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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 2021 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 2020 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:
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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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