WASHINGTON, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Global Aroma Chemicals Market is valued at $ 4.9 Billion in 2021 and is projected to reach a value of $ 6.2 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 4.2% over the forecast period 2022-2028.

The Aroma Chemicals Market is one of the key important economic sectors, and stable growth is anticipated moving forward. Despite the industry's turbulence, a variety of factors could influence its growth or decline. To give a thorough understanding of the industry, this study evaluates both present trends and projected future changes. It also includes information on the major companies in the market and their growth plans.

The report offers a thorough analysis of global suppliers and producers, as well as their present situation and prospects in the future. Additionally, it provides details on factors driving the global need for Aroma Chemicals, such as growing investment requirements, advancing technology, and new laws.

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Market Overview

According to Vantage Market Research, some of the main factors projected accelerating the Aroma Chemicals market demand in the coming years. The enhanced consumption of fragrance products across industries such as food & beverages, soaps, cosmetics, detergents, toiletries, dairy, and others is one of the key factors for the market growth. Moreover, rising demand for low-calorie drinks among youngsters due to health consciousness is further projected to drive the market growth during the forecast period.

We forecast that the synthetic category in Aroma Chemicals market sales will account for more than 60% in 2021 and is estimated to witness significant growth during the forecast period. The growing use of synthetic products in various sectors such as cosmetics, food & beverage, personal care, and others as well as easy availaibility and low cost of production are the key factors for the category growth.

Asia Pacific had its major share in the Aroma Chemicals market, and is projected to continue its dominance during the forecast period. This is due to the rising demand for aroma chemicals in the fragrance industry in the developing economies of the region such as China, Taiwan, India, and others. Besides, North America is anticipated to witness substantial share in the coming years due to increased demand for aroma chemicals from the personal care and cosmetic industry in the region.

Market Dynamics

Expansion of Cosmetics and Personal Care Industry

The growing demand for personal care and cosmetics industry across the globe is one of the key factors driving the growth of the aroma chemicals market. This is due to change in lifestyles and the growing per-capita income along with a shift towards organic cosmetic and personal care products. Moreover, the high use of aroma chemicals across different products including gels, lipsticks, body and hand washes, soaps, aftershaves, and others to further drive the market growth.

Growing Demand for Natural Fragrances in Food and Beverage Industry

The increase in demand for natural fragrances in food and beverage industry is another key driver for the growth of the Aroma Chemicals market over the coming years. The high use of aroma chemicals in edible items to enhance the flavor in food and beverage industry to drive the market growth. The synthetic aroma chemicals offers long-lasting, stronger, sophisticated, more complex,and less expensive fragrance due to which majorly used in food and beverage industry and driving the market growth.

Increased Demand For Natural Aroma Chemicals

The rising demand for natural aroma chemicals among industries due to gradual consumer shift towards natural and organic products is further estimated to drive the market demand. Furthermore, the manufacturers in the aroma chemicals market are focusing on nw extraction technologies to offer natural products which helps in reducing emission and provide eco-friendly products are further enhancing the market growth.

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Global Aroma Chemicals Market Segmentation:

Vantage Market Research Has Studied the Global Aroma Chemicals Market with Detailed Segmentation on the Basis of Source, Process, Product, and Key Regions.

By Source

• Natural

• Synthetic

By Process

• Food and Beverages

• Fine Fragnances

• Cosmetics and Toiletries

• Soaps and Detergents

• Other Processes
  

By Product

• Benzenoids

• Tarpenes

• Musk Chemicals

• Other Products

By Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East & Africa
  

Top Trends in Global Aroma Chemicals Market

• One trend that Vantage Market Research (V.M.R.) expects to see in the Aroma Chemicals industry is natural category to witness fastest growth. This is majorly due to the high demand of consumers worldwide for transparency in their products as well as the ingredients used in the manufacturing of their products. Moreover, the increased focus of younger consumers towards environment-safe products to further drive the market growth in the coming years.

• Another trend that V.M.R. predicts will continue in the Aroma Chemicals industry is Europe’s substantial growth in the Aroma Chemicals Market. This is due to the rising demand for luxury cosmetic and personal care products in the UK and Germany as well as the growing demand for fragrences in soaps, detergents, and other household products in the region.

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Top Report Findings

• Based on source, the synthetic category dominated the global Aroma Chemicals market in 2021. The key factors for the category dominance include high demand for synthetic aroma chemicals across industries such as cosmetics and personal care, food & beverages, and others.

