| Global demand to rise 4.3% annually through 2014 | | | | largest market for flavors and fragrances. This is due |
| Worldwide demand for flavors and fragrances -- | | | | to the widespread application of flavor materials in |
| including flavor and fragrance blends, as well as | | | | processed food, snacks, soft drinks, candy and |
| essential oils and other natural extracts, and aroma | | | | confectioneries, and other items such as meat and |
| chemicals -- is projected to increase 4.3 percent per | | | | seafood products, aroma chemicals manufacturer |
| year to $23.5 billion in 2014. Overall advances will be | | | | sauces and condiments. The further expansion of |
| stimulated by gains in food and beverage processing | | | | fortified food -- as well as beverages -- will provide |
| activity, which represents by far the largest market | | | | opportunities, since flavors are often used to cover |
| segment. Growth in personal income levels and | | | | up the off-tastes of vitamins, minerals, antioxidants |
| consumer spending will also stimulate demand for | | | | and other added ingredients. Trends toward fast |
| flavors and fragrances used in cosmetics and | | | | food and other convenience-oriented food options |
| toiletries, a market segment historically concentrated | | | | (e.g., ready-to-eat meals) will further boost demand, |
| in North America and Western Europe, but now | | | | as these highly processed items often require |
| seeing rapid advances in developing regions. The best | | | | stronger flavor loadings. The toiletry and cleaner |
| opportunities for flavors and fragrances will be found | | | | segment will also remain an important market. Faster |
| in the Asia/Pacific region, which will account for | | | | growth is expected for applications in cosmetics and |
| one-third of total value gains between 2009 and | | | | toiletries, while demand in the well-established |
| 2014. | | | | detergent and cleaner industry will be limited by |
| China, India among best growth opportunities | | | | market maturity, even in developing regions such as |
| While the US is by far the world's largest user of | | | | Eastern Europe. Skin care products are expected to |
| flavors and fragrances (accounting for one-quarter of | | | | provide some of the best opportunities, reflecting |
| world demand), the fastest growth will occur in | | | | expansion of the skin care industry itself, as |
| developing regions. Asia, Central and South America, | | | | manufacturers continue to target growth segments |
| Eastern Europe and the Africa/ Mideast region will all | | | | with products designed for middle-aged and older |
| outpace the global average. Industrialization trends | | | | adults seeking anti-aging solutions. In addition, |
| and aroma chemicals manufacturer increases in living | | | | fragrances will continue to play an important role in |
| standards will fuel demand for flavors and fragrances | | | | product differentiation in the toiletry and cleaner |
| in generally underdeveloped end-user manufacturing | | | | segment, supporting demand for fragrance blends |
| industries of these regions. Over the forecast period, | | | | and aroma chemicals manufacturer used in related |
| the Asia/Pacific region will surpass Western Europe to | | | | products. |
| become the second largest regional consumer of | | | | Study coverage |
| flavors and fragrances, behind North America. In | | | | This new industry study presents historical demand |
| particular, China and India will see some of the most | | | | data (1999, 2004 and 2009) plus forecasts for 2014 |
| rapid growth in both demand and output, as | | | | and 2019 by product (e.g., flavor blends, fragrance |
| multinational producers continue to establish | | | | blends, essential oils and natural extracts, aroma |
| subsidiaries in these countries in order to meet local | | | | chemicals), market (e.g., food and beverages, |
| demand. | | | | toiletries and cleaners), world region and for 18 |
| Food and beverages to remain largest market | | | | countries. The study also considers market |
| Food and beverages, which accounted for 47 | | | | environment factors, evaluates company market |
| percent of aggregate demand in 2009, will remain the | | | | share and profiles 37 industry competitors. |