Selbyville, Delaware, May 03, 2021 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the U.S. Aroma Chemicals Market was estimated at $1 billion in 2020 and is slated to exceed $1.5 billion by 2027, registering a CAGR of 5.5% from 2021 to 2027. The report provides a thorough analysis of the main investment avenues, major winning strategies, drivers and opportunities, wavering industry trends, market estimations as well as size, competitive scenarios.
Aroma chemicals are substances used to incorporate unique scents. These chemicals are largely used owing to their persuading attributes including stability, volatility, polarity, and surface activity. Chemicals including terpenoids, benzenoids, and musk chemicals are used to impart an odor to perfumery products. These chemical substances are widely used in applications including fine fragrances, soaps & detergents, food & beverage, pharmaceutical, and household products.
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Covid-19 Synopsis:
The COVID 19 crisis has led to economic recession and hampered the business operations of companies such as manufacturing, supply, and distribution globally which may negatively impact the U.S. aroma chemicals market growth.
Musk chemical segment is anticipated to witness gains over USD 105 million in 2020 and expected to garner USD 155 million by 2027. The rising adoption of synthetic chemicals in manufacturing practices of perfumes is likely to foster musk chemical production which represents ample growth opportunities for the U.S. aroma chemicals market growth. On the other hand, benzenoids product should grow at a CAGR of over 6% through 2027 owing to its ability to offer high stability in cosmetics and personal care products.
Food & beverage applications should register over gains of over USD 235 million by 2027 on account of the rising use of fragrances in food & beverage products to enhance the user experience for customers. The rise in expenditure on food has been driving the food & beverage industry in the U.S. region which is anticipated to trigger the U.S. aroma chemicals market share. Moreover, the cosmetic & toiletries applications are likely to surpass USD 465 million by 2027 owing to increasing demand for fragrances for manufacturing of various products including skincare products and soaps.
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The U.S. aroma chemicals market players are adopting strategies to gain a competitive advantage over other competitors. In January 2021, Solvay launched Eugenol synthetic for fragrance application. Eugenol is a liquid aromatic chemical compound used in flavoring and perfumes. This launch is aimed at meeting the consumer flavor and fragrance demand which has high purity. The company strategically aimed at increasing the product portfolio by its innovation.
Leading market players:
U.S. aroma chemicals industry share is competitive and includes players such as BASF SE, Solvay, Symrise AG, SH Kelkar & Company Ltd, Vigon International Inc, Royal DSM, JNC Corporation.
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