• Based on product, the terpenoids category dominated Aroma Chemicals market, and this trend is anticipated to continue. The properties of terpenoids such as antispectic, anti-carcinogen, anti-microbial, and others to drive the growth of the category in the coming years.

• Based on application, the fine fragrances category dominated Aroma Chemicals market. This is due to the technological advancements as well as changing consumer need and demands along with the rising fragrance industry.
  

Top 10 Players Generates More Than 40% of the Global Aroma Chemicals Market Revenue

The report also found that the largest players in the Aroma Chemicals market are technology providers such as ASF SE, Bell Flowers & Fragrances, Eternis Fine Chemicals Ltd., Givaudan, and Henkel AG. These companies are expected to benefit from increased demand for their products and services and growing investments in new mines. Other major players include Kao Corporation, Privi Speciality Chemicals Ltd., S H Kelkar & Company Limited, Symrise, Takasgo International Corporation and others. As per latest report published by Vantage Market Research, top 10 companies are responsible for generating more than 40% revenue of the market.

Terpenes Category in Aroma Chemicals Market to Generate Over 35% Revenue

Aroma Chemicals is an expensive investment. Vantage Market Research has analyzed the market for Aroma Chemicals to understand its current state and potential future growth factors. For better understanding, based on application Aroma Chemicals market is divided into: tarpenes, benzenoids, musk chemicals, and others.

During the forecast period, the market for Aroma Chemicals is anticipated to experience the highest CAGR for the musk chemicals category. This is due to the increasing demand for personal care products as well as cosmetics products across the globe.

On the other hand, the tarpenes category is anticipated to grow significantly over the forecast period. Due to the nice aroma terpenes are used in different fragrences and flavorings. Moreover, terpenes are also used as antimalarial drugs as it includes anmicrobial, antiseptic, and anti-carcinogen medical properties.

Top Players in the Global Aroma Chemicals Market

• ASF SE

• Bell Flowers & Fragrances (US)

• Eternis Fine Chemicals Ltd. (India)

• Givaudan (Switzerland)

• Henkel AG (Germany)

• Kao Corporation (Japan)

• Privi Speciality Chemicals Ltd. (India)

• S H Kelkar & Company Limited (India)

• Symrise (Germany)

• Takasgo International Corporation (Japan)

Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on Aroma Chemicals Market Forecast Report (2022-2028).

Key Developments

• Azelis, a company that focuses on specialty chemicals and ingredients, has agreed to buy the bulk of Ashapura Aromas Pvt. Ltd., the distributor of scent compounds, in 2022.

• In order to increase production capacity for its international specialty fragrance ingredients, Givaudan, the world leader in fragrance development, inked a joint venture agreement with PriviSpeciality Chemicals Limited in India in 2021.

• To set up its own distillation unit for the production of new flavors and perfumes, BASF bought the biotech startup Isobionics in June 2020. The BrightlandsChemelot Campus near Geleen, in the Dutch Province of Limburg, is where the facility is planned to be constructed. This plan involves establishing a production facility for the creation of new scents, which is expected to open significant prospects for market expansion.         
  

Regional Analysis

The Asia Pacific region was the largest market for Aroma Chemicals in 2021, accounting for more than 34% of the global market. This is due to the large population in the region and the growing demand for personal care and household products. The Asia Pacific region is expected to continue to dominate the market during the forecast period. The region includes countries such as China, India, Japan, and South Korea. The rising population, growing middle-class population, and rapid urbanization are driving the growth of the Asia Pacific region. Moreover, changing lifestyles and rising disposable incomes are projected to fuel the demand for functional and fragrant chemicals in this region.

The region is home to a large population and a rapidly growing economy, which has resulted in increased demand for a wide range of personal care and household cleaning products that contain fragrance. Moreover, the region’s relatively low labor costs and favorable government policies have attracted a number of foreign companies to set up manufacturing operations in Asia Pacific countries such as India, China, and Thailand. This has further boosted the regional market’s growth.

The second-largest market for Aroma Chemicals was North America, accounting for more than 28% of the global market in 2021. This is due to the growing demand for fragrances in the region. The North American market is expected to grow at a moderate rate during the forecast period. Western Europe was the third-largest market for Aroma Chemicals, accounting for more than 18% of the global market in 2021. This is due to the presence of a large number of manufacturers in the region and the high demand for fragrance ingredients. The Western European market is expected to grow at a moderate rate during the forecast period.

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