Flavors and Fragrances Market Drivers Shaping Future Growth, Revenue by 2028

Flavors and Fragrances Market Drivers Shaping Future Growth, Revenue by 2028

 

According to Fortune Business Insights™ The global flavors and fragrances market size is prognosticated to reach USD 38.56 billion by 2026, exhibiting a CAGR of 4.8%by 2026. This is attributable to the rapid growth of the food and beverage industry that propelled the demand for new flavors. This information is published in an upcoming report by Fortune Business Insights™ 

The flavors and fragrances market size value stood at USD 26.50 billion in 2018 and is prognosticated to reach USD 38.56 billion by 2026, exhibiting a CAGR of 4.8%by 2026.

Source: https://www.fortunebusinessinsights.com/flavors-and-fragrances-market-102329

Competitive Landscape –

Merger and Acquisition is Major Strategy Adopted by Players

Currently, four key companies, namely Firmenich SA, Symrise AG, International Flavors and Fragrances (IFF), and Givaudan, are collectively holding 50% of the global flavors and fragrances market share.Companies are adopting merger and acquisition strategies to gain a competitive edge in the market. For instance, Firmenich has started the construction of a new plant in China since 2019 and Givaudan acquired more than five companies since 2018. 

Key Industry Development in Flavors and Fragrances Market Include:

March 2019 – Firmenich invested USD 75 million in the first phase of opening the largest flavor manufacturing plant in Zhangjiagang Free Trade Zone in China with an annual capacity of 12 KT. This expansion will help to serve consumers in China by introducing a wide range of local flavors in basic products such as tea, noodles, and dairy drinks.