Global market share of the leading flavors and fragrances manufacturers 2023

As of 2023, International Flavor & Fragrances Inc. was one of the leading vendors in the global flavors and fragrances market, holding a market share of about 20 percent. Meanwhile, Givaudan and Symrise had a market share of 18 and 12 percent, respectively.

The flavors and fragrances market

The flavors and fragrances market has constantly experienced size increases in recent years: going from 28.5 billion euros in 2017 to approximately 40 billion euros as of 2023. These flavors and scents can be found in several types of consumer goods products, food, as well as non-food. The flavor division is among the most profitable, generating about 18.4 billion euros in 2023, followed by fragrances, which in the same year accounted for a market value of slightly over 13.5 billion euros.

The leading vendor

International Flavor & Fragrances Inc., often also referred to as IFF, is by far the most successful vendor in the industry: in fact, the U.S.-based company has registered net sales of over 11.4 billion U.S. dollars in 2023, one of its highest results since 2010. The “nourish” segment is the company’s most profitable, accounting for more than six billion U.S. dollars in net sales. A great part of these sales come from the EMEA region, followed by North America, and Greater Asia.