The global flavor and fragrance market is expected to experience good growth and reach $2.06 billion by 2018, according to market research firm Lucintel.
In "Global Flavor and Fragrance Market 2013-2018: Trend, Forecast, and Opportunity Analysis,” Lucintel said 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, which hold the third and fourth place respectively. Fragrance contributed 52% of the market share, whereas flavor contributed 48% of the global revenue to the global flavor and fragrance industry.
The report indicated that although the recession has impacted the U.S. flavor and fragrance market, it is currently recovering well. Brazil is the world’s largest market for fine fragrance which is used in deodorants and baby care products. It also noted that Asia was one of the emerging regions for flavor and fragrance industry during last five years.