The market size of fragrances and fragrances is expected to reach US$25 billion by 2018.

The
continues to show potential growth after recovering from the effects of the global recession, according to IAL's Technology Consulting Group. The global market reach
ed
21.
4 billion U.S. dollars in
, 2013 and is expected to grow at an average annual rate of
3.2
percent in
to about $
25 billion in 2018. In the global market, flavors account for about 54
% of
, while the remaining
46
% are spices.major regions of the world, the largest fragrance market is Asia Pacific, followed by North America and Western Europe.As markets in Western Europe and North America have matured and stabilized, there is more growth potential in Central and Eastern Europe, middle East Africa, South America and the Asia-Pacific region, particularly in parts of Africa and Asia, where consumers are not ready to accept processed foods and consumer goods. Urbanization and lifestyle changes are also driving market growth in developing regions.beverage industry is the world's largest fragrance end market, with a market share of
34
% in2013, followed by the dairy industry at
13
%.Soap and detergent industry is the largest user of fragrances in the global market, accounting for
32
% of the market, followed by
27
% of the cosmetics and toiletries industry and
18
% of the perfume industry.
Givaudan
),
IFF
,
Firmenich
and
Symrise
continue to occupy the top four positions in the global fragrance market.
2013
, their total sales of fragrances and fragrances accounted for about 54
% of the global
.