The US market for flavors and fragrances is forecast to rise 3 percent annually to $5.5 billion in 2014.
Demand will benefit from an improving economic outlook, as well as continued expansion in the food, beverage, and cosmetic and toiletry sectors.?Advances will be fueled by consumer interest in more complex, exotic and authentic flavors and fragrances, as well as the increasing utilization of these products as marketing tools and product differentiators.
Although the large food segment will offer the best opportunities, slow growth in food shipments will prevent faster advances for flavors and fragrances in this market.?More rapid gains are expected for the cosmetic and toiletry, and environmental fragrance goods markets.
Among the major product segments, essential oils and natural extracts are projected to achieve the most rapid gains through 2014. These and other trends, including market share and product segmentation, are presented in Flavors & Fragrances, a new study from The Freedonia Group, Inc., a Cleveland-based industry market research firm.
Gains in the flavor segment will be triggered by heightened health concerns among the US population. New dietary guidelines released in 2011 directly address the nation’s obesity epidemic and other diet-related health issues, urging the consumption of nutrient-rich, lower calorie foods, particularly those with reduced sodium content.
In the cosmetic and toiletry market, skin care products will provide strong advances, propelled by demand for natural products and the incorporation of beneficial ingredients into skin care formulations.?As the large baby boomer population approaches age 65, gains will be fueled by greater demand for high-value skin care products designed specifically for mature skin.
Environmental fragrance goods represent a small, but growing market. Following the recession that began in late 2007, consumers are spending more time at home and are increasingly interested in enhancing their living spaces through the use of air care products.
However, while consumers are increasingly willing to experiment with new products and scents, fragrance demand will be negatively impacted by the implementation of fragrance bans in schools, churches and various workplaces.
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