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"Global Aroma Chemicals Market was Valued at US$ 4.55 Bn in 2019 and it is Expected to Reach More than US$ 7.62 Bn by 2028, Likely to Grow with the CAGR of 5.89% During the Forecast Period."
Aroma chemicals are also known as fragrances and odorants are chemical compounds that consist of odor or smell. These chemicals have wide applications in manufacturing a variety of lifestyle products and consumer goods such as perfumes, toiletries, cosmetics, detergents, and household cleaners. The global aroma chemicals market has witnessed steady growth over the recent years owing to increased use of synthetic ingredients in aromas chemicals due to their existing availability and relatively lower cost as compared with natural molecules.
Increase In Disposable Incomes Along With Enhanced End-User Awareness of Personal Grooming and Hygiene Propels the Aroma Chemicals Market Growth
The global aroma chemicals market is majorly driven by rising disposable incomes and growing consumer awareness regarding the maintenance of hygiene. This has increased the demand for cleaning products and toiletries which uses aroma chemicals as one of their key ingredients. The increasing demand for natural ingredients coupled with the change in consumer preferences is considered to be an important driver for the global aroma chemicals market. Furthermore, the increase in demand from the emerging and developing nations for natural fragrance due to health concerns related to synthetic chemicals is likely to act as an opportunity for the growth of the global aroma chemicals market.
Furthermore, demand from companies that manufacture food and beverages, soaps and detergents, cosmetics, toiletries, and household products bolstering the market growth over the forecast period. Additionally, increasing the focus of R&D and the rising trend of aromatherapy for maintaining emotional and psychological well-being are the factors further expected to bolster the market growth.
However, the volatility in raw material cost and the high cost of aroma products are the factors that might act as the restricting factors for the growth of the aroma chemicals market.
Synthetic Aroma Chemicals Is Expected To Dominate The Aroma Chemicals Market Over The Forecast Period
The Synthetic Aroma Chemicals are wildly used in the Aroma Chemicals, with a production revenue market share more than 60% in 2019 due to its characteristics to replicate any natural aroma, and also ease of availability. The synthetic aromas are used on a large scale in personal care products and cosmetics to produce refreshing, accurate scents for their lotions, soaps, shampoos, and even perfumes. These synthetic aromas can provide virtually any kind of fragrance profile for any kind of market. These synthetic aromas can be put to a wide variety of uses whether they are cosmetics for women, for men, or even for children.
While based on the product, the benzenoids segment held a prominent share of the global aroma chemicals market in terms of value in 2019. Ease of availability cost-effectiveness and the ability to mix with other aroma chemicals of benzenoids is the key factor driving the growth of this segment.
Asia Pacific Region Is Expected To Witness The Highest Growth In The Aroma Chemicals Market Across The Globe Over The Forecast Period
Asia Pacific region is estimated to emerge as the fastest-growing region due to the huge domestic consumption of aroma chemicals in India and China. Furthermore, rapid urbanization and growing disposable income have increased the demand for cosmetics and processed foods in the region Growth of end-use industries, such as flavors & fragrances, in the Asia Pacific, can be ascribed to the rise in population and improvements in lifestyles with significant increase in disposable income, primarily in developing economies such as China, India, and Indonesia. China is a key exporter of specialty chemicals, including aroma chemicals, to various countries in Europe and the Asia Pacific.
The rise in the popularity of processed food in countries such as China, India, and countries in ASEAN is also expected to positively impact the demand for aroma chemicals in the Asia Pacific during the forecast period.
However, Europe region held a significant market share in the global aroma chemicals market in 2019.In terms of value, Europe accounted about 30% of the global aroma chemicals market in 2019.it is expected to grow at steady growth rate during forecast period
The global aroma chemicals market is highly consolidated among key market players.The top four players account more than 50% share of the global market.
Prominent players operating in the global aroma chemicals market are Firmenich S.A.,Takasago International Corporation,BASF SE,Givaudan,Symrise AG,Eternis Fine Chemicals Ltd.,International Flavors & Fragrances Inc.,Kao Corporation,Tennants Fine Chemicals Ltd. And Yingyang (China) Flavors & Fragrance Group
Aroma Chemicals Market Key segments:
Aroma Chemicals Market, By Source
Aroma Chemicals Market, By Product Type
- Musk Chemicals
- Others (Aldehydes,Ketones, Esters,etc.)
Aroma Chemicals Market, By Application
- Soap & Detergents
- Cosmetics & Toiletries
- Fine Fragrances
- Household Products
- Food & Beverage
Aroma Chemicals Market, By Region
- North America
- Asia pacific
- Middle east and Africa
- Latin America