Flavors and Fragrances Market Size Worth $34.19 Billion by 2030

Grand View Research, Inc.

SAN FRANCISCO, May 23, 2022 /PRNewswire/ -- The global flavors and fragrances market size is expected to reach USD 34.19 billion by 2030, growing at a CAGR of 4.3% from 2022 to 2030, as per a new report by Grand View Research, Inc. The growth is majorly driven by the mounting demand for natural products and aroma chemicals from the personal care & cosmetics products and food & beverages industries.

Key Insights & Findings from the report:

• Natural product type witnessed the fastest growth rate of more than 4.6%, owing to a rapid shift from the usage of synthetic and lab-processed products to more natural products, especially in the emerging markets.
• Fragrances application witnessed the fastest growth rate of nearly 4.6%, due to its growing usage in the pharmaceutical, hospitality, home care, and personal care & cosmetics industries.
• The Asia Pacific region emerged as the fastest growing market with a high growth rate of 6.0%. This high rate is because of the increased demand from nutraceutical, dietary supplements, pharmaceuticals, and food processing industries. In addition, changes in the consumer preference along with rising demand for exotic flavors are expected to have a positive impact on the overall market.
• New product launches, a growing number of retail stores, and economic prices of convenience food and personal care products are expected to be highly influential factors contributing to the market growth.

Read 105-page market research report, "Flavors And Fragrances Market Size, Share & Trends Analysis Report By Product (Natural, Aroma Chemicals), By Application (Flavors, Fragrances), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Flavors and Fragrances Market Growth & Trends

The market is expected to acknowledge a remarkable growth during the forecast period owing to increasing demand in application industries such as toiletries, cosmetics, beverages, and food. The increasing use of flavors in the pharmaceutical, dietary supplements, and nutraceutical market is also projected to augment market growth. The health & wellness trend prevailing in the market is expected to magnify the preference for natural flavor ingredients.