Report : 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)
Cleaning and Sanitization segment to dominate the Asia Pacific Aroma Ingredients Market during 2020–2028
According to a new market research study on “Asia Pacific Aroma ingredients market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, and Application” is expected to reach US$ 2,820.15 million by 2028 from US$ 1,851.36 million in 2021. The market is estimated to grow at a CAGR of 6.2% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific aroma ingredients market along with the drivers and restraints pertaining to the market growth. Accelerated demand from personal care and cosmetic industry, heighten innovations in raw materials and production processes, and increased expansion of pharmaceuticals industry are the major factor driving the growth of the Asia Pacific aroma ingredients market. However, rigorous regulations on synthetic aroma ingredients hinders the growth of Asia Pacific aroma ingredients market.
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. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For Instance, Robertet announced the acquisition of Astier Demarest. This investment strengthens its position in aromatic ingredients.
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