The European flavor and fragrance market is anticipated to registering a CAGR of 4.5%, during the forecast period.
- The market is driven by increasing demand for innovative flavors and fragrances in the various applications by the consumers.
- The European market has seen a growing trend of caramel and salted caramel flavors, especially from the bakery and confectionery segment.
- There is also a growth in the perfumes segment in the country, which, in turn, is expected to boost the fragrance market in the region.
Key Market Trends
Growing Demand for Plant-based Ingredients
European consumer attitudes and knowledge toward plant-based diets have been growing in recent years. The unceasing innovation and developments in the flavor market have been tapping the emerging food and beverage industries. Plant-derived vegan flavors in the food ingredients market have emerged as a boon for businesses dedicating operations for vegan products. Moreover, the rising vegan population in the countries remain the primary factor boosting the market studied. Acknowledging the scenario, ingredient manufacturers are increasingly introducing products, such as dairy-free dairy flavors, to be incorporated in supposed dairy products that could be enjoyed by a restricted population.
Germany holds a Prominent Share
Germany is the largest food producer in Europe, with the food and beverage industry generating production figures of EUR 150 million annually. The country’s food and beverage industry provides great opportunities for flavor manufacture, as its flavor is an indispensable ingredient for food and drinks, which helps in delivering palatability, as well as position a product or target a specific group of consumers. The fragrance market in the country is majorly driven by the growing demand from the beauty and personal care segment. There is also an increased demand for perfumes in the country, owing to the high standards of living. These factors have led to a huge demand for flavor and fragrances in the country.
The European flavor and fragrance market is consolidated, with major players holding a prominent share in the market. The major players in the market are Givaudan, IFF-Frutarom, Firmenich, Symrise, Takasago, Sensient Technologies, etc. Players operating in the market are coming up with various new product offerings in order to cater to the growing consumer base.
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