New York, United States , Feb. 28, 2023 (GLOBE NEWSWIRE) -- The Global Aroma Chemicals Market Size to grow from USD 5.50 billion in 2021 to USD 9.69 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 6.5% during the forecast period. One of the key drivers of Aroma Chemicals market expansion is due to the increase in demand for aroma in the cosmetics and toiletry, soap and detergent, and food and beverage sectors is credited with the expansion. Due to their expanding application potential in important end-use sectors including dairy, cosmetics and toiletries, soaps and detergents, fine fragrances, convenience foods, bakery goods, and confectionery, aroma chemicals are in higher demand.
Global Economy: Recession Risk Rising Analysis and Russia-Ukraine Conflict War Impact we have added in the final premium report.
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Aroma chemicals are witnessing an increase in demand owing to the growing application scope in key end-use industries such as dairy, cosmetics & toiletries, soaps & detergents, fine fragrances, convenience foods, bakery foods, and confectionery. Rising demand for beverages considering their ability in keeping the body hydrated and energized, especially in dry and humid weather conditions, coupled with growing demand for protein-based drinks because of increased self-care awareness and changing lifestyles. Additionally, the increasing demand for customizable and niche fragrances is driving the consumption of aroma chemicals, since consumers are looking for personalized fragrance experiences and exotic scents.
COVID-19 IMPACT & ANALYSIS
The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic situation has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
Browse 70 market data Tables and 61 Figures spread through 279 Pages and in-depth TOC on "Global Aroma Chemicals Market Size, Share, and COVID-19 Impact Analysis, By Source (Natural, Synthetic and Natural-identical), By Chemicals (Benzenoids, Musk Chemicals, Terpenes & Terpenoids and Others), By Application (Flavours and Fragrance) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030". View a detailed Table of Content here.
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The Synthetic segment to account for the largest market size during the forecast period.
Based on the Source, the global aroma chemicals market is categorized into Natural, Synthetic and Natural-identical. The Synthetic segment to account for the largest market size during the forecast period. The Synthetic market category now has the largest market share and is anticipated to expand at a high CAGR over the anticipated years because by the increased use of synthetic ingredients in food, drink, and personal care items.
One of the key components in the creation of unique and excellent perfumes is synthetic aroma. Women, men, and even toddlers use cosmetics that include synthetic fragrances on a regular basis. The market for synthetic items is expected to increase quickly since they are readily available and produced at a low cost.
The Terpenes & Terpenoids segment to hold a higher CAGR during the forecast period.
Based on the Chemicals, the aroma chemicals market is categorized into Benzenoids, Musk Chemicals, Terpenes & Terpenoids and Others. The Terpenes & Terpenoids segment to hold a higher CAGR during the forecast period. Throughout the forecast period, the Terpenes & Terpenoids segment is anticipated to maintain its leading position while expanding at the fastest CAGR.
The large share of Terpenes & Terpenoids segment is attributed to the product's abundant natural supply as well as the rising use of terpene resin in products including chewing gum, rubber adhesives, pressure-sensitive tapes, paints, and printing inks.
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The Fragrance segment to hold a higher CAGR during the forecast period.
Based on the application, the aroma chemicals market is categorized into Flavours and Fragrance. The Fragrance segment to hold a higher CAGR during the forecast period. Throughout the forecast period, the Fragrance segment is anticipated to maintain its leading position while expanding at the fastest CAGR.
The significant percentage of the Fragrance segment market is a result of the expanding demand for convenience foods, confections, dairy products, and bakery goods as well as drinks and processed foods, increased disposable income, and the appeal of unusual fragrance. Perfumers combine aroma compounds to produce beautiful perfumes that may be both delicate and strong. The production of delicate perfumes, including cinnamyl alcohol (lilac) and dihydrocinnamyl alcohol (hyacinth) leads to fragrance market expansion.
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North America to hold a higher CAGR during the forecast period.
The Global Aroma Chemicals Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. Asia Pacific is estimated to account for the highest market share in 2022. The demand for Aroma Chemicals is being driven by the rising acceptance by the market. The market for Aroma Chemicals was dominated by the Asia Pacific region by the rise in demand for tastes and scents in emerging nations like India.
In important places like North America and Europe, such as scents and flavours from Asia have become more popular. While China, India, Australia, and Southeast Asian nations like Indonesia, Vietnam, and Malaysia are among the region's leading food flavour markets, Pakistan, China, Taiwan, the Philippines, and South Korea have developed as important fragrance markets.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. The report also found that the largest players in the Aroma Chemicals market are technology providers such as ASF SE, Bell Flowers & Fragrances, Eternis Fine Chemicals Ltd., Givaudan, and Henkel AG. These companies are expected to benefit from increased demand for their products and services and growing investments in new mines. Other major players include Kao Corporation, Privi Speciality Chemicals Ltd., S H Kelkar & Company Limited, Symrise, Takasgo International Corporation and others.
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