Flavors & Fragrances Market – Key Revenue Pockets

Growing population and rapid urbanization in the Asia Pacific and the Middle East & Africa is expected to drive the flavors & fragrances market globally

The flavors & fragrances market is expected to grow from an estimated USD 21.15 billion in 2017 to USD 24.13 billion by 2022, at a CAGR of 2.67% between 2017 and 2022. The growing demand for flavors & fragrances from end-use industries such as food & beverage and consumer goods is expected to drive the flavors & fragrances market. The flavors & fragrances market is also expected to grow due to rising demand for consumer products and changing consumer preferences for convenience food products.

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The market has been segmented on the basis of ingredients, end use, and region. Based on ingredients, the natural ingredients segment is projected to grow at the highest CAGR between 2017 and 2022. This growth of the natural ingredients segment is attributed to the strict regulations related to the use of synthetic flavors & fragrances and growing awareness among populations concerning health and wellness.

Based on end use, the flavors market is segmented into beverage, savory & snacks, bakery, dairy products, and confectionery, among others. Dairy products is estimated to be the fastest-growing end-use segment of the flavors market during the forecast period. Growing awareness among the younger population related to functional ingredients contained in dairy products is driving the demand for dairy products, which in turn is driving the dairy flavors market. Based on end use, the fragrances market is segmented into consumer products and fine fragrances. Fine fragrances are estimated to be the fastest-growing end-use segment of the fragrances market during the forecast period, due to increasing consumer spending on premium fragrances.

Based on region, the Asia Pacific is projected to be the largest market for flavors & fragrances between 2017 and 2022. The increasing demand for a variety of food products and consumer goods, such as home care and personal care products due to rapidly growing populations, increase in disposable incomes, and change in consumer preferences is fueling the growth of the flavors & fragrances market in the region. Most of the key players operating in the flavors & fragrances market have their offices and manufacturing units in the region.

One of the key factors restraining the growth of the flavors & fragrances market is the stringent regulations for flavors & fragrances by different government entities, such as European Food Safety Authority, Flavor & Extracts Manufacturers Association (FEMA), US Food and Drug Administration (FDA), and China Food, Drug Administration (CFDA), and International Fragrance Association (IFRA).

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COSMETIC PIGMENTS MARKET LEADERS RESEARCH INSIGHT AND NEW REVENUE POCKETS

The cosmetic pigments market is projected to grow from USD 550.3 Million in 2017 to USD 790.0 Million by 2022, at a CAGR of 7.5% during the forecast period. This growth can be attributed to the increasing demand for cosmetic pigments in cosmetic and personal care applications, and rising income and improving the lifestyle of people in emerging economies. New product launches and agreements & joint ventures undertaken by the players operating in the market are also fueling the market growth.

Expansions and acquisitions is the key strategy adopted by the players to gain traction in the cosmetic pigments market. The strategy of expansions and acquisitions accounted for a share of 56.4% of the total growth strategies adopted by the market players between 2013 and 2017. Leading market players have also adopted the strategy of new product launches.

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Strategic initiatives between 2013 and 2017 were mostly undertaken in Asia Pacific, North America, and Europe. New product launches was the most adopted strategy in Asia Pacific and Europe; this strategy accounted for a share of 43.6% of all the expansions that took place between 2013 and 2017. Companies such as Sun Chemical (US), Sensient Cosmetic Technologies (France), Sudarshan Chemical (India), Merck Performance Materials (US), and BASF SE (Germany) made several expansions to serve customers efficiently and increase their market shares. These companies adopted both, organic and inorganic growth strategies such as expansions, mergers & acquisitions, and new product launches to strengthen their foothold in the cosmetic pigments market.

Sun Chemical is a market leader in providing solutions for coatings, printing inks, pigments, polymers, liquid compounds, solid compound, and application materials. The company focuses on the organic growth strategy by innovating new products in its portfolio, which helps in enhancing the presence of the company in the cosmetic pigments market to gain a competitive advantage over other companies. For example, the company launched a new SunSHINE Mystic Black Pearlescent Pigment at in-cosmetics Latin America in 2016. The new pigment could be used to create bold formulations for lipsticks, mascara, eyeliner, eyeshadow, and nail polishes. This has helped the company to expand its product portfolio.

Sensient Cosmetic Technologies is a leading manufacturer and supplier of high-performance colorants and innovative ingredients for makeup, skin care, hair care, personal hygiene, oral care, and fragrance. The company has been expanding its production capacity and product line up. It is focusing on its organic pigment and surface treated pigment segments. For example, in 2014, the company announced the expansion of its current site in Saint Ouen L’Aumône, France. This expansion has helped the company to increase its production capacity, thus, improving the supply chain and dedicate more resources to its R & D to develop a global center of expertise for cosmetics.

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Ethylene Carbonate Market to Showcase Significant Growth in the Coming Years

The growth of the ethylene carbonate market can be attributed to the increasing demand for ethylene carbonate across various applications, such as lithium batteries electrolytes, lubricants, coatings, and plasticizers. As per research statistic, The ethylene carbonate market is projected to grow from USD 264.8 million in 2017 to USD 355.1 million by 2022, at a CAGR of 6.0% in terms of value from 2017 to 2022. 
 
By end-use industry, the automotive segment of the ethylene carbonate market is expected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing demand for lithium battery electrolyte in electric vehicles. In addition, initiatives taken by government bodies to encourage electric vehicles is a major factor contributing to the growth of the automotive industry

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Technological advancements in the end-use industries are fueling the demand for ethylene carbonate in North America and Europe. End-use industries, such as automotive and manufacturing are benefited from the development of various applications such as lithium battery electrolyte and lubricants stabilizers in terms of increasing the efficiency of vehicles and equipment used in these industries. 

By region, the ethylene carbonate market in Asia Pacific is projected to grow at the highest CAGR between 2017 and 2022. Asia Pacific is the leader in terms of consumption of ethylene carbonate. The increasing demand for lithium battery electrolyte, plasticizers, and surface coating-based products from China, South Korea, Taiwan, and Japan is a key driver of the market in the region. The increasing demand for surface coatings and lubricants from oil & gas, industrial, and automotive industries and rising investments in establishing manufacturing facilities of ethylene carbonate are expected to drive the market for ethylene carbonate in this region.

Volatility in raw material prices is a risk for ethylene carbonate manufacturers as it is expected to bring down the profit margins. The ethylene carbonate market is also affected by the high transport costs and manufacturing costs.

Oriental Union Chemical Corporation (Taiwan), Huntsman (US), BASF (Germany), Mitsubishi Chemical (Japan), and Toagosei Co., Ltd. (Japan) are the leading companies operating in the ethylene carbonate market. These companies are expected to account for significant shares of the ethylene carbonate market in the coming years.

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