The new report by Expert Market Research titled, ‘Asia Pacific Flavours and Fragrances Market Report and Forecast 2021-2026’, gives an in-depth analysis of the Asia Pacific flavours and fragrances market, assessing the market based on its segments like fragrance type, flavouring agent, flavour form, natural fragrances type, flavour application and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market Size (2020): USD 35 billion
- Forecast CAGR (2021-2026): 0%
The growth of the Asia Pacific flavours and fragrances market is driven by rapidly growing population and inflating disposable incomes in emerging economies such as India and China is driving the growth of the market. China was followed by Japan and India as the region's other major markets. The emerging markets like China and India are expected to grow substantially than established markets like Japan in the coming years.
Currently, India is a key market not only in the Asia Pacific region, but also globally. It is a significant export market, with nearly three-quarters of its domestic production of flavour and fragrance ingredients going to other countries. It is also the biggest supplier of natural ingredients, supplying over 80% of the global mint extract demand. As a result, the increased global demand for natural products and ingredients is helping the Indian business. However, the unorganised sector, which provides to products such as incense sticks, accounts for the majority of the industry in India. Government initiatives aiming at standardising the economy may benefit the organised sector in the forecast period.
Industry Definition and Major Segments
Fragrance is referred to as the sweet and pleasant aroma of a substance, whereas flavour refers to the distinctive taste of a substance. They can both be used to enhance the taste and scent of things such as foods, beverages, and cosmetics, among others, to draw attention of the consumers.
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Based on fragrance type, the market is divided into:
- Synthetic
- Natural
Based on flavouring agent, the market is divided into:
- Nature Identical Flavouring Substance
- Artificial Flavouring Substance
- Natural Flavours
On the basis of form, the flavour industry can be segmented into:
- Liquid
- Dry
On the basis of natural fragrances type, the industry can be segmented into:
- Flowers
- Fruit
- Musk
- Wood
- Spice
- Others
On the basis of application, the flavour industry can be segmented into
- Beverage
- Dairy and Frozen Desserts
- Savouries and Snacks
- Bakery and Confectionery Products
- Others
The major regions include:
- China
- India
- Japan
- Others
Market Trends
The Asia Pacific market is being driven by factors such as Increasing population and rapid urbanization. Moreover, the rise in GDP of the region's major markets is further boosting the industry. The increasing prevalence of fragrance-based products such as soaps and detergents in India is aiding the market. The Asia Pacific flavour industry is being spurred by rising use of manufactured goods that require additional flavouring. The segment has also seen rising demands from the beverage sector, owing to increased consumption of fruit juices and customer demand for distinctive flavours.
The Asia Pacific personal care and cosmetics industry is propelling market growth. Asia Pacific has the world's fastest developing beauty market. The region's rapidly growing high-income class is boosting in the rise of luxury cosmetic items, which is driving the fragrance industry forward.
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Key Market Players
The major players in the market are Givaudan SA, Firmenich SA, International Flavors & Fragrances, Inc., Symrise AG, Wild Flavors, Inc., Takasago International Corp, Guangzhou Baihua Flavours and Fragrances Company Ltd, Snowco Industrial Co., Ltd, T. Hasegawa Co., Ltd., Guangdong ADD Flavor & Fragrance Co., Ltd., Guangdong Wincom Flavors & Fragrances Co., Ltd., Aarav Fragrances & Flavors Pvt.Ltd.
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