Fort Collins, Colorado, Feb. 28, 2024 (GLOBE NEWSWIRE) -- The Aroma Chemicals Market size was valued at USD 6.1 Billion in 2023 and is expected to reach a market size of USD 9.2 Billion by 2032 at a CAGR of 4.7%.
Rising consumer preference for personalized fragrances is one of the major factors responsible for the growing demand for aroma chemicals. Consumers increasingly seek unique and personalized scent experiences, driving demand for various aroma chemicals. This trend is particularly prominent in the personal care and fragrance industries, where consumers look for distinct and memorable scents in perfumes, lotions, and other products. The beauty and personal care industry is witnessing unprecedented growth, fueled by rising disposable incomes, evolving beauty standards, and a heightened emphasis on personal grooming. Aroma chemicals find extensive application in the formulation of perfumes, deodorants, and skin care products, contributing significantly to the expansion of the market.
Additionally, the food and beverage industry is a key driver for aroma chemicals, with flavors playing a crucial role in enhancing the overall sensory experience of products. High consumer preference for novel and exotic flavors has triggered the aroma chemicals market demand and continues to grow, providing a wide range of aromatic profiles for food and beverage manufacturers.
The proliferation of e-commerce platforms has significantly widened the reach of aroma chemical products, making them easily accessible to consumers worldwide. This online presence facilitates a streamlined distribution process, enabling manufacturers to cater to a broader market and driving overall market growth. Moreover, the global trend towards natural and sustainable products has influenced the aroma chemicals market. Manufacturers are responding to this demand by incorporating natural and sustainable ingredients in their formulations, leading to the development of eco-friendly aroma chemicals that resonate with environmentally conscious consumers.
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Segmentation Overview:
The global aroma chemicals market segmentation comprises source, product, application, and region. Based on product, the market is further categorized into benzenoids, musk chemicals, terpenes & terpenoids, and others. The benzenoids segment dominates the segment growth in the aroma chemicals market. This dominance is because of the adaptation of benzenoid compounds that provide different odor characteristics. It is recommended for perfumers because of its reliability, affordability, and consistent performance, which helps segmental growth.
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Aroma Chemicals Market Report Highlights:
- The global aroma chemicals market growth is anticipated at a CAGR of 4.7% by 2032.
- The aroma chemicals market growth is largely driven by rise in demand for personalized fragrances and extensive use of organic ingredients to produce aroma chemicals.
- The aroma chemicals market segmentation comprises source, product, application, and region.
- Some prominent aroma chemical market players include BASF SE, Privi Organics India Limited, Takasago International Corporation, Kao Corporation, Bell Flowers & Fragrances, Givaudan, S H Kelkar and Company, and Symrise.
Industry Trends and Insights:
- In 2023, Harmony Organics, Specialty Chemical Company raised USD 2.7 billion from Piramal Alternatives to expand and scale higher in the fragrance and flavor domain.
- IFF sold its flavor specialty ingredients (FSI) for USD 220 million to Exponent, a leading UK-based equity firm to restructure its capital and widen the company portfolio.
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Aroma Chemicals Market Segmentation:
By Source: Natural, synthetic
By Product: Benzenoids, musk chemicals, terpenes & terpenoids, others
By Application: Flavors, fragrance
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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