Selbyville, Delaware, March 27, 2020 (GLOBE NEWSWIRE) -- As per the report published by Global Market Insights Inc., the overall aroma chemicals market was estimated at $5.10 billion in 2019 and is expected to hit $7.5 billion by 2026, registering a CAGR of 6% from 2020 to 2026. The report provides a thorough assessment of the drivers and opportunities, wavering market trends, market size & estimations, key investment pockets, competitive scenario, top winning strategies.
As per industry analysis, aroma chemicals are natural as well as synthetic aromas that have been used for manufacturing various products which includes household, fine fragrances, soaps & detergents, food & beverages, and cosmetics & toiletries. Among these, the cosmetics & toiletries segment accounted for nearly 21.0% of the market share back in 2019. Factors like emerging personal grooming trends are expected to further lead the demand for cosmetics and impel the aroma chemicals market.
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Aroma chemicals are also used for imparting attractive aromas to several consumer products, which includes perfumes, detergents, and toiletries. The increasing number of working women across the world has led to a growing demand for personal care products. Furthermore, rising preference for natural fragrances owing to negative effects of synthetic chemicals will positively contribute on aroma chemicals industry expansion as well.
Key reasons for aroma chemicals market growth:
- Increasing demand from the food & beverage sector.
- Growing demand for soaps and detergents owing to rapidly rising personal hygiene trends throughout the globe.
- Rising adoption of synthetic aroma chemicals across the cosmetics industry.
2026 forecasts anticipate the ‘soaps and detergents’ application segment showing appreciative growth:
The soaps and detergents segment will witness substantial gains of over 6% through 2026. The product is extensively used for manufacturing soaps and detergents due to its fine aroma. The market of liquid soaps was valued at over $15 billion back in 2018. Rising personal hygiene trends and the subsequent growth in demand for good-smelling soaps will positively impact aroma chemicals market share.
North America aroma chemicals industry to witness appreciative growth:
North America is anticipated to foresee gains of over 5.5% through 2026. The United States FDA has designated these compounds as safe prior to its use by people. This recognition allows aroma chemicals to be utilized for manufacturing snacks, carbonated drinks, and candies, providing prominent revenue streams to the aroma chemicals market. Moreover, an increasing number of restaurants across the region have further impelled the consumption of junk food, which is further stimulating product demand.
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Leading market players:
The key market players analyzed in the aroma chemicals market report include Solvay and Takasago International Corporation, International Flavors & Fragrances Inc., Kao Corporation, MANE, SymriseAG, Fairchem Speciality Ltd, Robertet, BASF SE, Privi Organics India Limited, and S H Kelkar and Company.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision-makers.