The flavors and fragrances market is projected to grow at a CAGR of 2.67% by 2022, according to a report from Research and Markets.
The market, valued at an estimated $21.15 billion in 2017, is anticipated to grow to $24.13 billion by 2022. Growth drivers include a growing population; rapid urbanization; increased awareness concerning health and wellness; and an increase in per-capita spending in high-growth markets, including China, India, South Korea and Indonesia.
Factors such as compliance with quality and regulatory standards could potentially restrain demand during the period, however.
The consumer product segment is expected to be the largest end-use segment for the flavors and fragrances market during the forecast period; demand will be driven by growing awareness when it comes to hygiene and cleanliness.
Regionally, the fastest growing market during the forecast period is projected to be the Middle East & Africa, driven by economic growth in countries including Saudi Arabia, Iran and Turkey.