New York, NY, Nov. 01, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Aroma Ingredients Market by Type (Synthetic Ingredients and Natural Ingredients) and by Application (Fine Fragrances, Toiletries, and Cosmetics): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017-2024’’. According to the report, the global aroma ingredients market was valued at around USD 2.24 billion in 2017 and is expected to reach approximately USD 3.05 billion by 2024, growing at a CAGR of slightly above 4.5% between 2018 and 2024.
Chemicals majorly derived from petroleum or other natural raw materials are used in various products, such as cosmetics, detergents, and soaps, among others, to give them the required fragrance. These fragrance ingredients are also used as stabilizers and antioxidants in many industries. Their increasing use in the spa industry for aromatherapy has gained momentum in the past five years, due to improved lifestyle choices and an increase in the disposable income of people.
Browse through 55 Tables & 20 Figures spread over 110 Pages and in-depth TOC on “Global Aroma Ingredients Market: By Type, Size, Industry Share, Applications, Trends, Analysis and Forecast, 2017-2024”.
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Cosmetics products usually consist of decomposable constituents that might deteriorate due to the presence of the microbes, which, in turn, causes odor. Aromatic ingredients helping to overcome the odor problem in beauty products. Various technical advancements are being done in the extraction process of aroma ingredients along with other development techniques to boost this market growth. Rising disposable income and better access to quality brands of consumers, due to an effective supply chain, are driving this market growth. The Asia Pacific region is estimated to have the highest market share, due to the huge demand from the end-users of aroma ingredients.
The major restraining factor pertaining to the global aroma ingredients market is their high production and R&D costs. However, the high growth potential of emerging economies, such as India and China, is likely to provide many opportunities for the key players operating in the global aroma ingredients market.
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The global aroma ingredients market is segmented based on type and application. The cosmetics segment is likely to be the most dominant in the global aroma ingredients market in the upcoming years. Increase in the use of cosmetics by people of all age groups is anticipated to drive the demand for aroma ingredients in the forecast timeframe.
The regional segmentation of the global aroma ingredients market includes Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa. The Asia Pacific aroma ingredients market is expected to witness a significant rate of growth over the forecast timeframe. Countries such as India, China, and Japan have a huge customer base for cosmetics where these ingredients are largely used. The key players in the market are also investing excessively in R&D, which, in turn, might boost the demand for aroma ingredients in this region. Moreover, other products such as detergents, soaps, and essential oils are extensively fuelling the demand for aroma ingredients in the region.
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Europe is likely to witness a substantial growth for aroma ingredients in the future, due to the favorable regulatory inclinations in the region. The government is supporting various R&D projects in the region to boost the growth of the aroma ingredients market. Stern regulations related to the processing of cosmetic products have encouraged production of quality beauty products in Europe.
The North American aroma ingredients market is expected to witness a substantial growth during the forecast timeframe. Growth in the personal care industry is the major factor driving the growth of this market in North America. The demand for luxury aroma products in the region is one of the key factors boosting the growth of the aroma ingredients market.
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The Middle East and African region can be seen as one of the most potential regions for the beauty industry due to the youth population, high levels of disposable income, and impressive growth rates. Thus, this region is likely to witness substantial growth in the aroma ingredients market during the forecast timeline.
Some major players operating in the global aroma ingredients market areGivaudan, Firmenich SA, International Flavors & Fragrances Inc. (IFF), Symrise, Bell Flavors & Fragrances, Ogawa & Co., Ltd., Huabao, Solvay, Kao Corporation, and Robertet SA, among others.
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This report segments the global aroma ingredients market as follows:
Global Aroma Ingredients Market: Type Analysis
- Synthetic Ingredients
- Natural Ingredients
Global Aroma Ingredients Market: Application Analysis
- Fine Fragrances
- Toiletries
- Cosmetics
Global Aroma Ingredients Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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