Report : Asia Pacific Aroma Ingredients for Food and Beverages Market Forecast to 2030 - Regional Analysis - by Type {Synthetic (Terpenes, Aldehydes, Aliphatic, and Others) and Natural (Essential Oils, Herbal Extracts, Oleoresins, and Others)} and Application (Bakery and Confectionery, Dairy and Frozen Desserts, Beverages, Sweet and Savory Snacks, RTE and RTC Meals, and Others)
At 5.2% CAGR, Asia Pacific Aroma Ingredients for Food and Beverages Market is Projected to be Worth US$ 638.22 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Asia Pacific aroma ingredients for food and beverages market was valued at US$ 426.46 million in 2022 and is expected to reach US$ 638.22 million by 2030, registering a CAGR of 5.2% from 2022 to 2030. Strategic initiatives by key market players and beverages and rising demand for aromas in plant-based food and beverages are among the critical factors attributed to drive the Asia Pacific aroma ingredients for food and beverages market growth.
Aroma ingredient manufacturers in the food & beverages industry are significantly involved in mergers and acquisitions, collaborations, and other strategic developments to attract consumers and enhance their market position. Increasing demand for aroma ingredients from various food and beverage establishments that produce and sell bakery and confectionery, dairy, frozen desserts, and other items has resulted in key players adopting strategic initiatives to strengthen their market position globally. For instance, in November 2023, BASF SE announced the launch of two new natural aroma ingredients: Isobionics Natural alpha-Bisabolene 98 and Isobionics Natural (-)-alpha-Bisabolol 99. Such product developments are contributing to market growth.
Key players in the market are expanding their production facilities and entering into agreements with distributors to strengthen their market position. For instance, in December 2021, Tilley Distribution, Inc. announced the merger with Phoenix Aromas and Essential Oils. The merger will help provide high-quality products to new and existing consumer bases with teams experienced in providing regulatory and technical support. In addition, in March 2023, BASF SE announced its investment in a new plant in Zhanjiang, China, and menthol and linalool downstream plants in Ludwigshafen, Germany. Thus, strategic initiatives by key market players fuel the growth of the Asia Pacific aroma ingredients for the food and beverages market.
On the contrary, the regulatory compliances hamper the growth of Asia Pacific aroma ingredients for food and beverages market.
Based on type, the Asia Pacific aroma ingredients for food and beverages market is bifurcated into synthetic and natural. The synthetic segment held 57.6% market share in 2022, amassing US$ 245.71 million. It is projected to garner US$ 347.42 million by 2030 to register 4.4% CAGR during 2022-2030. Furthermore, the synthetic segment is further sub segmented into terpenes, aldehydes, aliphatic, and others. Additionally, the natural segment is further sub segmented into essential oils, herbal extracts, oleoresins, and others.
By application, the Asia Pacific aroma ingredients for food and beverages market is categorized into bakery and confectionery, dairy and frozen desserts, beverages, sweet and savory snacks, RTE and RTC meals, and others. The bakery and confectionery segment held 33.0% share of Asia Pacific aroma ingredients for food and beverages market in 2022, amassing US$ 140.58 million. It is projected to garner US$ 200.63 million by 2030 to expand at 4.5% CAGR from 2022 to 2030.
Based on country, the Asia Pacific aroma ingredients for food and beverages market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 23.3% share of Asia Pacific aroma ingredients for food and beverages market in 2022. It was assessed at US$ 99.31 million in 2022 and is likely to hit US$ 140.14 million by 2030, registering a CAGR of 4.4% during 2022-2030.
Key players operating in the Asia Pacific aroma ingredients for food and beverages market are International Flavors & Fragrances Inc; Sensient Technologies Corp; BASF SE; V MANE FILS SAS; Symrise AG; Firmenich International SA; T. Hasegawa Co., Ltd; Archer-Daniels-Midland Co; and Kerry Group Plc, among others.
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