Growth in the food and beverage industry and the shift to
natural ingredients will drive demand for aroma chemicals in the
market.
WILMINGTON, Del., July 17,
2024 /PRNewswire/ -- The aroma chemicals market
accounted for US$ 6.6 billion in
2023. The market is estimated to expand at a rate of
5.4% from 2024 to 2034 to reach US$
11.8 billion by 2034.
A growing emphasis on sustainability and environmental
consciousness will likely lead to increased sales of natural and
sustainable fragrance compounds. Manufacturers may increase their
research and development spending to find environmentally
acceptable alternatives to artificial fragrances.
The introduction of biotechnology, which allows complex
compounds to be synthesized by enzymes or microbes, promises to
revolutionize the manufacturing of fragrance chemicals. As a
result, novel scent compounds could be created with improved
properties and less environmental impact. Consumers' preferences
for unique and personalized items continue to rise.
Technology breakthroughs like artificial intelligence and
machine learning may be used by manufacturers to modify scents and
aroma blends based on consumer tastes, resulting in a market full
of highly specialized goods. Due to the growing popularity of
direct-to-consumer channels and e-commerce platforms, fragrance
manufacturers can reach a larger audience and provide niche
products that are tailored to individual preferences.
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Evolution and Trends in the Global Aroma Chemicals Market:
From Synthetics to Naturals:
Aroma chemicals are vitally important to the fragrance industry,
being the basis for the scents in personal care products, household
items, and food flavors. The global aroma chemicals landscape is
reshaping, driven by consumer preferences, technological
advancements, and sustainability imperatives. These chemicals
include alcohols, esters, aldehydes, terpenes, benzenes, and
ketones that can be produced synthetically as well as
naturally.
A significant shift towards natural aroma chemicals, powered by
growing health consciousness, is leading market trends. This, along
with rising demand from the home and personal care, food, and
beverage industries, is accelerating global aroma chemicals market
growth. Notably, the Asia Pacific
region stands out as the largest market in terms of demand.
According to industry leading players, the aroma chemicals
market is highly competitive and spirited. To maintain and expand
market presence, companies are adopting various strategies such as
strategic sourcing, green routes, industry collaborations, tailored
offerings, and advanced marketing. Effective implementation of
these strategies positions companies to capitalize on increasing
demand and evolving consumer preferences in the aroma chemicals
industry.
Key Findings of the Market Report
- Natural aroma chemicals are expected to be in high demand due
to growing concerns over harmful chemicals.
- The demand for aroma chemicals is expected to grow with the
awareness of personal care hygiene.
- An expanding e-trade platform contributes to the advancement of
the market.
- The Asia Pacific region
accounted for 38.9% of sales on the world market
- North America held a 26.4%
share of the global market.
Global Aroma Chemicals Market: Growth Drivers
- Aroma chemicals, including perfumes, beauty products,
toiletries, and household items, are vital to the fragrance
business. Demand for fragrance chemicals is driven by consumers'
rising spending power and growing need for beauty and personal care
goods.
- Natural and organic items are becoming more popular as people's
health and wellness knowledge has grown. Owing to their perceived
safety and environmental friendliness, aroma compounds from natural
sources are becoming increasingly popular.
- Aroma compounds are also widely used by the food and beverage
industry to enhance the flavor and aroma of a variety of goods.
Demand for aroma compounds in food and beverage applications is
predicted to increase as customer demands for unusual and exotic
flavors continue to rise.
- With technological advancements, novel scent compounds have
been created with better stability, durability, and intensity.
Manufacturing companies invest in research and development to
develop new aroma compounds to meet various changing industry
needs.
- Stricter laws are being implemented by regulatory agencies
worldwide about the use of chemicals in consumer goods, such as
tastes and scents. As the therapeutic benefits of aromatherapy
become more widely known, the market for aroma chemicals is
predicted to grow.
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Aroma Chemicals Market Report Scope:
Report
Coverage
|
Details
|
Forecast
Period
|
2024-2034
|
Base
Year
|
2020-2022
|
Size in 2023
|
US$ 6.6 Bn
|
Forecast (Value) in
2034
|
US$ 11.8 Bn
|
Growth Rate
(CAGR)
|
5.4 %
|
No. of
Pages
|
346
Pages
|
Segments
covered
|
By Product, By Source,
By Application, By Region, By End-user
|
Global Aroma Chemicals Market: Regional Landscape
- Asia Pacific is predicted to
lead the market for aroma chemicals, followed by North America and Europe. Increasing disposable incomes and
increasing awareness of personal grooming and hygiene drive demand
for personal care products in Asia-Pacific.
- As health and environmental concerns grow, Asia-Pacific consumers are increasing their
demand for natural and organic products. Increasingly, consumers
are looking for organic-certified fragrances and flavors derived
from natural aroma chemicals.
- With consumers' increasing interest in perfumes, colognes, and
fine fragrances, the fragrance market in Asia-Pacific is growing rapidly. As premium
and luxury fragrance demand grows, the aroma chemical market in the
region is growing. Aroma chemicals are vital ingredients in
fragrance formulations.
- Aromas and flavors are getting regulated and standardized by
governments in Asia-Pacific. Aroma
chemicals will need to meet safety and environmental standards to
comply with these regulations and promote sustainable
practices.
Global Aroma Chemicals Market: Competitive Landscape
Small-scale producers are still a major part of the market,
especially in emerging countries, despite key players. Product
innovation, strategic alliances, and mergers and acquisitions
characterize a competitive environment in this sector.
In the fragrance ingredient market, customer tastes vary,
regulations are strenuous, and natural fragrance ingredients are
growing in popularity. The aroma chemical industry strives to stay
competitive by continuously improving its products and increasing
its market share.
Key Players Profiled
- BASF
- Asean Aromatics Private Limited
- Atri Aromatics
- Givaudan
- Kao Corporation
- Privi Speciality Chemicals
- Symrise
- Takasago International Corporation
- Unique Chemicals
- Other Leading Companies
Key Developments
- In March 2023, BASF planned to
build citral and menthol plants in Zhanjiang, China, and linalool and menthol plants in
Ludwigshanfen, Germany. The
company plans to begin operations in 2026 as part of its expansion
plans.
- In April 2024, TAKASAGO
INTERNATIONAL CORPORATION (TIC), a Japan-based manufacturer and marketer of
flavors, fragrances, and aroma chemicals, opened its Takasago
International India Fragrance Center in Mumbai. As a fragrance research institution,
TIIFC provides perfume research, development and creation of
fragrance products, and sensory evaluation of these fragrance
products within its research facilities.
Global Aroma Chemicals Market: Segmentation
Product
- Terpenoids
- Benzeoids
- Musk Chemicals
- Others
Source
Application
- Personal Care
- Household Care
- Others (F & B, Medical)
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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