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.

Industry: Advanced Materials

RELEASE DATE Nov 2022
REPORT ID SI1360
PAGES 279
REPORT FORMAT PathSoft

Global Aroma Chemicals Market Insights Forecasts to 2030

  • The global Aroma Chemicals Market was valued at USD 5.50 Billion in 2021.
  • The Market is growing at a CAGR of 6.5% from 2022 to 2030
  • The global Aroma Chemicals Market is expected to reach USD 9.69 Billion by 2030
  • North America is expected to grow the fastest during the forecast period.

 

Global Aroma Chemicals Market

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The Global Aroma Chemicals Market is expected to reach USD 9.69 Billion by 2030, at a CAGR of 6.5% during the forecast period 2022 to 2030. 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.

 

Market Overview

The increase in demand for aroma in the cosmetics and toiletry, soap and detergent, and food and beverage sectors is attributed with the expansion of aroma chemicals in the market. Due to their growing 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.

 

Due to the fact that end products are resistant to commodity cycles and recession, aroma chemicals have become essential additions for health, personal care, and food and beverage industries, making this a particularly stable industry.

 

New formulations for excellent scents have been developed as a result of the utilisation of sulphur containing compounds in perfumes. Because of the wide variety of variant options available for perfumers utilising sulphur-based compounds, aroma chemical makers are projected to develop novel flavours and scents on a global scale.  Due to rising demand for these goods in the cosmetics, toiletries, soaps, food, and beverage sectors, the need for the world's aroma chemicals is anticipated to rise.

 

All of these sectors are using tastes and perfumes more often. The expansion of the tailored aroma chemicals in a variety of applications has been ascribed to excellent technological advancements in the extraction of the aroma chemicals and a rise in research and development activities. This market is severely constrained by consumer behaviour, as customers may switch to alternatives that are less expensive.

 

The challenge for suppliers of aroma compounds is to do so at the lowest price feasible in order to ultimately bring down the price of finished goods. The need for aroma compounds meet to important food, health, safety, and quality standards, such as ISO 9000, HACCP, and Kosher, may restrict the availability of new chemicals on the market.The demand for important consumer goods, such as cleaning products and cosmetics that include fragrance compounds, will rise along with the population.

 

In the upcoming years, the market for aroma chemicals is anticipated to develop as a result of consumers' increasing awareness of the importance of cleanliness.After Covid 19 impact, Demand for hand washes and floor cleaners increased by 25% and 60%, respectively, in the area of hygiene goods. This is giving end-users new potential for expansion in the market.

 

Global Aroma Chemicals Market Report Coverage

Report CoverageDetails
Base Year:2021
Market Size in 2021:USD 5.50 Billion
Forecast Period:2022-2030
Forecast Period CAGR 2022-2030 :6.5 %
2030 Value Projection:USD 9.69 Billion
Historical Data for:2019-2020
No. of Pages:279
Tables, Charts & Figures:131
Segments covered:By Source, By Application, By Chemicals, By Region
Companies covered::S H Kelkar and Company Givaudan Kao Corporation Symrise BASF Takasago International Corporation Agilex Flavors & Fragrances AromaTech International Bell Flavors & Fragrances Kalpsutra Chemicals Silverline Chemicals Hindustan Mint and Agro Products Veera Fragrances
Growth Drivers:The market for aroma chemicals is anticipated to develop as a result of consumers increasing awareness of the importance of cleanliness.
Pitfalls & Challenges:The need for aroma compounds meet to important food, health, safety, and quality standards, such as ISO 9000, HACCP, and Kosher, may restrict the availability of new chemicals on the market

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Report Coverage

This research report categorizes the Market for global Aroma Chemicals based on various segments and regions, forecasts revenue growth, and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Global Aroma Chemicals Market. Recent Market developments and competitive strategies such as expansion, Product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the Market. The report strategically identifies and profiles the key Market players and analyses their core competencies in each global Aroma Chemicals Market sub-segments.

 

Market Drivers:

  • Demand for natural fragrances is rising, and research and development are important
  • Innovations in new products and an increase in disposable income.
  • Demand for aroma chemicals in goods as in the cosmetics, toiletries, soaps, food, and beverage sectors, the need for the world's aroma chemicals is anticipated to rise.
  • The demand for important consumer goods, such as cleaning products and cosmetics that include fragrance compounds, will rise along with the population
  • the market for aroma chemicals is anticipated to develop as a result of consumers' increasing awareness of the importance of cleanliness.

 

Restraint:

  • Expensive raw materials
  • The need for aroma compounds meet to important food, health, safety, and quality standards, such as ISO 9000, HACCP, and Kosher, may restrict the availability of new chemicals on the market.

