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; it is estimated to register a CAGR of 5.2% from 2022 to 2030.
Aroma ingredients offer a versatile and customized solution for manufacturers seeking to develop a wide range of plant-based products that cater to diverse consumer preferences and dietary needs. By harnessing aroma ingredients derived from natural sources such as fruits, vegetables, herbs, and spices, manufacturers can create authentic and appealing flavors and scents that resonate with health-conscious consumers, thereby contributing to the market growth.
Further, the rising sophistication of plant-based culinary offerings, including meat alternatives, dairy alternatives, and plant-based snacks and beverages, presents ample opportunities for aroma ingredients manufacturers to innovate and collaborate with food and beverage companies. Thus, the rising demand for aromas in plant-based food and beverages is expected to fuel the aroma ingredients for food and beverages market growth during the forecast period.
In addition, the changing consumer preferences toward healthy alternatives and surging environmental concerns post-COVID-19 pandemic have resulted in the demand for plant-based foods. According to the Biospringer, around 24% of consumers in Asia Pacific are limiting their meat consumption for environmental convictions. Aroma ingredients play a crucial role in enabling manufacturers to create plant-based food products with exciting and novel aroma combinations, enhancing the appeal of their products to a wider consumer base.
In addition, the region is experiencing a significant shift toward functional and fortified products, contributing to market growth. The functional and fortified products contain ingredients with strong and undesirable aromas, wherein the aroma ingredients are used to create a desirable product. Further, the increasing demand for ready-to-eat and ready-to-cook products in the region has contributed to the growth of aroma ingredients for food and beverages market.
Rising Demand for Aromas in Plant-Based Food and Beverages Boosts Asia Pacific Aroma Ingredients for Food and Beverages Market
In recent years, the demand for plant-based food and beverages has surged owing to rising consumer awareness about health and wellness, as well as due to environmental and ethical reasons. The raw ingredients of plant-based products such as pea, almond, or soy protein contribute to the characteristics of aroma volatiles, which may not be desirable. For instance, pea protein has been known to impart beany flavor that must be reduced in the final products. Aroma ingredients play a critical role in enhancing the sensory appeal of plant-based food and beverages by imparting familiar and desirable scents, thus making them more palatable.Aroma ingredients offer a versatile and customized solution for manufacturers seeking to develop a wide range of plant-based products that cater to diverse consumer preferences and dietary needs. By harnessing aroma ingredients derived from natural sources such as fruits, vegetables, herbs, and spices, manufacturers can create authentic and appealing flavors and scents that resonate with health-conscious consumers, thereby contributing to the market growth.
Further, the rising sophistication of plant-based culinary offerings, including meat alternatives, dairy alternatives, and plant-based snacks and beverages, presents ample opportunities for aroma ingredients manufacturers to innovate and collaborate with food and beverage companies. Thus, the rising demand for aromas in plant-based food and beverages is expected to fuel the aroma ingredients for food and beverages market growth during the forecast period.
Asia Pacific Aroma Ingredients for Food and Beverages Market Overview
In Asia Pacific, the developed and developing countries are witnessing growth in urbanization, coupled with the rising middle-class population, offering several opportunities to the market players. The region is experiencing demand for diverse and innovative food and beverage options. The diverse and multicultural nature of Asia Pacific has resulted in diverse dietary preferences. The region reports increased demand for plant-based food products coupled with the surge in the vegan population.In addition, the changing consumer preferences toward healthy alternatives and surging environmental concerns post-COVID-19 pandemic have resulted in the demand for plant-based foods. According to the Biospringer, around 24% of consumers in Asia Pacific are limiting their meat consumption for environmental convictions. Aroma ingredients play a crucial role in enabling manufacturers to create plant-based food products with exciting and novel aroma combinations, enhancing the appeal of their products to a wider consumer base.
In addition, the region is experiencing a significant shift toward functional and fortified products, contributing to market growth. The functional and fortified products contain ingredients with strong and undesirable aromas, wherein the aroma ingredients are used to create a desirable product. Further, the increasing demand for ready-to-eat and ready-to-cook products in the region has contributed to the growth of aroma ingredients for food and beverages market.
Asia Pacific Aroma Ingredients for Food and Beverages Market Segmentation
- The Asia Pacific aroma ingredients for food and beverages market is categorized into type, application, and country.
- Based on type, the Asia Pacific aroma ingredients for food and beverages market is bifurcated into synthetic and natural. The synthetic segment held a larger market share in 2022. 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.
- In terms of 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 the largest market share in 2022.
- By country, the Asia Pacific aroma ingredients for food and beverages market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific aroma ingredients for food and beverages market share in 2022.
- 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 are some of the leading companies operating in the Asia Pacific aroma ingredients for food and beverages market.
Market Highlights
- 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.
- 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.
- This 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.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Asia Pacific aroma ingredients for food and beverages market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific aroma ingredients for food and beverages market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the Asia Pacific aroma ingredients for food and beverages market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.
Table of Contents
1. Introduction
2. Executive Summary
3. Research Methodology
4. Asia Pacific Aroma Ingredients for Food and Beverages Market Landscape
5. Asia Pacific Aroma Ingredients for Food and Beverages Market - Key Market Dynamics
6. Aroma Ingredients for Food and Beverages Market - Asia Pacific Analysis
7. Asia Pacific Aroma Ingredients for Food and Beverages Market Analysis - by Type
8. Asia Pacific Aroma Ingredients for Food and Beverages Market Analysis - by Application
9. Asia Pacific Aroma Ingredients for Food and Beverages Market - Country Analysis
10. Competitive Landscape
11. Industry Landscape
12. Company Profiles
13. Appendix
List of Tables
List of Figures
Companies Mentioned
Some of the leading companies in the Asia Pacific Aroma Ingredients for Food and Beverages market include:- International Flavors & Fragrances Inc.
- Sensient Technologies Corp.
- T. Hasegawa Co., Ltd.
- BASF SE.
- V MANE FILS SAS.
- Symrise AG.
- Firmenich International SA.
- Archer-Daniels-Midland Co.
- Kerry Group Plc.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 128 |
| Published | August 2024 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 426.46 Million |
| Forecasted Market Value ( USD | $ 638.22 Million |
| Compound Annual Growth Rate | 5.2% |
| Regions Covered | Asia Pacific |
| No. of Companies Mentioned | 9 |
