According to research from Globe Newswire, the flavor and fragrance market is forecast to reach $38.5 billion by 2027, with a CAGR of 4.1% from 2021 to 2027.
The report covers the flavors and fragrances market through its different segments: by application (dairy, savory, confectionery, beverage, fine fragrance, cosmetic & toiletry, soaps & detergents, household & air care and more), product type (flavor and fragrance), ingredient type (essential oils and aroma chemical) and by region (North America, Europe, Asia Pacific and the rest of the world).
Highlights of the report include:
- The market has opportunities for more growth in the dairy, beverages, savory, confectionery, fine fragrances, cosmetics & toiletries, soaps & detergents and household & air fresheners markets.
- Beverage is predicted to remain the largest application segment over the forecast period due to growing consumption of energy soft drinks, sports drinks and juices.
- Essential oils of flavor and fragrance will remain the largest segment over the forecast period due to its better cleansing and moisturizing properties.
- Asia Pacific is expected to remain the largest region and witness the highest growth over the forecast period due to strengthening economies, growing urbanization, changing lifestyle and a rise in per capita income.