In 2016, the Global Flavors and Fragrances market size was valued at $20.55 billion and is projected to reach $24.13 billion by 2022, at a CAGR of 2.67% from 2017-2022, according to Markets and Markets.
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The fragrance segment is anticipated to grow due to the increased demand for the products from personal care, cosmetics, home care, therapy, oral care, and air freshener products, per Grand View Research. The synthetic ingredients segment is projected to lead the flavors & fragrances market over natural during the forecast period due to the low cost and growing usage.
Increasing demand from application industries such as food, beverages, and cosmetics and toiletries is also projected to drive the growth.
Asia Pacific is projected to register the highest CAGR of 6.7% during the forecast period on account of availability of raw materials and increasing demand from different application industries.
North America accounted for 24.0% of market share in 2018. It is projected to expand at a CAGR of 2.9% over the forecast period.