Dublin, Feb. 13, 2023 (GLOBE NEWSWIRE) -- The "Global Overview of the Aroma Chemicals Market, 3rd Edition" report has been added to ResearchAndMarkets.com's offering.
The global market for aroma chemicals is estimated at US$5,339 million for 2021 and is forecast to reach US$6,506 million by 2026. Terpenoids represent the largest single product category, with a share of 31%, followed by benzenoids with 24%. Typically, the market is propelled by continuously increasing demand for fragrances and their downstream applications. Growth in 2021 was 3.9%, after just 1.3% growth in 2020.
The market for aroma chemicals is concentrated in the EU, US and China. Demand is lower in developing markets, as there is little perfumery (blending) activity, and these countries are much more likely to purchase ready-made compounds. Demand for aroma chemicals is high in Asia because there is a lot of use of synthetic flavour and fragrance compounds.
For 2022 as a whole, the analyst is forecasting growth of 4.1%. However, within the growth for 2022, there is a mix of inflationary pressure causing higher prices, coupled with a volume decline as the cost-of-living crisis worsens. High inflation is likely to continue into 2023 and may dampen demand as consumers are once again forced to change their spending habits and prioritise everyday products over non-essentials. This will have a knock-on effect on the fine fragrance segment once again, as was seen during the pandemic.
Several trends are evident in the aroma chemicals market globally. The first is regulatory: producers of aroma chemicals are driven by standards and regulations and must constantly check for product impurities. Each year there are new regulatory bans on certain molecules. Secondly, the demand for natural aroma chemicals has never been higher, responding to consumer preferences for greener, traceable and sustainable products. The third is the emergence of biotech-based molecules, which are produced by methods akin to fermentation. Other key market drivers include raw material availability and ecotoxicology concerns.
Among the leading global suppliers of aroma chemicals are IFF, Symrise, Firmenich, BASF, Givaudan, NHU and DSM. Competition from Chinese and Indian players is intensifying. The analyst's top-level analysis suggests that the 15 largest producers of aroma chemicals hold a share of approximately 82% of the global market, in terms of supply. The remainder of the market is fragmented and occupied by small and midsized players often operating at local or regional level or in niche segments.
The reports cover the following product types and end-use sectors:
Aroma Chemicals (AC):
Product types: Benzenoids, Terpenoids, Musk Chemicals, Others
End-use Applications: Cosmetics & Toiletries, Fine Fragrances, Soap & Detergents, Food, Beverages, and Others
COVERAGE
Aspects of the markets covered in these studies:
- Consumption of aroma chemicals by global region and country by value (US$), 2021 and 2026
- Market breakdown by product type (by country) and end-use application (by region) for 2021 and 2026
- Principal trends and factors affecting the markets
- Overview of suppliers and global market shares
- Top-level analysis of market volumes for 2021
The information contained within these reports is based upon an extensive programme of interviews throughout the industry. The reports contain market value data by product type and end-use application, with 2021 as the base year and market forecasts provided to 2026.
A selection of companies mentioned in this report includes
- BASF
- DSM
- Firmenich
- Givaudan
- IFF
- Mane
- NHU
- Solvay
- Symrise
- Yingyang Aroma
For more information about this report visit https://www.researchandmarkets.com/r/8x9ey5-overview?w=12
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