According to market forecasts, the flavor and fragrance market is expected to reach $2.060 billion by 2018 with a good growth rate over the next five years, according to market research firm Research and Markets.
In its "Global Flavor and Fragrance Market 2013-2018: Trends, Forecasts and Opportunity Analysis" report, the firm said the global flavor and fragrance market is on the threshold of enormous growth. North America and Europe were the largest regions in terms of consumption of flavor and fragrance, followed by Asia Pacific and the rest of the world.
"Consumers have high disposable income, trendy lifestyle, and being more adventurous in trying out new flavors are all adding to the boom of this market. People are also becoming more conscious of their image and this is leading to higher consumption of fragrances," according to the report.
North America is the current leader in the consumption of flavor and fragrances after replacing Europe; however, in Asia, China and India are growing fast, the report said. Research and Markets added that the top players need to formulate effective marketing strategies to take advantage of the opportunities, resulting in improved revenue and profitability.