Aroma Chemicals Market Size Worth USD 8.41 Billion2027| CAGR of 6.2%
The projected value of the Global Aroma Chemicals Market is expected to reach USD 8.41 billion by 2027. The market is experiencing rapid growth due to a significant increase in demand for odorants and fragrant intensifiers worldwide. Aroma ingredients such as perfumes, body deodorants, air fresheners, soaps, and food-scented chemicals are highly consumed and contribute substantially to the market value. The personal care industry, particularly skincare and hair care products, as well as medicated personal care and topical medicinal products, have witnessed significant growth, further fueling the overall market expansion. Esters and terpenes, known for their diverse applications, are the most sought-after chemical compounds by end-users.
The report also delves into highly demanded topics such as
synthetic perfume ingredients, perfume ingredients labels, perfume ingredients
by brand, and perfume chemical ingredients. These factors have had a
considerable influence on market growth and are discussed in detail. Key market
players who have invested significantly in research and development related to
these factors have experienced substantial business growth. Renowned companies
such as Perfumery, Oil Perfumery, and Perfumers Apprentice are preferred by a
majority of end-users.
Europe is expected to maintain its dominance in the market
and generate the highest revenue by 2027. This is attributed to the
long-standing expertise and research and development efforts in the perfume and
cosmetics industries in countries like France, England, and Germany.
The COVID-19 pandemic has caused extensive disruptions in the
manufacturing and production industries due to resource shortages worldwide.
Leading industry players are uncertain about the market's future and are
adjusting their strategies to meet the challenges. Research and development
activities have been significantly impacted as companies are refraining from
investing in new aspects of research and product innovation. Manufacturing
industries have also been disrupted due to reduced human resources. Companies
are adopting various techniques to increase production volume and develop
innovative, cost-effective solutions to meet customer requirements and sustain
the growth of perfume and deodorant products.
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Further key findings
from the report include:
- Esters,
including acetates, butyrates, propionates, and other organic compounds,
dominate the market with a market share of 25.3% in 2019. This sub-segment
is expected to grow at a CAGR of 5.5% throughout the forecast period,
mainly due to the floral, sweet, and fruity fragrances derived from these
chemical compounds.
- Floral
fragrances hold the highest market share of 16.3% in 2019 and are
projected to grow at a rate of 6.1% during the forecast period. They are
extensively used in perfumes, deodorants, cologne scents, fragrance
powders, and soaps. Rose, lilac, and lavender are among the most commonly
used floral fragrances.
- Medical
usage encompasses healthcare and medicated products, as well as treatments
involving aroma ingredients. Aromatherapy has been proven to reduce mental
and physical stress, alleviate mental ailments, and relieve severe
headaches. Aromatic products also stimulate hormonal secretions, enhancing
sexual appeal. This sub-segment is expected to gain a larger market share
by 2027.
- The
Asia Pacific region is witnessing a trend of outsourcing raw materials and
chemical products due to advancements in manufacturing techniques,
increased availability of resources, proficient processing techniques,
higher production capacity, growing consumer base, and favorable
export-import business models.
Key participants in the market include BASF SE, International
Flavors & Fragrances Inc., Privi Organics India Limited, MANE, Hindustan
Mint & Agro Products Pvt. Ltd., Symrise AG, Takasago International
Corporation, Givaudan, Fairchem Speciality Ltd, and P
Aroma Chemicals
Market; Drive factors
The Aroma Chemicals Market is driven by several factors that
contribute to its growth and development. Some of the key driving factors
include:
1. Increasing Demand for Odorants and
Fragrances: The rising demand for odorants and fragrances in various consumer
products such as perfumes, body deodorants, air fresheners, soaps, and
household products is a significant driver for the aroma chemicals market.
Consumers' desire for pleasant and appealing scents in personal care and
household products is fueling the demand for aroma chemicals.
2. Growth in Personal Care and Cosmetics
Industry: The personal care and cosmetics industry is experiencing robust
growth worldwide. Aroma chemicals are extensively used in skincare, hair care,
and cosmetic products to enhance their fragrance and sensory appeal. The
continuous growth of this industry is driving the demand for aroma chemicals.
3. Expansion of Food and Beverage
Industry: Aroma chemicals play a crucial role in the food and beverage industry
by providing flavors and enhancing the taste of various food products. As the
food and beverage industry continues to expand and diversify, the demand for
aroma chemicals for flavoring applications is increasing.
4. Increasing Disposable Income and
Changing Consumer Preferences: With the rise in disposable income and changing
consumer preferences, there is a growing inclination towards premium and luxury
products that offer unique and pleasant fragrances. This shift in consumer
preferences is driving the demand for high-quality aroma chemicals.
Overall, the aroma chemicals market is driven by the growing
demand for odorants and fragrances, the expansion of the personal care and
cosmetics industry, the growth of the food and beverage industry, changing
consumer preferences, advancements in manufacturing technologies, increasing
awareness of aromatherapy, and the rising demand in emerging markets.
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