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 fuelled by consumer interest in more complex, exotic and authentic flavours and fragrances, as well as the increasing utilisation 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 flavours 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 are presented in Flavours & Fragrances, a new study from The Freedonia Group Inc, a Cleveland-based industry market research firm.
Gains in the flavour 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.
Source: The Freedonia Group
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