Asia Pacific Aroma Ingredients Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Synthetic and Natural) and Application (Air Care, Cleaning and Sanitization, Personal Care and Cosmetics, Fine Fragrances and Perfumes, and Oth

Asia Pacific Aroma Ingredients Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Synthetic and Natural) and Application (Air Care, Cleaning and Sanitization, Personal Care and Cosmetics, Fine Fragrances and Perfumes, and Others)

The aroma ingredients market in Asia Pacific is expected to grow from US$ 1,851.36 million in 2021 to US$ 2,820.15 million by 2028; it is estimated to grow at a CAGR of 6.2% from 2021 to 2028.

Manufacturing companies are focusing on innovations for developing new products to provide an enhanced experience to customers. Moreover, intense competition in the acrylamide market is driving the focus toward using digital tools to create new fragrance ingredient combinations and customizations. For instance, BASF SE developed an innovative approach to the virtual innovation ecosystem, which combines its strength in chemistry with the understanding of flavor and fragrance houses and the company's partners in the flavors & fragrances (F&F) industry. This innovative ecosystem includes a digital screening of BASF's molecules to search for substances meeting new aroma ingredient requirements and partnering with the companies assessing and developing fresh aroma ingredients. Further, Givaudan fragrances launched Carto as part of its 2020 innovative digital strategy, the latest intuitive and interactive system that reinvents the way perfumes are created. This artificial-intelligent (AI) tool was designed to use the company's unique ingredients for maximizing the olfactive performance in the final formula. Symrise has developed a unique fragrance from Lilybelle (a renewable source), which is made by using the byproducts of the orange juice industry; ~83% of it is composed of renewable raw materials. Thus, such innovations in the aroma ingredient market are expected to lead to future trends in the aroma ingredients market.

With these new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Asia Pacific aroma ingredients market at a substantial CAGR during the forecast period.

Asia Pacific Aroma Ingredients Market Revenue and Forecast to 2028 (US$ Million)

Asia Pacific Aroma Ingredients Market Segmentation

The Asia Pacific aroma ingredients market is segmented on the basis of type, application, and country. Based on type, the market is segmented into synthetic and natural. In 2020, synthetic segment held the largest share in the market, natural is expected to be the fastest growing segment during the forecast period. Based on application, the market is segmented into air care, cleaning and sanitization, personal care and cosmetics, fine fragrances and perfumes, and others. In 2020, cleaning and sanitization segment held the largest share in the market, personal care and cosmetics is expected to be the fastest growing segment during the forecast period. Similarly, based on country the market is segmented into Australia, China, India, Japan, South Korea, and Rest of Asia Pacific. In 2020, China held the largest share in the market, and it is expected to be the fastest growing country during the forecast period.

Takasago International Corporation; BASF SE; FIRMENICH SA; Givaudan; International Flavors & Fragrances Inc.; Robertet Group; Symrise; MANE; Zhejiang NHU Co., Ltd.; and Phoenix Aromas & Essential Oils, LLC are among the leading companies in the Asia Pacific aroma ingredients market.

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