Asia Pacific Flavours and Fragrances Market to be Aided by the Global Market Growth between 2019-2024

The Asia Pacific flavours and fragrances market follows Europe and North America as the leading regional market. China is the major market within the Asia Pacific region, representing 40% of the market in the region. Japan and India follow China as the other leading markets in the Asia Pacific. The industries in China and India are expected to witness a faster growth as compared to the mature Japan market in the forecast market. The flavours and fragrances industry in India, especially, is projected to see a robust growth with the introduction of GST and the government push towards formalising the economy, which is expected to aid the growth of the organised sector. Currently, the unorganised segment of the flavours and fragrances industry in India, catering to products like incense sticks and others, is estimated to be much larger than the organised sector. The market in the country is expected to be driven by the rising investments, access to raw materials, and increased quality control. With consumers looking for natural products, the industry is being further propelled forward as India is one of the leading suppliers of natural ingredients, globally. At present, the country satisfies 80% of the global demand for mint extracts and 60% of the global spice oleoresin demand. While over three-fourth of the flavours and fragrances ingredients produced in India are exported, in the coming years, their domestic demand is expected to grow due to rising consumption of processed foods and increasing sales of deodorants, perfumes, and air fresheners in the country.

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With high-growth potential, major players in the industry are investing heavily in the Asia Pacific region. Givaudan is looking to expand in the Asia Pacific market as a part of their 2020 strategy. As a part of its strategy, the company has recently opened new flavour manufacturing and fragrance encapsulation facilities in India and Singapore, respectively. Both facilities are in line with Givaudan’s Climate Action Agenda, which aims to make the manufacturing process more sustainable in response to rising environmental concerns. The company has also acquired the Vietnamese natural flavours company, Golden Frog in 2019 to expand its presence in the Asia Pacific market and cater to the region’s growing demand for natural products.

Market Analysis by Types, Flavouring Agent, Forms, Applications, and Regions:

• Synthetic and natural fragrances are the major fragrance types available in the market.
• Natural fragrances can be further categorised as flowers, fruits, musk, wood, and spice, among others.
• Nature identical flavouring substance, artificial flavouring substance, and natural flavours are the common flavour agents available in the market.
• Flavours can be broadly divided into liquid and dry forms.
• Flavours find their major applications in bakery and confectionery products, beverage, dairy and frozen desserts, and savouries and snacks, among others.
• Soap and detergents, fine fragrances, cosmetics and toiletries, and household cleaners and air fresheners, among others, are the common application sectors for fragrances.
• The major regional markets for flavours and fragrances in the Asia Pacific are China, India, and Japan, among others.

Key Findings of the Report:

• The Asia Pacific flavours and fragrances market is being aided by the increasing middle-class populations and rapid urbanisation.
• The healthy economic growth in the region is expected to drive the market in the Asia Pacific.
• The rising demand for unique flavours and healthier food and beverage products is expected to propel the flavour industry forward.
• The fast-growing beauty and cosmetics industry in the region will provide further impetus for the market growth, particularly that of the fragrance segment.
• The flavours and fragrances market in the Asia Pacific is also being driven by the rising inclusion of products like halal ingredients, which cater to the cultural sensibilities of the region’s expansive Muslim population.

Key Offerings of the Report:

• The EMR report gives an overview of the global, regional markets for the periods (2014-2018) and (2019-2024).
• The report gives a detailed analysis of the historical (2014-2018) and forecasted (2019-2024) flavours and fragrances market in the Asia Pacific region.
• It looks into the historical (2014-2018) and future (2019-2024) markets of the flavouring agents, flavour forms, fragrance types, natural fragrance types, and the applications of flavours and fragrances.
• An overview of the regional markets in the Asia Pacific for the periods (2014-2018) and (2019-2024) has also been provided.

The key players in the Asia Pacific flavours and fragrances market are Firmenich SA, International Flavors & Fragrances, Inc., Symrise AG, Givaudan SA,  Wild Flavors, Inc., Guangzhou Baihua Flavours and Fragrances Company Ltd, Snowco Industrial Co., Ltd, Takasago International Corp, T. Hasegawa Co., Ltd., Guangdong ADD Flavor & Fragrance Co., Ltd.,  Guangdong Wincom Flavors & Fragrances Co., Ltd., and  Aarav Fragrances & Flavors Pvt.Ltd. The EMR report gives an in-depth insight into these major players, covering their capacity, market share, and latest developments like mergers and acquisitions, plant turnarounds, and expansions of capacity.

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