The global flavors & fragrances market size is expected to reach USD 41.98 Billion in 2028 and register a revenue CAGR of 6.6% during the forecast period, according to a latest report by Reports and Data. Increasing usage of fragrances in personal care products and rising consumer awareness of hygiene and skincare are key factors expected to drive market revenue growth during the forecast period. Increasing usage of fragrance ingredients in home care products is expected to boost revenue growth of the market between 2021 and 2028. Increasing consumer awareness for hygiene due to rising chronic disease and importance of healthcare has led to increase in use of flavors & fragrances in personal care products. Rising demand for natural-based ingredients which are non-toxic and safe is another factor expected to propel revenue growth of the market. Additionally, increasing demand for floral fragrant ingredients such as lavender, jasmine and roses for production of skincare, essential oils and incense sticks is expected to drive revenue growth of the global market.
Challenges regarding cultivation of natural fragrant ingredients that can be affected by climate change due to global warming is a major factor that can restraint revenue growth of the global market. Stringent government regulations regarding usage of synthetic chemicals for manufacturing flavors and fragrances is another factor that can hamper market revenue growth to some extent over the forecast period.
The market in Europe is expected to register a considerably high revenue CAGR over the forecast period. Growth of the market in the region is expected to be driven by rising demand for processed foods that require additional flavors and increased spending on premium products such as perfumes by consumers.
Companies profiled in the global market report include Robertet SA, MANE SA, Sensient Technologies Corporation, Symrise AG, Givaudan SA, Firmenich SA, T. Hasegawa Co. Ltd., Takasago International Corporation, SH Kelkar and Company Ltd., and International Flavors & Fragrances Inc.
In December 2021, PlanetCaps, the first biodegradable fragrance capsule, was introduced by Givaudan SA. Givaudan SA’s fragrance encapsulation is the most recent innovation that provides long-lasting scents with a biodegradable and bio-sourced system for fabric softeners.
In November 2021, Mane SA introduced the most recent innovations and concepts in the food and beverage industry, taking into consideration the most recent trends in health and wellness with the best natural ingredients. As per customer preferences, food and beverage products were launched in a wide range of flavors with premium quality.
In April 2021, Mane SA introduced a new product to the citrus palette named Florapeel Scent. The new Florapeel scent is allergen-free and non-sensitizing, and it illuminates compositions with a powerful fruity effect. This new product introduction is expected to expand Mane SA’s market footprint.Explore Trending Research Reports by Reports and Data:
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Source: https://www.prnewswire.com/news-releases/flavors–fragrances-market-size-to-reach-usd-41-98-bn-in-2028–increasing-usage-of-fragrances-in-personal-care-products-and-rising-consumer-awareness-for-hygiene-and-skincare-are-the-key-factors-driving-market-revenue-growth–r-301470445.html