 

Opportunities:

  • The rising demand for Aroma, human health-safe organic cleaning solutions, particularly in developed regions like North America and Europe, is giving businesses new prospects for expansion.
  • After Covid 19 impact, Demand for hand washes and floor cleaners increased by 25% and 60%, respectively, in the area of hygiene goods. This is givingend-users new potential for expansion in the market.

 

Segmentation Analysis

  • In 2021, the Synthetic segment dominated the Market with the largest Market share of 43.7% and Market revenue of 2.40 Billion.

Based on the Source, the global Aroma Chemicals Market is categorized into Natural, Synthetic and Natural-identical. In 2021, the Synthetic segment dominated the Market with the largest Market share of 43.7% and Market revenue of 2.40 Billion. 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.

  • In 2021, the Terpenes & Terpenoidssegment accounted for the largest share of the Market, with 39.6% and a Market revenue of 2.17 Billion.

Based on the Chemicals, the Aroma Chemicals Market is categorized into Benzenoids, Musk Chemicals, Terpenes & Terpenoids and Others. In 2021, the Terpenes & Terpenoids segment accounted for the largest share of the Market, with 39.6% and a Market revenue of 2.17 Billion.

 

Throughout the forecast period, theTerpenes & 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.

  • In 2021, the Fragrance segment accounted for the largest share of the Market, with 52.6% and a Market revenue of 2.89 Billion.

Based on the Application, the Aroma Chemicals Market is categorized into Flavours and Fragrance. In 2021, the Fragrancesegment accounted for the largest share of the Market, with 52.6% and a Market revenue of 2.89 Billion. 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.

 

Regional Segment Analysis of the Aroma Chemicals Market

  • North America (U.S., Canada, Mexico) 
  • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Rest of APAC)
  • South America (Brazil and the Rest of South America) 
  • The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific emerged as the largest Market for the global Aroma Chemicals Market, with a Market share of around 32.5% and 1.78 Billion of the Market revenue in 2021.

  • Asia Pacific emerged as the largest Market for the global Aroma Chemicals Market, with a Market share of around 32.5% and 1.78 Billion of the Market revenue in 2021. 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.
  • North America Market is expected to grow at the fastest CAGR between 2021 and 2030, The demand for aroma chemicals from the cosmetics and personal care industries is expected to expand over the course of the forecast period, which reflects well for the North American aroma chemicals market.
  • To improve the taste of the finished product, extra tastes are needed in low-fat food and beverage items. The rising rate of obesity in the United States and the rise in popularity of low-calorie foods would probably increase consumers' need for a wide range of tastes, which is predicted to increase demand for aroma compounds in North America region.

 

Global Aroma Chemicals Market

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Competitive Landscape

The report offers the appropriate analysis of the key organizations/companies involved within the global Aroma Chemicals Market along with a comparative evaluation primarily based on their Product offering, business overviews, geographic presence, enterprise strategies, segment Market share, and SWOT analysis.

 

The report also provides an elaborative analysis focusing on the companies' current news and developments, including Product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the Market.

 

List of Key Market Players:

  • S H Kelkar and Company
  • Givaudan
  • Kao Corporation
  • Symrise
  • BASF
  • Takasago International Corporation
  • Agilex Flavors & Fragrances
  • AromaTech International
  • Bell Flavors & Fragrances
  • Kalpsutra Chemicals
  • Silverline Chemicals
  • Hindustan Mint and Agro Products
  • Veera Fragrances

Key Target Audience

  • Market Players
  • Investors
  • Applications
  • Government Authorities 
  • Consulting and Research Firm
  • Venture capitalists
  • Third-party knowledge providers
  • Value-Added Resellers (VARs)

 

Some of the Key Developments:

  • In June 2020, In order to develop prospects for market expansion, BASF purchased Isobionics. This acquisition helped in the establishment of a distillation facility for the creation of novel perfumes and tastes. The tactic is employed for owning a product unit in the creation of new perfumes.
  • In July 2021, The Green Chemistry business P2 Science has introduced a new herbal fragrance chemical herb.
  • In March 2020, Takasago International Corporation, a company that produces tastes and perfumes, partnered with the chemicals company Harem.

 

Market Segment

This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Aroma Chemicals Market based on the below-mentioned segments:

Global Aroma Chemicals Market, By Source

  • Natural
  • Synthetic
  • Natural-identical

Global Aroma Chemicals Market, By Chemicals

  • Benzenoids
  • Musk Chemicals
  • Terpenes & Terpenoids
  • Others

Global Aroma Chemicals Market, By Application

  • Flavours
  • Fragrances

Global Aroma Chemicals Market, Regional Analysis

North America

  • US
  • Canada
  • Mexico

Europe

  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific

South America

  • Brazil
  • Argentina
  • Rest of South America

Middle East & Africa

  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

 

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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