Asia-Pacific Flavor and Fragrance Market – Growth, Trends, and Forecast (2020 - 2025)
The Asia-Pacific flavor and fragrance market is projected to register a CAGR of 6.15%, during the forecast period (2020-2025).
- In Asia, the food flavors witnessed significant growth rates in the last decade, owing to the increased demand from the food and beverage industry.
- The continued expansion in the major end-user sectors, like beverages and frozen food, as well as strong gains in domestic expenditures on consumer products, are the factors that are expected to support the food flavors’ demand.
- The unusual flavor hybrids and stronger taste experiences are emerging as the dominant flavor profiles, with the sour flavors also gaining popularity.
Key Market Trends
Growing Demand from the Ice Cream Segment
The ice cream market in Asia is growing rapidly, with brands tapping into this trend from both an indulgence and a health perspective. India, Indonesia, and Vietnam are among the world’s fastest-growing ice cream markets. Ice cream brands are altering their business strategies to encourage more sales, from targeting younger consumers to introducing low-calorie ice cream, as consumers are willing to pay more for desserts that are all-natural or free-from additives, and high in nutrition (e.g., protein and probiotics). As a part of product innovation, companies introduced special ice cream flavors, like cherry blossom, lavender and blueberry, and raspberry, white peach, jasmine, and orange blossom favors, to cater to young consumer groups who would like to pursue freshness and fashion.
China holds a Prominent Share
The continued expansion in the major end-user sectors, like beverages and frozen food, as well as strong gains in domestic expenditures on consumer products, are the factors that are expected to support the food flavors’ demand. In China, the food flavors witnessed significant growth rates in the last decade, owing to the increased demand and the growing food and beverage industry. As China is the fastest-growing food and beverage market in Asia, the flavors industry here is highly competitive and moderately fragmented. The hybrid flavor solutions led by initiatives, such as sushi pizza, spicy tuna roll, pasta bacon tacos, and ramen burgers are also dominating the foodservice sector, indicating the consumers’ preference for remarkable and unusual flavors.
The Asia-Pacific flavor and fragrances market is consolidated, with major players holding a prominent market share. The major players operating in the market are Givaudan, IFF-Frutarom, Firmenich, Symrise, Takasago, Sensient Technologies, etc. Players in the market are introducing innovative flavors to attract more consumers.
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