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Global Aroma Chemical-Based Flavor and Fragrance Market Expected to Reach $30 Billion by 2028

There are opportunities in the fine fragrance, cosmetic & toiletries and soap & detergent markets.

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By: Lianna Albrizio

Associate Editor, Happi

The global aroma chemical-based flavor and fragrance market is expected to reach an estimated $30.1 billion by 2028 with a CAGR of 5.8% from 2023 to 2028, according to ResearchAndMarkets.com.
 
The future of the aroma chemical-based flavor and fragrance market looks promising with opportunities in fine fragrance, cosmetic and toiletries, and soap & detergent markets.
 
The major drivers for this market increasing inclination towards natural and bio-based chemicals and growing demand for cosmetics and personal care products, such as creams, facemasks, peels and others owe changes in lifestyles and a rise in the per-capita disposable income.

Aroma Chemical-Based Flavor and Fragrance Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development and leverage integration opportunities across the value chain.
 
With these strategies aroma chemical-based flavor and fragrance companies cater to increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base, experts say.
 
The analyst forecasts that terpenoids will remain the largest segment over the forecast period due to increasing usage in cosmetic and flavoring sector owing to its medicinal properties, such as anti-carcinogen, antimicrobial and antiseptic.
 
Fine fragrance is expected to remain the largest segment due to the advancement in technology to meet changing consumer demand and surging demand for natural flavors and fragrances and exotic scents.
 
APAC will remain the largest region due to the growing income levels along with improving standard of living and increasing consumer spending on luxury and premium fragrances in this region.
 
For more information about this report can be accessed here.

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