Pune, India, May 04, 2021 (GLOBE NEWSWIRE) -- The global aroma chemicals market is set to gain traction from the rising demand for naturally derived fragrances as they provide numerous beneficial properties and prevent adverse health effects. In June 2020, for instance, Givaudan introduced its new and exclusive technology to aid customers to gain a holistic sense of well-being through a wide range of products, including oral care, fabric care, home, personal, and fine fragrance flavors. This information is given by Fortune Business Insights™ in a new report, titled, “Aroma Chemicals Market, 2021-2028.” The report further states that the market size was USD 4,976.0 million in 2020 and is projected to reach USD 6,968.3 million by 2028, exhibiting a CAGR of 4.5% during the forecast period.
COVID-19 Pandemic: Lockdown and Closure of Retail Businesses to Hinder Growth
The outbreak of the COVID-19 pandemic has severely affected the cosmetics market. Shutdown of retail businesses, international travel bans, and nationwide lockdown have transformed the purchasing behavior of people. They are spending more on essential items instead of luxury goods. As per L'Oréal, the company exhibited a decline of 4.8% because of the pandemic in 2020 in its beauty segment. Our elaborate reports would help you better understand the current scenario.
Segments:
Fine Fragrances Segment Held 53.18% Share in 2020: Fortune Business Insights™
Based on the application, the market is segregated into soaps & detergents, cosmetics & toiletries, fine fragrances, food & beverages, and others. Out of these, the fine fragrances segmented generated 53.18% in terms of the aroma chemicals market share in 2020. This growth is attributable to the increasing demand for natural flavors and fragrances and the rising per-capita disposable income.
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List of the Leading Companies Profiled in the Global Aroma Chemicals Market are:
- Privi Speciality Chemicals Limited (Navi Mumbai, India)
- BORDAS S.A. (Sevilla, Spain)
- BASF SE (Ludwigshafen, Germany)
- DSM (Heerlen, Netherlands)
- Hindustan Mint & Agro Products Pvt. Ltd. (Uttar Pradesh, India)
- International Flavors & Fragrances Inc. (New York, the U.S.)
- Kao Chemicals Europe (Barcelona, Spain)
- Symrise (Holzminden, Germany)
- Givaudan (Vernier, Switzerland)
- Solvay (Brussels, Belgium)
- Takasago International Corporation (Tokyo, Japan)
- Keva (Mumbai, India)
- Eternis Fine Chemicals Ltd. (Mumbai, India)
- Other Key Players
Report Coverage:
Our detailed research report provides complete coverage of the aroma chemicals industry, ensuring a deep and holistic understanding of the market. It also delivers granular and actionable data. We strive to ensure that you receive the best strategies for increasing sales of your products. Our key mission is service orientation. We also conduct extensive primary and secondary research to help you track the latest innovations, regulatory developments, and competitive landscape.
Drivers & Restraints:
Increasing Urbanization and High Demand for Cosmetics to Accelerate Growth
Cosmetics and personal care products, such as peels, facemasks, cream, and similar others are experiencing high demand from both men and women. This is mainly occurring because of the increasing inclination towards organic and natural cosmetics. At the same time, the expansion of the e-commerce industry and rapid urbanization are set to propel the aroma chemicals market growth.
However, synthetic chemicals are mostly derived from petroleum-based chemicals, namely, aldehydes, phthalates, and benzene derivatives. These are considered to be harmful for humans and the environment. This factor is expected to hinder the demand for aromatic chemicals in the upcoming years.
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Regional Insights:
Surging Demand for Fragrances in Soaps and Detergents to Help Europe Lead
Geographically, Europe procured USD 1,807.3 million in terms of revenue in 2020. It is set to remain dominant throughout the forthcoming years on account of the high demand for fragrances in detergents and soaps. Also, the presence of a well-established food and beverage industry in Germany would contribute to this growth. On the other hand, Asia Pacific would showcase significant growth in the near future backed by the rising awareness about the importance of natural and organic fragrances.
Competitive Landscape:
Key Players Focus on Agreements and Acquisitions to Intensify Competition
The global market houses a large number of companies, such as Takasago International Corporation, BASF SE, International Flavors & Fragrances Inc., and Solvay. Most of them are focusing on signing agreements and acquiring other local or international firms to improve their presence.
Below are the two latest industry developments:
- November 2020: Symrise AG signed an agreement with Sensient Technologies Corporation to acquire its fragrance and aroma chemicals activities. They include various fragrances and aroma molecules from renewable and natural sources.
- June 2020: Premji Invest acquired a controlling stake in Best Value Chem (BVC), a Baroda-based aroma chemicals company. The company is aiming to consolidate its position in the Indian market and enhance its value chain.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Emerging Trends – For Major Countries
- Industry SWOT Analysis
- Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Insights – Impact of COVID-19 on Global Aroma Chemicals Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Aroma Chemicals Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Source (Value)
- Synthetic
- Natural
- By Product (Value)
- Benzenoids
- Terpenes/Terpenoids
- Musk Chemicals
- Others
- By Application (Value)
- Food & Beverages
- Fine Fragrances
- Cosmetics & Toiletries
- Soaps & Detergents
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- By Source (Value)
TOC Continued…!
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