Figure: Global Fragrances Market Breakup by Types: Historical Market (2014-2018) and Forecast (2019-2024)

5.3.2.1 Synthetic

5.3.2.2 Natural

5.3.3 Chart: Global Natural Fragrances Market Breakup by Types

5.3.3.1 Flowers

5.3.3.2 Fruits

5.3.3.3 Musk

5.3.3.4 Wood

5.3.3.5 Spice

5.3.3.6 Others

5.3.4 Figure: Global Natural Fragrances Market Breakup by Types: Historical Market (2014-2018) and Forecast (2019-2024)

5.3.4.1 Flowers

5.3.4.2 Fruits

5.3.4.3 Musk

5.3.4.4 Wood

5.3.4.5 Spice

5.3.4.6 Others

5.3.5 Chart: Global Fragrances Market Breakup by Applications

5.3.5.1 Soap and Detergents

5.3.5.2 Cosmetics & Toiletries

5.3.5.3 Fine fragrances

5.3.5.4 Household Cleaners and Air Fresheners

5.3.5.5 Others

5.3.6 Figure: Global Fragrances Market Breakup by Applications: Historical Market (2014-2018) and Forecast (2019-2024)

5.3.6.1 Soap and Detergents

5.3.6.2 Cosmetics & Toiletries

5.3.6.3 Fine fragrances

5.3.6.4 Household Cleaners and Air Fresheners

5.3.6.5 Others

5.4 SWOT Analysis

5.4.1 Overview

5.4.2 Strengths

5.4.3 Weaknesses

5.4.4 Opportunities

5.4.5 Threats

5.5 Porter’s Five Forces Analysis

5.5.1 Overview

5.5.2 Buyer’s Power

5.5.3 Supplier’s power

5.5.4 New Entrants

5.5.5 Degree of Rivalry

5.5.6 Substitutes

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