At 5.4% CAGR, the Asia Pacific Encapsulated Fragrances Market is projected to be worth US$ 447.25 million by 2028, says Business Market Insights

According to Business Market Insights research, the Asia Pacific encapsulated fragrances market was valued at US$ 326.64 million in 2022 and is expected to reach US$ 447.25 million by 2028, registering a CAGR of 5.4% from 2022 to 2028. Increasing demand for natural fragrances and rising innovations in encapsulation technology are the critical factors attributed to the Asia Pacific encapsulated fragrances market expansion.               

Rising awareness regarding benefits of natural fragrances has surged adoption of natural fragrances in various applications including cosmetics, personal care, food and beverages, cleaning products, and others. In cosmetic industry, the demand for natural fragrances has surged owing to rising awareness regrading health effects with use of synthetic fragrances and stringent regulation on use of some synthetic fragrances. Similarly, increasing allergic reactions by use of synthetic fragrances in personal care and cleaning products has further surged the demand for natural fragrances.  Thus, surging demand for natural fragrances from various applications has surged the new trend in the market.

Key players in the encapsulated fragrance market are adopting strategic initiatives to launch the natural products to cater growing consumer demand. Thus, the increasing demand for natural fragrances is expected to introduce new trends into the Asia Pacific encapsulated fragrances market during the forecast period.  

On the contrary, high costs associated with encapsulation technology hurdles the growth of Asia Pacific encapsulated fragrances market.

Based on product type, the Asia Pacific encapsulated fragrances market is segmented into fragrance blends, aroma chemicals, and others. The others segment held 43.7% share of Asia Pacific encapsulated fragrances market in 2022, amassing US$ 142.85 million. It is projected to garner US$ 201.23 million by 2028 to expand at 5.9% CAGR during 2022–2028.

Based on application, the Asia Pacific encapsulated fragrances market is segmented into perfumes and fragrances, cleaning products, cosmetics, personal hygiene products, food and beverages, and others. The cleaning products segment held 61.4% share of Asia Pacific encapsulated fragrances market in 2022, amassing US$ 200.58 million. It is projected to garner US$ 279.48 million by 2028 to expand at 5.7% CAGR during 2022–2028.

Based on country, the Asia Pacific encapsulated fragrances market is segmented into Australia, China, India, Japan, South Korea, ASEAN, and the Rest of Asia Pacific. Our regional analysis states that China captured 30.3% share of Asia Pacific encapsulated fragrances market in 2022. It was assessed at US$ 99.06 million in 2022 and is likely to hit US$ 141.96 million by 2028, exhibiting a CAGR of 6.2% during 2022-2028.

Key players operating in the Asia Pacific encapsulated fragrances market Ashland Inc; Firmenich SA; Follmann GmbH and Co KG; Givaudan SA; Glatt GmbH; Ingredion Inc; Insilico Medicine Inc; International Flavors & Fragrances Inc; and Symrise AG, among others.

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