14TH EDITION
IAL Consultants is pleased to announce the recent publication of the fourteenth edition of its report on the global markets for Flavours & Fragrances.
This new study updates and expands upon the information included in our previous study published in 2022. The information contained within this report is based upon an extensive programme of interviews throughout the industry. The report contains market value data by end-use application, with 2023 as the base year and market forecasts provided to 2028.
Research was undertaken during Q1 and Q2 2023, taking into account as much as possible the impacts of the conflict between Russia and Ukraine and instability in the Middle East.
Several countries have been added for this edition:
10 new countries have been added in this report in the Middle East & Africa region: Congo DR, Ethiopia, Iraq, Ivory Coast, Jordan, Oman, Qatar, Senegal, Syria and Zambia. Including these countries in the F&F market report will provide a clearer and more comprehensive understanding of the global market landscape.
The global flavours and fragrances market has experienced some ups and downs in the past two years. The total global market reached US$36.7 billion in 2023, an increase of 3.7% compared to 2022; this was considerably lower than the growth of 7.6% achieved in 2022 when the market was recovering after the pandemic and there were strong inflationary effects. Fragrances (+4.9%) performed somewhat better than flavours (+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 flavours and fragrances market. Fragrances are expected to perform moderately better, at 6.0% growth, compared to flavours at 5.8%.
Of the total world market, flavours account for approximately 56% and fragrances for the remaining 44%.
An average growth rate of 5.6% per annum is expected for the flavours and fragrances market over the next five years. 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, and as natural flavours and fragrances take greater market share from their synthetic counterparts. 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, with a forecast CAGR of 7.4%.
The beverages sector was the largest global end-use market for flavours 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%.
Givaudan, IFF, DSM-Firmenich and Symrise continue to occupy the top four positions in the global flavours and fragrances market. Their combined sales of compound flavours and fragrances in 2023 represented around 54% of the global market. The remaining portion of the flavours and fragrances market not accounted for by the top players is in the hands of a plethora of small and medium-sized companies, many of which occupy a sizeable market position in their own countries and/or in specific sectors/applications.
For only the third time, IAL has also analysed flavour tonalities. The most significant tonality at the global level is citrus, accounting for more than 23% of the demand, followed by other tonalities such as other fruit, brown, vanilla and meat/seafood.
This five-volume report includes flavour and fragrance consumption (value in US$) by country and by end-use application, supported with market trends and drivers, profiles of the leading global suppliers, and a summary of the current supply situation with top-line market shares.
The report is available for the following prices:
For more details, please contact:
Mrs Cathy Galbraith
IAL Consultants
CP House, 97-107 Uxbridge Road, Ealing, London W5 5TL
Telephone: +44 (0) 20 88 32 77 80
Fax: +44 (0) 20 85 66 49 31
Email: cgalbraith@brggroup.com
Or visit our website: www.ialconsultants.com
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