Asia is on its way to become the largest global market, spurred by strong growth in developing countries. Asia is registering more robust gains in demand for fragrances owing to rapid population growth, a growing middle class, and the associated urbanization. An increase in personal spending is driving demand for fragrance-containing cleaners and toiletries, as well as beauty and personal care products. Consumers in Asia are also increasingly demanding products containing natural and organic ingredients, supporting demand for essential oils and natural extracts.
Michael Carlos, chairman, IFRA board, says, “The Asia-Pacific region is a major contributor to the global expansion of our industry: it is the world’s fastest-growing consumer market for fragranced products, a major sourcing hub for raw materials, and home to a growing manufacturing and research and development center.”
According to a survey done for fragrance industry, Asia contributed a healthy 24% in the global fragrance market for 2017 which has been a massive increase (by 14%) since 2015. For global fragrance specialists, the Asian region has been top priority and a focus shift when it comes to global expansion, thanking the ever-growing consumer base , the market attractiveness as well as the viability of manufacturing.
The market dynamics in Asia focus on household products which have the highest demand factor, followed by personal care and then perfumery.
Major players in the industry have recognized the trend and observed that the Asian consumers’ tastes are the future drivers of the global fragrance industry. The market has grown to become region-centric, as the demand for fragrances differs from country to country, at times, state to state. High demand for new fragrances has led the leading fragrance experts into Asia, where the market demands now set of rules for existence and penetration.
FRAGRANCE INNOVATION SUMMIT-ASIA 2019 is a healthy global platform centred in Asia, with masterclasses to sharpen the mind of the industry players and a comprehensive B2B and business matchmaking venue that is looking to create waves of collaboration in the name of business expansion. Researched, developed and curated separately to answer each of the industry’s question, the Fragrance Innovation Summit 2019- Asia is set to bring everyone from the global fragrance industry into Malaysia in June 2019.