Demand for Fragrances to Exceed $7 Billion in 2017
The US market for flavors and fragrances is forecast to advance 4.6 percent per year to $7.1 billion in 2017. Flavor blends, the largest segment, are expected to achieve healthy gains during this period. Essential oils and natural extracts, a smaller segment, are expected to post the fastest growth. Additionally, trends toward more complex and exotic flavors and scents will boost demand for new flavor and fragrance blends. These and other trends are presented in Flavors & Fragrances, a new study from The Freedonia Group, Inc., a Cleveland-based industry market research firm.
Healthy gains in the large cosmetic and toiletry market, bolstered by use in body washes and perfume and cologne, will spur growth in fragrance blends. Growth will also be supported by above average advances in the smaller cleaning products segment, due to strength in dishwashing detergents and other cleaners, as well as laundry detergents. More moderate growth in environmental fragrance goods will act as a restraint on even faster increases as a result of weakness in candles.
From 2002 to 2012, consumer interest in natural items -- including food, beverages, cosmetics and toiletries, and even cleaning products -- rose relatively quickly and demand for essential oils and natural extracts continue to will benefit as more markets offer naturally flavored or scented versions of their retail items.
Going forward, demand growth in oils and extracts for flavor and fragrance applications will outpace that in flavor and fragrance blends, though from a smaller base. Demand growth in aroma chemicals for use in the flavor and fragrance industry has lagged that of other products and will continue to do so. However, advances in natural aroma chemicals will remain above average through 2017.
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