Asia-Pacific Fragrance Ingredients Market has been estimated at USD 2.91 billion in 2016 and is projected to reach USD 3.79 bllion by 2021, at a CAGR of 5.42% during the forecast period from 2016 to 2021.
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The Fragrance Ingredients market is showcasing significant potential in the given forecast period. The market continues to gain momentum with the rise in demand for personal and other consumer related products.
This trend gained momentum as a result of the regulation, REACH being legislated in the European Union.
Fragrances are an intricate blend of synthetic as well as natural ingredients.
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A single scent might contain as low as ten to as high as a hundred of ingredients or aroma chemicals in calibrated but minute amounts. These ingredients are usually used in products such as cosmetics, fine fragrances, soaps, detergents.
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The Industry has seen an increase in the demand for natural fragrance ingredients lately, and thus has gained interest from different companies in the market. Other key factors acting as drivers for the fragrance ingredients market are changing consumer preferences, increasing demand for cleaning products, significant advancement in technology.
On the other side, the market also faces some restraints and challenges, which are expensive research and development and compliance with quality and regulatory standards. Concerns related to Synthetic ingredients has also been one of the major factors holding back the market from showing its actual potential.
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The Asia-Pacific market for Fragrance Ingredients has been segmented on the basis of application and type. Based on segmentation by type the market is divided into aroma chemicals and essentials oils, which are further categorized into Orange, Eucalyptus, Mentha Arvensis, Cedar wood, and Terpenes, Musk Chemicals, benzenoids respectively.
Based on segmentation by Application the categories include Fine Fragrances, Cosmetics & toiletries, Soaps & Detergents. The essential oils accounted for largest share in market under segmentation by type and boast a market share of almost twice when compared to aroma chemicals.
On the basis of application the market is dominated by soaps and detergents, while on the other side cosmetics and toiletries are predicted to show rapid growth in the upcoming years. On the basis of geography, the Asia-Pacific market is analysed under various countries namely China, India, Japan, Australia and South Korea.
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Some of the major companies leading the Asia-Pacific market share include BASF SE, Frutarom Industries Ltd., Firmenich International SA, Givaudan SA, Mane SA, International Flavors and Fragrances Inc., Robertet SA, T. Hasegawa Co. Ltd., Symrise AG, Takasago International Corp.
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