Sep 13, 2019 (SUPER MARKET RESEARCH via COMTEX) -- The Middle East and Africa Flavours and Fragrances Market attained a value of nearly USD 2.2 billion in 2018. The industry is expected to witness a healthy growth in the coming years, growing at a CAGR of 5.9% between 2019-2024. In 2024, the industry is projected to reach USD 3.1 billion.
While the Middle East and Africa market occupies a small proportion of the global market, the region is expected to witness a rapid growth in the coming years, with maturing of leading markets like Europe and North America. Globally, Europe is the largest market for flavours and fragrances, accounting for almost 30% of the market. Germany is the leading market within the continent, representing over a fifth of the industry followed by UK and France. In the coming years, the emerging Eastern European region will grow faster than the Western European economies. Europe is followed by North America and the Asia Pacific as the major markets. The Asia Pacific, like the Middle East and Africa, is also projected to witness a robust growth, especially, as compared to the more developed regions.
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Competitive Landscape & Supplier Analysis:
1. Givaudan S.A. (swx:GIVN)
2. Firmenich SA
3. Balirom Ltd.
4. Frutarom Industries Ltd.
5. Kato Flavors & Fragrances S.A.E
6. Nicola-J Flavours and Fragrances
The industry in the Middle East and Africa will be aided by the increasing investments and expansions by the major players in the global market. The companies are particularly seeking to develop products catering to the region's local tastes and preferences. They are also investing in developing products that meet the regional and cultural expectations like halal and alcohol-free flavours and fragrances catering to the region's Muslim population. The growing economies and rising GDPs along with the increase in the population of the middle class is also aiding the industry with people seeking out more processed and premium products. West Africa is emerging as a significant market in the region, especially countries like Nigeria, which are witnessing a healthy growth in their economies.
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The Middle East and Africa flavours and fragrance market is being driven by the thriving application sectors in the region. The industry is being driven by the rising population of under 30-year olds who are defining the consumption patterns in the region. With the consumption of processed products like dairy products, RTD drinks, and instant noodles, among others, witnessing an increase, the regional flavours and fragrance market is being propelled forward. The industry is also being driven by the rising number of innovations taking place in the industry along with the multiple R&D undertakings by major players.
2 Research Methodology
3 Executive Summary
3.1 Market Overview
3.2 Key Demand Drivers
3.3 Top Global Suppliers
3.4 Supply Market Changes
4 Global Flavours and Fragrances Market Outlook
5 Global Flavours and Fragrances Market
5.1 Global Flavours and Fragrances Market Analysis
5.1.1 Figure: Global Flavours and Fragrances Historical Market (2014-2018) & Forecast (2019-2024)
5.1.2 Chart: Breakup by Segment
5.1.3 Figure: Breakup by Segment: Historical Market (2014-2018) & Forecast (2019-2024)
5.1.4 Chart: Breakup by Region
188.8.131.52 North America