For 2024, IAL is forecasting a growth rate of 5.9% for the global flavors and fragrances market.
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IAL Consultants has published an overview of the global flavors and fragrances market with a forecast of 2024-2028. The information contained with the company's report is said to be based upon an extensive program of interviews throughout the industry.
Report Highlights
- The global F&F market reached $36.7 billion in 2023, an increase of 3.7% compared to 2022; this was considerably lower than the growth of 7.6% was achieved in 2022 when the market was recovering after the pandemic and there were strong inflationary effects. Fragrances (+4.9%) performed somewhat better than flavors (+2.7%) in 2023.
- The fastest growing country markets in 2023 were India, followed by Indonesia and Vietnam. These countries offer favourable conditions for flavour and fragrance market growth, including a growing middle class, rising incomes and increasing urbanisation. Pakistan and Syria were the only countries to see a decline in flavour and fragrance consumption in 2023, but growth was also slow in some of the mature markets.
- For 2024, IAL is forecasting a growth rate of 5.9% for the global flavors and fragrances market. Fragrances are expected to perform moderately better, at 6.0% growth, compared to flavors at 5.8%.
- Of the total world market, flavors account for approximately 56% and fragrances for the remaining 44%.
- An average growth rate of 5.6% per annum is expected for the flavors and fragrances market over the next five years.
- The fastest growth rates in the medium term are expected in Asia-Pacific, with a forecast CAGR of 7.4%.
- The beverages sector was the largest global end-use market for flavors in 2023 with a share of 34%, followed by dairy and savoury/convenience foods.
- The soap and detergents industry is the largest user of fragrances in the global market at 32% share, closely followed by the cosmetics and toiletries sector at 30%
For the entire report, visit https://www.ialconsultants.com/.
