Wilmington, Delaware, United States, March 24, 2023 (GLOBE NEWSWIRE) -- According to the market outlook report by Transparency Market Research, “The global aroma chemicals market was valued at USD 5.6 Bn in 2021 and it is expected to reach USD 10.8 Bn by 2031 with CAGR of 6.2%.”
Demand for aroma chemicals is high owing to their increased usage as raw materials for odorants and fragrances, as these chemicals are extracted from aromatic compounds and essential oils. Awareness about personal hygiene has risen among people across the globe in the last few years. Moreover, accessibility to different types of toiletries and skin care products has increased. Rise in disposable income of people from developed and developing countries is driving their inclination toward the purchase of premium quality products, such as deodorants and perfumes. These factors present noteworthy business opportunities for manufacturers of aroma chemicals.
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Market Snapshot:
| Market Revenue | USD 5.6 Bn in 2021 | |
| Estimated Value | USD 10.8 Bn by 2031 | |
| Growth Rate - CAGR | 6.2% | |
| Forecast Period | 2022–2031 | |
| No. of Pages | 376 Pages | |
| Market Segmentation | By Product, Type, Application | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Format | Electronic (PDF) + Excel | |
Aroma Chemicals Market: Key Findings
- Based on products, the terpenoids segment held dominant position, with 37.4% share of the global industry in 2020. This is ascribed to rise in usage of terpenes resin in the production of pressure-sensitive tapes, paints and printing inks, chewing gums, and rubber adhesives. Moreover, the segment growth is driven by easy availability of terpenoids.
- Companies engaged in the food & beverage industry have been witnessing an increase in demand for aroma chemicals for the last few years in order to enhance the flavor of beverages as well as processed foods. Hence, rise in the demand for processed food and beverages, due to increase in the global population, is expected to create extensive business prospects for aroma chemicals producers.
- The global industry is anticipated to witness an increase in the demand for natural aroma chemicals in the next few years. This can be ascribed to several factors such as rise in the adoption of health and wellness foods by health conscious populace, stringent regulations by governments, and ban on the usage of synthetic flavors. Adoption of natural flavors is on the rise for a wide range of applications owing to their health benefits. On the other hand, sales of synthetic aroma chemicals have increased in the last few years owing to their cost-effective nature and ability to offer stronger, sophisticated, and longer-lasting fragrances as compared to natural ones. These factors, in turn, are leading to rapid development of the global aroma chemicals market.
Aroma Chemicals Market: Growth Drivers
- Rise in spending of people on personal care products is bolstering growth opportunities in the market
- Increase in usage of aroma chemicals for manufacturing household care products presents notable market growth opportunities
Regional Analysis
- Based on volume, Europe held over 33% share of the global industry in 2021. Countries in Europe are witnessing remarkable growth in toiletries and cosmetics sectors; one of the prominent factors for this being improved spending power of people. Moreover, the region has presence of several key companies from the retail sector. These factors are favoring the growth trajectory of the market in Europe.
- In terms of volume, North America accounted for 28.4% share of the global industry in 2021. The market in the region is anticipated to expand significantly owing to rise in spending power of the population and increase in consumption of processed food in the region.
- The Asia Pacific market held 24.8% share of the global industry in 2021. It is anticipated to grow at significant CAGR during the forecast period due to rapid expansion of the food & beverage industry in the region.
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Aroma Chemicals Market: Competition Landscape
- Players are focusing on R&D activities in order to develop natural versions of synthetic flavoring agents
- They are adopting strategies, such as merger, acquisition, and launch of environmental-friendly products
- Companies are also focusing on offering their products at competitive prices, thereby strengthening their position in the global industry
Aroma Chemicals Market: Key Players
- Symrise Aroma Chemicals
- Givaudan
- Firmenich S.A.
- International Flavors & Fragrances Inc.
- BASF SE
- Takasago International Corporation
- Eternis Fine Chemicals Ltd.
- Kao Corporation
- Yingyang (China) Flavors & Fragrance Group
- Tennants Fine Chemicals Ltd.
- Privi Organics India Limited
Key Points for TOC:
1. Executive Summary
1.1. Aroma Chemicals Market Snapshot
1.2. Current Market and Future Potential
2. Market Overview
2.1. Market Segmentation
2.2. Market Trends
2.3. Market Dynamics
2.4. Porter’s Five Forces Analysis
2.5. Regulatory Analysis
2.6. Value Chain Analysis
3. COVID-19 Impact Analysis
…………………………………….
13. Competition Landscape
14. Primary Research: Key Insights
15. Appendix
TOC Continued……
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Aroma Chemicals Market Segmentation
Type
- Synthetic
- Natural
Product
- Terpenoids
- Benzenoids
- Musk Chemicals
- Others (Aldehydes, Ketones, etc.)
Application
- Personal Care
- Fine Fragrances
- Cosmetics & Toiletries
- Household Care
- Laundry Care
- Dishwashing
- Others
- Others (Food & Beverage, Medical, etc.)
Regions Covered
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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