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The flavor ingredients market is expected to register a CAGR of 5. 2% from 2021 to 2028.
Pune, India, November 3, 2023 (GLOBE NEWSWIRE) — According to our new study, we examined the “Flavor Ingredients Market Forecast to 2028 – COVID-19 Impact and Overall Analysis – through product type (synthetic and natural) and application (Air Care, Cleaning & Disinfection, Personal Care & Cosmetics, Fragrances & Fine Fragrances, and Others), The market was valued at $5. 38 billion in 2021 and is expected to reach $7. 69 billion by 2028. It is expected to grow at a CAGR of 5. 2% from 2021 to 2028. Several factors such as increased demand from the cosmetic and private care industry along with applications are driving the expansion of the flavor ingredients market. However, strict regulations related to artificially flavored ingredients are expected. to curb the expansion of the market.
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Flavor Ingredients Market: Competitive Landscape
Takasago International Society; BASF SE; Firmenich S. A. ; Givaudan S. A. ; International Flavors & Fragrances Inc. ; Robertet Group; Symrise; Mane; Zhejiang NHU Co. , Ltd. ; and phoenix scents
Aromatic Ingredients Market Report Scope, Segmentations, Regional and Country Scope:
Report Coverage
Details
Market Value at
$5. 38 billion in 2021
Market Size Value Per
$7. 69 billion through 2028
Growth Rate
CAGR of 5. 2% from 2021 to 2028
Forecast period
2021-2028
Base Year
2021
Number of pages
149
Number of tables
56
Number of graphs and figures.
69
Historical knowledge available
yes it
Segments covered
Product & Application
Regional Scope
North America; Europe ; Pacific; Latin America; MEA
Cross-country reach
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Oman, Russia, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Report Coverage
Revenue forecasts, company rankings, competitive landscape, growth drivers, and trends
In 2020, the Asia-Pacific region dominated the global flavor ingredients market. The region is expected to maintain its dominance during the forecast period. Market trends are influenced by the growing demand for cosmetics and non-public care products, as well as increased awareness of cleanliness and hygiene. The increased demand for cleaning and disinfection products due to the COVID-19 pandemic in the region has led to the expansion of the flavor ingredients market.
Increased demand from the cosmetics and personal care industry
Consumers’ growing belief in delicious scents and smells has made perfume a must-have component of cosmetic and personal care products. Aromatic ingredients are used in cosmetic and personal care products, such as lotions, creams, shampoos, and hair products. oils, which have a significantly higher intake. The smell or scent of a product has a massive effect on the confidence of the product and gradually becomes perceived as a necessity rather than a luxury and customers are willing to pay more for the smell. Detail of the products. Along with this, the developing cosmetic industry across the globe is driving the expansion of the flavor ingredients market.
Flavor Ingredients Market Size: Segment Overview
Based on product type, the global aromatic ingredients market is segmented into artificial and herbal. In 2020, the artificial segment accounted for the largest market share. The demand for artificial ingredients is expanding due to the low cost of artificial ingredients, their simple availability, and consistency of product quality. However, there is a growing apprehension about artificial products, due to their side effects. In addition, end-user industries are increasingly generating products that are classified as herbal and made with herbal ingredients. The above-mentioned two points have resulted in increasing demand for herbal flavor ingredients, which has allowed the segment to witness the most rapid expansion during the forecast period.
Based on programs, the global aroma ingredients market is segmented into air automobiles, cleaning and disinfection, automobiles and private cosmetics, perfumes and fine perfumes, and others. The market for the cosmetics and private automobile segment is expected to grow at a faster rate than the projected generation. Due to the increasing awareness about personal appearance among people, the demand for cosmetic products has increased, leading to the expansion of the aromatic ingredients market across the world. Cosmetic brands are using new and cutting-edge aromatic ingredients to create perfumes that will influence consumers’ purchasing decisions. The expansion of the cleaning and disinfection industry, especially after the outbreak of the COVID-19 pandemic, has definitely promoted the demand for aromatic ingredients. The segment is expected to witness strong expansion in the forecast period as the demand for cleaning and disinfection products is expected to remain consistently high. The introduction of new air treatment products, the addition of new perfume flavors in car air fresheners and air fresheners, has led to the expansion of the air treatment industry even during the pandemic. Additionally, many air filtration products now come with other scents to provide a delicious smell. Therefore, new perfumery product programs are expected to generate higher demand for aromatic ingredients in the forecast era.
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Impact of the COVID-19 Pandemic on the Flavoring Ingredients Market
Many industries, such as chemicals and materials, have faced unprecedented demanding situations due to the COVID-19 pandemic. The closure of production centers has had a negative effect on the production and origin of the aromatic ingredients market. Furthermore, the lockdown that affected the logistics and transportation sector had a negative effect on the market. During lockdown, consumers focused more on cleaning and disinfection, leading to increased demand for cleaning and disinfection products with other odors or aromas. Therefore, the increased focus on maintaining cleanliness and hygiene during the pandemic has had a positive effect on the aroma ingredients market. However, the fine perfumery industry has been severely affected by the COVID-19 outbreak, leading to a decline in sales globally. Fine perfumes are one of the key sectors of aromatic ingredients, so the decline in sales had a negative effect from 2020. However, the industry is recovering from the decline and is expected to grow during this period. forecast, with the majority of the countries in the world having the greatest growth. Lockdown restrictions show rising vaccination rates.
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