The new report by Expert Market Research titled, ‘Europe Flavours and Fragrances Market Report and Forecast 2021-2026’, gives an in-depth analysis of the European flavours and fragrances market, assessing the market based on segment, type, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market Size (2020): USD 28.95 Billion
In Europe, the growing demand for flavors and fragrances in application industries like food, beverages, and cosmetics and toiletries is expected to fuel market growth in the forecast period. Consumption of flavours has increased with the increasing demand for ready-to-eat meals and fast food. Increasing purchase of personal hygiene products in the wake of a global pandemic has also driven the market for fragrant sanitisers, hand washes and floor cleaners. Additionally, growing popularity of aromatherapy is also expected to boost market demand for fragrance ingredients. Moreover, beauty and well-being products are simultaneously invigorating the market with demand increasing due to rise in the social media campaign and influence.
Industry Definition and Major Segments
Flavours and fragrances are chemical compounds that appeal to the sense of taste and smell. They can be produced through essential oils or even by synthetic chemical compounds. Flavours and fragrances are used to add taste and scent in different consumer products.
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Based on segment, the market can be broadly divided into:
- Fragrances: The European fragrance market is further divided into synthetic and natural, based on type. On the basis of natural fragrances type, it is segmented into flowers, fruit, wood, musk, and spice, among others. The market is bifurcated into soaps and detergents, cosmetics and toiletries, fine fragrances, and household cleaners and air fresheners, among others on the basis of application.
- Flavours: The European flavours market is divided into liquid and dry based on form. It is segmented into beverage, bakery and confectionary products, dairy and frozen desserts, and savouries and snacks, among others. It is divided into natural identical flavouring substance, artificial flavouring substance, and natural flavours, among others, based on flavouring agent.
The market can be segmented into the following, based on type:
- Synthetic
- Natural
On the basis of country, the market can be divided into:
- Germany
- United Kingdom
- France
- Italy
- Others
Market Trends
There has been an increasing awareness about the importance of organic products and along with it the use of natural ingredients. This has strengthened the market in the historical period and is also expected to boost growth in the forecast period. Plant-derived vegan flavors in the food ingredients market have emerged as a boon for market growth. Manufacturers engaged in developing natural fragrances charge a premium for 100% organic products. However, with the increasing spending power of customers, people are willing to buy these premium products. Innovative techniques such as encapsulation and controlled release techniques are enhancing the fragrance market. Active choice of animal-cruelty free products made from sustainable ingredients is amongst the major drivers of the market.
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Key Market Players
The major players in the market are Givaudan SA, Firmenich SA, International Flavors & Fragrances, Inc., Symrise AG, and Wild Flavors, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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