Global Aroma Chemicals Market To Worth 9.69 Billion by 2030 | CAGR of 6.5 %Category: Advanced Materials
Global Aroma Chemicals Market worth $9.69 billion by 2030
According to a research report published by Spherical Insights & Consulting, the Global Aroma Chemicals Market Size to grow from USD 5.50 billion in 2021 to USD 9.69 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 6.5% during the forecast period.
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One of the key drivers of Aroma Chemicals market expansion is due to the increase in demand for aroma in the cosmetics and toiletry, soap and detergent, and food and beverage sectors is credited with the expansion. Due to their expanding application potential in important end-use sectors including dairy, cosmetics and toiletries, soaps and detergents, fine fragrances, convenience foods, bakery goods, and confectionery, aroma chemicals are in higher demand.
Browse 70 market data Tables and 61 Figures spread through 279 Pages and in-depth TOC on "Global Aroma Chemicals Market Size, Share, and COVID-19 Impact Analysis By Source (Natural, Synthetic and Natural-identical), By Chemicals (Benzenoids, Musk Chemicals, Terpenes & Terpenoids and Others), By Application (Flavours and Fragrance) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030". View a detailed Table of Content here– https://www.sphericalinsights.com/reports/aroma-chemicals-market
The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes.
The current pandemic situation has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
The Synthetic segment to account for the largest market size during the forecast period
Based on the Source, the global Aroma Chemicals Market is categorized into Natural, Synthetic and Natural-identical. The Synthetic segment to account for the largest market size during the forecast period. The Synthetic market category now has the largest market share and is anticipated to expand at a high CAGR over the anticipated years because by the increased use of synthetic ingredients in food, drink, and personal care items.
One of the key components in the creation of unique and excellent perfumes is synthetic aroma. Women, men, and even toddlers use cosmetics that include synthetic fragrances on a regular basis. The market for synthetic items is expected to increase quickly since they are readily available and produced at a low cost.
The Terpenes & Terpenoids segment to hold a higher CAGR during the forecast period
Based on the Chemicals, the Aroma Chemicals Market is categorized into Benzenoids, Musk Chemicals, Terpenes & Terpenoids and Others. The Terpenes & Terpenoids segment to hold a higher CAGR during the forecast period. Throughout the forecast period, the Terpenes & Terpenoids segment is anticipated to maintain its leading position while expanding at the fastest CAGR.
The large share of Terpenes & Terpenoids segment is attributed to the product's abundant natural supply as well as the rising use of terpene resin in products including chewing gum, rubber adhesives, pressure-sensitive tapes, paints, and printing inks.
The Fragrance segment to hold a higher CAGR during the forecast period.
Based on the Application, the Aroma Chemicals Market is categorized into Flavours and Fragrance. The Fragrance segment to hold a higher CAGR during the forecast period. Throughout the forecast period, the Fragrance segment is anticipated to maintain its leading position while expanding at the fastest CAGR.
The significant percentage of the Fragrance segment market is a result of the expanding demand for convenience foods, confections, dairy products, and bakery goods as well as drinks and processed foods, increased disposable income, and the appeal of unusual fragrance. Perfumers combine aroma compounds to produce beautiful perfumes that may be both delicate and strong. The production of delicate perfumes, including cinnamyl alcohol (lilac) and dihydrocinnamyl alcohol (hyacinth) leads to fragrance market expansion.
North America to hold a higher CAGR during the forecast period.
The Global Aroma Chemicals Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. Asia Pacific is estimated to account for the highest market share in 2022. The demand for Aroma Chemicals is being driven by the rising acceptance by the market. The market for Aroma Chemicals was dominated by the Asia Pacific region by the rise in demand for tastes and scents in emerging nations like India.
In important places like North America and Europe, such as scents and flavours from Asia have become more popular. While China, India, Australia, and Southeast Asian nations like Indonesia, Vietnam, and Malaysia are among the region's leading food flavour markets, Pakistan, China, Taiwan, the Philippines, and South Korea have developed as important fragrance markets.
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Global Aroma Chemicals Market - Key Market Players
Major vendors in the Global Aroma Chemicals Market include S H Kelkar and Company, Givaudan, Kao Corporation, Symrise, BASF, Takasago International Corporation, Agilex Flavors & Fragrances, Aroma Tech International, Bell Flavors & Fragrances, Kalpsutra Chemicals,Silverline Chemicals, Hindustan Mint and Agro Products, and Veera Fragrances.
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Frequently Asked Questions (FAQ)
What is the market size of the Aroma Chemicals market?As per Spherical Insights, the size of the Aroma Chemicals market was valued at USD 5.50 billion in 2022 to USD 9.69 billion by 2030.
What is the market growth rate of the Aroma Chemicals market?The Aroma Chemicals market is growing at a CAGR of 6.5% from 2022 to 2030.
Which country dominates the Aroma Chemicals market?Asia-Pacific emerged as the largest market for Aroma Chemicals
Who are the key players in the Aroma Chemicals market?Key players in the Aroma Chemicals market are S H Kelkar and Company, Givaudan, Kao Corporation, Symrise, BASF, Takasago International Corporation, Agilex Flavors & Fragrances, Aroma Tech International, Bell Flavors & Fragrances, Kalpsutra Chemicals, Silverline Chemicals, Hindustan Mint and Agro Products, and Veera Fragrances.
Which factor drives the growth of the Aroma Chemicals market?Growth in Cosmetics Industry is expected to drives the market's growth over the forecast period.
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