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By the time 2017 arrives, the flavour and fragrance market is predicted to register a compound annual growth rate (CAGR) of almost 6%, and reach a total market value of approximately $30 billion by 2017.
The flavour and fragrance market reached a value of $21.8 billion in 2011, and by 2012 this amount is expected to hit a global value of $23 billion.
When taken separately, the flavours market is expected to hit a value of $14.5 billion by 2017, growing at a CAGR of 5.4% year-on-year.
Meanwhile, the fragrances market is set to increase at a CAGR of 5.4% year-on-year until 2017, rising from a value of $11.9 billion in 2012 to $15.7 billion in 2017.
With regards to total demand for ingredients within the flavour and fragrance market, a value of $7.6 billion was reached in 2011, with this predicted to grow at a CAGR of 5.7% through to 2017. At this rate, market value ought to reach $8.1 billion in 2012 and $10.7 billion by 2017.
Market growth for ingredients is being driven by several influential factors. The demand for high end perfumes continues to drive the fragrance ingredients market. The demand for ingredients used in the flavours and fragrances market on a whole will continue to be driven by consumer preferences for natural ingredients and rising consumer interest in more complex and authentic flavours and fragrances.
A continued strong growth in low-fat and low-carbohydrate foods and beverages will also promote demand within the flavours and fragrances market to further improve the appeal of these products.
For more information on the flavour and fragrance market, see the latest research: Flavour and Fragrance Market
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