New York, Aug. 21, 2023 (GLOBE NEWSWIRE) -- The global aroma chemicals market size is projected to expand at ~5% CAGR between 2023 and 2033. The market is expected to garner a revenue of USD 9 billion by the end of 2033, up from a revenue of ~USD 6 billion in the year 2022.The market growth is mainly attributed to the rising expansion of the personal care and cosmetics industries and increasing consumer spending worldwide. For instance, global revenue of the beauty and personal care industry accounted to around USD 530 billion by 2022. In addition, in the United States, the beauty and personal care industry generated about USD 84 billion in the year 2022.
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Chemicals that give off fragrance are called "aroma chemicals." These are often highly volatile, as their purpose is to provide only scent or flavor. It forms the backbone of ingredients used in formulations. It is also commonly used in cosmetics, from deodorants and perfumes to soaps and moisturizers. Rising demand for organic products is expected to positively influence the aroma chemicals market. Moreover, governments across the world are increasing their support for the chemicals industry significantly. This is also anticipated to add to the market growth, notably over the projected period.
Aroma Chemicals Market: Key Takeaways
- Market in North America to propel highest growth
- The synthetic aroma chemicals segment to garner the highest growth
- Market in Asia Pacific to grow at a highest rate
Increasing Social Media Engagement to Propel the Market Growth
The cosmetics industry has benefited from the growing popularity of social media channels such as Instagram and YouTube. It has been found that around 68% of consumers purchase beauty products after checking reviews from influencers on social media. In addition to having a significant impact on certain demographics, these platforms help generate demand for beauty products and bridge the gap between beauty brands and consumers. As of September 2021, Mexico beauty blogger Yuya was the most popular beauty content creator on video sharing platform YouTube, with 24.9 million subscribers on her channel. Whether it's makeup and skin care tutorials, makeup sales, or product recommendations, fashion and beauty content is some of the most popular content on YouTube. With that, consumers are getting more inclined to use cosmetic, beauty, and makeup products, where aroma chemicals are one of the main ingredients. Hence, growing demand for beauty products is also estimated to spike the growth of the global aroma chemicals market significantly over the forecast period. Expansion of the chemical industry across the globe is expected to have a positive impact on market growth. The global chemical industry was observed to generate approximately USD 4 trillion in revenue worldwide in 2021.
Aroma Chemicals Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Spiking Demand for Different Types of Chemical Products in the Region to Favor Market Growth in North America
The aroma chemicals market in the North American region is estimated to garner the largest revenue by the end of 2033. The regional growth can be attributed in large part to the growing demand for different types of chemical products from different end users, such as the cosmetic industry, food industry, and fine dining industry, in the region, as well as the growing demand for aroma chemicals. For example, in the year 2021, over 990 million tons of chemical products were noted to be shipped through the United States. In addition, increased use of organic products by regional people is expected to enrich the regional market. According to research, organic food in the United States sold for about USD 20 billion in 2010 and accounted to nearly USD 50 billion in 2020. The use of cosmetics is also increasing. According to a study, in the year 2020, deodorant was used by more than 296 million Americans. By 2024, it is expected that the number of deodorant users will grow to nearly 305 million. As a result, these factors are expected to significantly contribute to market growth.
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Rising Cosmetics Industry in the Region to Boost the Market Growth in the Asia Pacific
The aroma chemicals market in the Asia Pacific region is estimated to garner the highest CAGR by the end of 2033. The growth of the market in this region can primarily be attributed to the constantly growing cosmetics industry throughout the region. A burgeoning middle class across the region and a steady rise in consumers' disposable income have led to a surge in consumption of beauty products, propelling the Asia-Pacific region. South Korea has always been infamous for its beauty trends and thriving cosmetics industry, but other Asia-Pacific countries such as China, Japan, Indonesia, Malaysia, and Thailand are paving the way for the regional cosmetics industry. The region's digital revolution has also contributed to increased consumption of beauty products as consumer’s shop more online. Increased internet penetration throughout the region has also influenced the cosmetics industry. As of 2021, 73% of East Asian and Pacific residents used the internet on their own. As aroma chemicals are highly used in the cosmetics industry, industry’s expansion is estimated to add to the market growth notably.
Aroma Chemicals, Segmentation by Type
- Synthetic
- Natural
Amongst these two segments, the synthetic segment is anticipated to hold the largest share over the forecast period. The growth of the segment can be attributed to the fact that it is widely used in various industries. This is supported by the fact that there are approximately 500 natural sources and over 2000 synthetic elements to choose from. Synthetic aroma chemicals are long-lasting, complex flavors formulated to mimic flavors found in nature. They are made very cheaply from petroleum and fragrances, but do not contain the original plant extracts. We are able to work with a wider range of scents, consisting of both contemporary and classic scents. Today, a large amount of synthetic fragrance chemicals is available on the market and the quality of these fragrance chemicals is determined by their formulations. The quantity remains constant for the synthetic fragrances, which can be manufactured in large volumes with consistent fragrances, ensuring a stable supply to meet growing market demand.
Aroma Chemicals, Segmentation by Application
- Food & Beverages
- Fine Chemicals
- Cosmetics
- Toiletries
- Soaps
- Detergents
Amongst these segments of different applications, the food and beverages segment is anticipated to hold a significant share over the forecast period. This segment growth can be largely attributed to the significantly growing food and beverage industry all over the world. The industry is predicted to witness robust revenue of nearly USD 6.5 billion by the year 2031. Increasing consumption of packaged food and flavored drinks is also estimated to be a major factor influencing the growth of this segment.
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Aroma Chemicals, Segmentation by Form
- Dry
- Liquid
Aroma Chemicals, Segmentation by Products
- Benzoids
- Terpenes
- Musk Chemicals
- Others
Few of the well-known industry leaders in the aroma chemicals market that are profiled by Research Nester are BASF SE, SH Kelkar and Company Private Limited, Givaudan, International Flavors & Fragrances Inc., Takasago International Corporation, Solvay, Symrise AG, Robertet, Kao Chemicals Europe S.L.U., and Destilaciones Bordas Chinchurreta S.A., and other key market players.
Recent Development in the Aroma Chemicals Market
- International Flavors and Fragrances Inc. and Swiss biotechnology company Evolva have entered into a new partnership agreement to further develop and commercialize vanillin.
- BASF SE enters the natural he F&F component market through the acquisition of Isobionics and a partnership agreement with leading biotechnology research firm Conagen.
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