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Freedonia launched a new flavors and fragrances market study estimating that the US market demand for product is likely to reach $5.5 billion by 2014. The study, which is available from Freedonia for $4,900 and includes historical data, in addition to forecasts for 2014 and 2019, indicates a 3% annual rise over the next few years.
For the flavors market, the study cites the growing demand for healthy products that feature natural and beneficial ingredients, as well as flavors that help improve the taste of foods that have reduced sugar, sodium and fat.
The fragrance market will continue to see much demand from the cosmetics and toiletries market, as well as air care products. Skin care products, and their fragrance needs, will continue to grow, and as people spend more time at home following the recent recession, they are paying more attention to their living environment, helping the environmental fragrance market grow.
Additionally, essential oils will continue to rise due to their association with natural ingredients, and these ingredients will see these implications in the food, beverage, cosmetic and toiletry and aromatherapy markets, though there will still be competition in this market from lower-priced synthetics and increasing technological advances.