At 10.0% CAGR, Asia Pacific Fermented Flavor and Fragrance Ingredients Market is Projected to be Worth US$ 685.84 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific fermented flavor and fragrance ingredients market was valued at US$ 320.69 million in 2022 and is expected to reach US$ 685.84 million by 2030, registering a CAGR of 10.0% from 2022 to 2030. Strategic development initiatives by key market players and rising sustainability concerns are among the critical factors attributed to drive the Asia Pacific fermented flavor and fragrance ingredients market growth.

Global fermented flavors and fragrance manufacturers are investing significantly in strategic development initiatives such as product innovation, merger & acquisition, partnerships, production capacity scaleup, and expansion of their businesses to attract consumers and enhance their market position. With increasing sustainability concerns and rising demand for natural and clean-label products from consumers, end-use industries are adopting natural and sustainable ingredients. Thus, manufacturers are constantly investing and innovating in the area of fermented flavors and fragrances. For instance, in April 2023, Insempra, a biology-powered company, launched its first functional ingredient, a biotechnologically produced, 100% natural "alpha-Ionone" flavor and fragrance ingredient for food and cosmetic applications. The flavor is produced via fermentation. The company also partnered with a leading natural aroma ingredients manufacturer and distributor, "Axxence Aromatic GmbH" to market its products to food and cosmetic manufacturers worldwide. Such product launches and partnerships by key market players aid in boosting the market across the globe.

To cite another instance, in May 2023, Evolva signed a multi-year agreement with an undisclosed contract manufacturing organization (CMO) to supply vanillin made by precision fermentation for use in fragrances. Such partnerships influence to increase the production capacity of the company to produce fermented flavors and fragrances. Moreover, in December 2022, Danish aroma company EvodiaBio secured US$ 6.4 million in funding for its sustainable aroma production for food and beverages. The company produces aromas for beer through precision fermentation methods. The company also claimed that this tech solution reduces water and CO2 emissions by over 90%. Thus, constant initiatives by the key players to extend their domestic reach and gain a competitive edge positively driving the market growth.

On the contrary, high product costs hamper the growth of Asia Pacific fermented flavor and fragrance ingredients market.

Based on type, the Asia Pacific fermented flavor and fragrance ingredients market is divided into fruity, floral, woody, blends, and others. The fruity segment held 38.3% Asia Pacific fermented flavor and fragrance ingredients market share in 2022, amassing US$ 122.87 million. It is projected to garner US$ 259.40 million by 2030 to register 9.8% CAGR during 2022-2030.

In terms of application, the Asia Pacific fermented flavor and fragrance ingredients market is categorized into food and beverages, personal care products, cosmetics, and others. The others segment held 42.4% share of Asia Pacific fermented flavor and fragrance ingredients market in 2022, amassing US$ 135.86 million. It is projected to garner US$ 277.16 million by 2030 to expand at 9.3% CAGR from 2022 to 2030.

Based on country, the Asia Pacific fermented flavor and fragrance ingredients market is categorized into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. Our regional analysis states that the Rest of Asia Pacific captured 39.0% share of Asia Pacific fermented flavor and fragrance ingredients market in 2022. It was assessed at US$ 125.20 million in 2022 and is likely to hit US$ 254.17 million by 2030, registering a CAGR of 9.3% during 2022-2030.

Key players operating in the Asia Pacific fermented flavor and fragrance ingredients market are Dohler GmbH, Takasago International Corp, Givaudan SA, BASF SE, and Firmenich International SA, among others.

• In December 2023, Takasago International Corp launched Clean Beauty Collective's new Clean Reserve H2EAU in collaboration with Sephora. This product aims to serve people with sensitive skin, and the product is ethyl alcohol-free.
  
  
• In February 2023, Givaudan SA partnered with biotech company Amyris to acquire primary cosmetic ingredients, including high-performance emollient Neossance Squalane, plant-based silicone alternative Neossance Hemisqualane, and sustainable sun protector CleanScreen. The long-term partnership agreement will allow Amyris to continue manufacturing cosmetic ingredients for Givaudan and provide access to its innovation capabilities. Givaudan will become the commercialization partner for future sustainable beauty ingredients. Amyris' ingredients are used in over 20,000 products from top brands, reaching over 300 million consumers. The deal includes an upfront cash consideration and performance-based earnout.

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