Wilmington, Delaware, United States, July 14, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The aroma chemicals market is estimated to be valued at US$ 10.8 Bn by 2031. Increase in expenditure on personal care and rise in adoption of scented household care products are fuelling the growth of aroma chemical market. Aroma chemicals suppliers witness steady demand for use of aroma chemicals as necessary additives for personal care products and food & beverages products.
Personal care industry end-use segment is projected to rise at a CAGR of 6% during the forecast period. Manufacturers of fragrance and perfume aroma chemicals are focusing on innovation to offer superior products and gain competitive advantage in the rapidly expanding personal care end-use segment of aroma chemicals market.
Demand for aroma chemicals for fragrance in various products including personal care, food, and cosmetic products provides ample opportunities in aroma chemicals market. Investments in R&D for profitable aroma chemical uses such as cosmetics, fine fragrances, and toiletries is anticipated to generate more revenue.
North America and Asia Pacific are key regions of aroma chemicals market. The regions held 28.4% and 24.8% share respectively of aroma chemical market in 2021.
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Aroma Chemicals Market – Key findings of the Report
- Aroma chemicals constitute key ingredient of fragrances and odorants that are usually obtained from aromatic compounds and essential oils. Increase in awareness about personal hygiene, availability of a range of skin care products, wide portfolio of perfumes and deodorants, and rise in disposable income are boosting the demand for fragrances. This, in turn fuels the growth of aroma chemicals market.
- The food & beverages is a key end user of aroma chemicals market. Aroma chemicals impart taste and flavor to processed food and beverages that influences sales significantly.
- Demand for natural aroma chemicals is anticipated to soar on the back of increasing demand for health and wellness foods, ban on the use of synthetic flavors, and government regulations. Suitability of natural flavors in diverse application along with additional health benefits are fuelling the growth of natural aroma chemicals segment
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- Terpenoids product segment led the aroma chemical market with 37.4% share in 2020. Natural availability of terpenoids and increase in utilization of terpenes resin in rubber adhesives, paints and printing inks, and chewing gums account for high share of terpenoids product segment.
- Europe held more than 33% share of aroma chemicals market in 2021 vis-à-vis volume. High volume aroma chemicals manufacturing in the region substantiates growth of aroma chemicals market of the region. Besides this, growth of cosmetics and toiletries sector supported by a well-established retail sector contributes to the growth of aroma chemicals market of the region.
- Regulations of the European Union for consumer safety necessitate manufactures to declare if perfume contains any potential fragrance allergens. These regulations favor green fragrances, which, in turn, is fuelling the growth of aroma chemicals market of the region.
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Aroma Chemicals Market – Growth Drivers
- Significant spending on personal care products such as cosmetics, fine fragrances, and toiletries drives aroma chemicals market
- Key property of aroma chemicals to impart distinct odor or fragrance to personal care, cosmetic, and food products provides ample opportunities in aroma chemicals market
Aroma Chemicals Market – Key Players
Some of the key players operating in the aroma chemicals market are;
- Givaudan
- International Flavors & Fragrances Inc.
- Takasago International Corporation
- Kao Corporation
- Symrise Aroma Chemicals
- Firmenich S.A.
- BASF SE
- Eternis Fine Chemicals td.
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The aroma chemicals market is segmented as follows;
Aroma Chemicals Market, by Type
- Synthetic
- Natural
Aroma Chemicals Market, by Product
- Terpenoids
- Benzenoids
- Musk Chemicals
- Others
Aroma Chemicals Market, by Application
- Personal Care
- Fine Fragrances
- Cosmetics & Toiletries
- Household Care
- Laundry Care
- Dishwashing
- Others
Aroma Chemicals Market, by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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