Asia Pacific Flavours and Fragrances Market Key Insights:
- Market Analysis & Outlook 2019-2024
The Asia Pacific Flavours and Fragrances Market attained nearly USD 7 billion in 2018. It is expected to witness a further growth in the forecast period of 2019-2024, growing at a CAGR of 4.8%. In 2024, it is projected to attain USD 9.2 billion.
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The Asia Pacific Flavours and Fragrances Market is the leading industry after Europe and North America. The region is expected to be driven by the rising demand from emerging economies in the region like China and India. China is the largest flavours and fragrances market in the Asia Pacific region, accounting for over 40% of the regional market. China was followed by Japan and India as the other significant markets in the region. In the coming years, emerging nations like China and India are projected to witness faster growth than mature markets like Japan. The regional market is being driven by the growing population and the rising middle class. The middle class, especially, is defining the consumption patterns of the region leading to the increasing demand for flavours and fragrances from their major application sectors. The potential for growth of the Asia Pacific market is also leading to increased investment into the region by major global players.
India is a significant market, not just in the Asia Pacific but also in the global market. It is a major export market, exporting over three-fourths of its domestic production of flavour and fragrances ingredients. It is also a leading supplier of natural ingredients and caters to nearly 80% of the global demand for mint extracts. Thus, the Indian industry is being aided by the growing global demand for natural products and ingredients. However, the majority of the industry in India lies in the unorganised sector, which caters to products like incense sticks. The organised sector might be aided in the coming years by government schemes seeking to make the economy more formalised.
Properties and Applications
While flavour refers to the specific taste of a substance, fragrance is the sweet and pleasant odour of a product. They both can be added to products like foods, beverages, and cosmetics, among others to augment the taste and smell of these items to appeal to the consumers.
By flavouring agents, flavours can be categorised as nature identical, artificial, and natural flavouring substances, which are available in liquid and dry forms. They find their applications in sectors like:
- Dairy and Frozen Desserts
- Savouries and Snacks
- Bakery and Confectionery Products
Fragrances can either be made of synthetic or natural ingredients. The types of natural fragrances available in the market are flowers, fruits, musk, wood, and spice, among others. Fragrances find their applications in:
- Soap and Detergents
- Cosmetics and Toiletries
- Fine Fragrances
- Household Cleaners and Air Fresheners
The report also gives a detailed analysis of the regional markets in the Asia Pacific like China, Japan, and India.
The Asia Pacific flavours and fragrances market is being driven by the growing population and rapid urbanisation. The increase in GDP of the major markets in the region is also aiding the industry. In India, the rising penetration of fragrance-based products like soaps and detergents are aiding the industry. The flavour segment in the Asia Pacific is being driven by the increased consumption of processed foods which require additional flavouring. The segment is also witnessing a rising demand from the beverage sector due to a rising consumption of fruit juices and the consumer demand for unique flavours. The growth in the health and nutrition segment of the food and beverage sector, particularly in the urban areas, is providing a further impetus for the growth of the flavour industry.
The rising personal care and beauty industry in the Asia Pacific is driving the market growth. The Asia Pacific is the fastest growing beauty market, globally. The fast-rising high-income class in the region is aiding the growth of luxury beauty products, which are propelling the fragrance sector forward. As consumer perception is changing from perceiving fragranced beauty products as a luxury to perceiving them as a necessity, the fragrance segment is witnessing a growth in the region. Higher penetration of fine fragrance and deodorants in the Asia Pacific flavours and fragrances market is also aiding the industry. The industry is also being aided by the introduction of ingredients and products which meet the diverse cultural sensibilities of the area like halal ingredients catering to the region’s large Muslim population. The rising consumption of products such as room fresheners and car perfumes are further propelling the industry forward.
The report gives a detailed insight into the following key players in the Asia Pacific Flavours and Fragrances Market, looking into their capacity, market share, and latest developments like plant turnarounds, mergers and acquisitions, and expansions of capacity:
- 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
- Guangdong ADD Flavor & Fragrance Co., Ltd.
- Guangdong Wincom Flavors & Fragrances Co., Ltd.
- T. Hasegawa Co., Ltd.
- AARAV Fragrances & Flavors Pvt.Ltd
The EMR report provides an in-depth look into the market, giving an analysis of Porter’s Five Forces as well as a SWOT analysis.