Flavors and fragrances deliver long-lasting sensory impressions, when applied through medical products, beverage, food, and other substances, which enrich the overall aesthetic value and appeal of consumer goods. Flavors and  fragrances are primarily categorized into natural and synthetic ones, and the industry is featured as highly technical, specialized, and innovative.

According to IAL Consultants, the global flavors and fragrances market continues to show good rates of growth across the various regions. The total global market reached US$28.2 billion in 2017, an increase of 4.6% compared to the previous year, and is expected to grow at an average annual rate of 4.9% p.a. to reach approximately US$36 billion in 2022.

Flavors account for approximately 56% and fragrances for the remaining 44%. About the downstream market, the beverages sector is the largest global end-use market for flavors, followed by dairy industry, savory, bakery, confectionary, meat, oral hygiene & pharmaceuticals. While the soap and detergents industry is the largest user of fragrances followed by the cosmetics and toiletries, fine fragrances, household cleaners and air fresheners.

Of the main global regions, the combined flavors and fragrances market is largest in Asia-Pacific, followed by North America and Western Europe. While the West European and North American markets are quite mature, there is still potential for growth as consumers develop more sophisticated tastes and preferences. There is still plenty of opportunity for growth in the CEE, MEA and Asia Pacific regions, particularly in parts of Africa and Asia where access to processed foods and consumer goods is still growing. The fastest growth rates in the medium term are expected in Asia-Pacific.

 
Givaudan,Firmenich, IFF, and Symrise are the top four flavor and fragrances suppliers in the world, which account for more than half of the global market shares. According to the Leffingwell & Associates, the top 11 suppliers account for 78.6% of the total market while all the others for 21.4%. 

Recommended Flavor & Fragrance Suppliers on OKCHEM:

1) Hangzhou Shande Flavor Co.,Ltd

2) Ju Yuan Tang Natural Perfume Co.,Ltd

3) Shanghai Jianyin Food Science & Technology Co.,Ltd