The Flavors & Fragrances Market is projected to grow from an estimated USD 21.15 billion in 2017 to USD 24.13 billion by 2022, at a CAGR of 2.67% between 2017 and 2022. Expansions, acquisitions, new product launches, joint ventures, investments, and partnerships are the strategies adopted by key players to strengthen their positions in the flavors & fragrances market. The maximum number of strategic developments took place in the Asia Pacific and North America between January 2015 and December 2017.
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Key players operating in the flavors & fragrances market include Givaudan (Switzerland), International Flavors & Fragrances Inc.(IFF) (US), Firmenich (Switzerland), MANE (France), Symrise (Germany), Sensient (US),Takasago (Japan), Frutarom (Israel), Robertet (France), and T.HASEGAWA (Japan).
Givaudan is a leading manufacturer of flavors and fragrances globally. The company offers a range of flavors & fragrances for confectionery, beverage, dairy, savory, functional cleaners, laundry, and personal care products. In October 2017, the company laid the foundation for a new production hub in Changzhou, Jiangsu Province, China. The new facility will be used for the production of fragrances, oral care flavors, and encapsulation. This is expected to help the company cater to the growing demand for flavors and fragrances in China. The company is also focusing on acquisitions and joint ventures to meet the growing demand for flavors & fragrances.
Firmenich is another leading manufacturer of flavors & fragrances. The company has a wide product portfolio catering to almost all the flavors & fragrances end-use industries. It has been focusing on new product launches to strengthen its position in the market. For instance, in October 2017, the company launched a new line of natural flavor solutions, Protein Shield Flavors. The new product helps manufacturers in the beverage industry to manufacture beverage products with high protein content.
IFF is one of the largest manufacturers of flavors & fragrances. The company has a strong geographical footprint and is focusing on expansions and acquisitions strategies to strengthen its position in the market. In January 2017, the company acquired Fragrance Resources (US), a key manufacturer of specialty fine fragrances. The acquisition helped the company increase its presence in the fine fragrances segment in the US. In September 2017, the company expanded its flavors facility in Cairo. The expansion has helped the company in providing enhanced services to customers and strengthen its presence in Egypt.
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