Aroma Chemicals Market Size By Source (Natural, Synthetic), By Product (Benzenoids, Terpenoids, Musk Chemicals), By Application (Food & Beverage, Fine Fragrances, Cosmetics & Toiletries, Soaps & Detergents, Household), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Mar 2020  |  Report ID: GMI4596  |  Authors: Kunal Ahuja, Sonal Singh

Report Format: PDF   |   Pages: 190   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Aroma chemicals market size exceeded $5.10 billion, globally in 2019 and is estimated to grow at over 6.0% CAGR between 2020 and 2026. Shifting customer preferences towards customizable fragrances and exotic scents should propel the market growth. 
 

Aroma Chemicals Market Statistics

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Aroma chemicals are chemical substances which are used to incorporate unique scents. They can reach olfactory nerves of the nose. These chemicals are predominantly made by amalgamation of natural and synthetic ingredients. Aroma chemicals are largely utilized owing to persuading attributes including volatility, polarity, surface activity and stability.
 

Major types of aroma chemical products include benzenoids, terpenoids, and musk chemicals. These chemical substances are widely used in applications in food & beverage, fine fragrances, cosmetics & toiletries, soaps & detergents and household thus, driving the aroma chemicals market growth.
 

Changing consumer preferences towards natural aroma chemicals over synthetic products owing to side effects risks posed by synthetic substances are driving the market growth.  Natural aroma chemicals are derived from natural sources including plants and ripening of crops and fruits. The production process for natural aroma chemicals involves extraction, expression and distillation. Natural aroma chemicals offer physical healing attributes including energy enhancing, calming, mood lifting and relaxing, thus promoting the overall aroma chemicals market share.  
 

Owing to rising demand for natural aroma chemicals globally, market leaders are initiating strategic alliances, new product launches, and capacity expansions to cater to a wider consumer base. For instance, In September 2019, BASF announced acquisition of Isobionics, an innovation leader in biotechnology which is serving global aroma chemicals market for natural flavors and fragrances through a cooperation agreement with Conagen, a leader in biotechnology research. Through this initiative, BASF can broaden its natural fragrance ingredients portfolio, thus attaining a stronger market position.
 

Aroma Chemicals Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: USD 5.14 Billion
Historical Data for: 2015 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 6.3% 2026 Value Projection: USD 7.86 Billion
Pages: 190 Tables, Charts & Figures: 246
Geographies covered (20): U.S., Canada, Mexico, Germany, UK, France, Italy, Spain, Russia, China, India, Japan, South Korea, Malaysia, Thailand, Australia, Brazil, Saudi Arabia, UAE, South Africa
Segments covered: Source, Product, Application
Companies covered (14): BASF SE, Fairchem Speciality Ltd, International Flavors & Fragrances Inc., Hindustan mint & agro products pvt. ltd., Kao Corporation, PFW Aroma Chemicals (Kelkar Group), Privi Organics India Limited, MANE, Robertet, S H Kelkar And Company, SymriseAG, Solvay, Takasago International Corporation, Givaudan
Growth Drivers:
  • North America: Booming food & beverages industry in the region should accelerate market growth
  • Europe: Rising regional cosmetics industry should promote product demand Asia
  • Pacific: Growing manufacturing sector owing to supportive government initiatives should propel market growth
Pitfalls & Challenges:
  • Side effects risks posed by synthetic aroma chemicals may hamper product demand

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Growing musk chemicals utilization in soaps and detergents production should promote market growth

Aroma Chemicals Market by Musk Chemical

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Musk chemicals are predominantly used in soaps and detergents production to incorporate strong and sweet musk odor. Musk chemicals accounted for a market revenue of USD 234.6 million in 2019. Rising demand for soaps and detergents products owing to increasing consumer awareness towards sanitation should promote the aroma chemicals market growth.
 

Rising penetration of washing machines owing to increasing purchase parity among population, rapid urbanization, and low-cost washing machine variants should propel soaps and detergents demand. Recent outbreak of diseases including COVID-19, Ebola and Bird flu has increased health awareness among population, leading to frequent hand washes, thereby raising the demand for soaps.
 

Rising product demand from food & beverages industry should promote the market growth

As per market analysis, aroma chemicals for foods & beverages application accounted for a revenue of $529.4 million in 2019. Aroma chemicals are majorly used in food manufacturing owing to incorporate flavor and to improve product appeal. Thus, these factors should promote product demand.
 

Rising food demand across the globe owing to awareness towards healthy diet and growing popularity of easy to consume food products. Global food & beverages industry is expected to surpass USD 20 trillion by 2030. Growing demand for organic food products owing to rising generation Z population who prefer to eat clean food should further boost food & beverages industry.
 

Reduction in consumption of chemically altered food owing to risks of allergies, antibiotic resistance and cancer should accelerate organic food demand, thereby promoting naturally derived aroma chemicals market growth.
 

Booming cosmetics & toiletries industry will boost the global market

Aroma Chemicals Market for Cosmetics & Toiletries Application

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As per industry trends, global cosmetics segment is anticipated to reach over USD 428 billion by 2022. Growing cosmetics demand due to widening trend for male grooming coupled with rise in population purchasing power parity should boost industry growth. Booming e-commerce sector has resulted in more product accessibility to products which should boost cosmetic products demand, thus propelling the aroma chemicals market value.
 

Aroma chemicals are majorly used in cosmetics and toiletries including aftershave, gels, lipstick, foundation, moisturizer, nail polish, shampoo, body wash, hand wash, mascara, sunscreen and toner. Aroma chemicals for cosmetics and toiletries application accounted for a market revenue of USD 1.08 billion in 2019.
 

These chemicals help to induce natural scent profiles into the product without hindering product formulation and quality. Major cosmetics manufacturing participants are incorporating aroma chemicals on to their products owing to their persuading characteristics, which should accelerate the overall aroma chemicals market.
 

Growing fine fragrances industry owing to supportive government initiatives in Asia Pacific will stimulate product demand

APAC Aroma Chemicals Market

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Asia Pacific fine fragrances segment is propelling at a faster rate owing to supportive government initiatives and rising novel product development by manufacturers. Initiatives including “Made In China 2025” and “Make in India” aiming to boost inland production and tax incentives for manufacturers establishment in the region will propel industry growth. Owing to these supportive initiatives, there will be an increase in fine fragrances production and exports, thereby, promoting regional aroma chemicals market. 
 

As per industry trends, Asia Pacific aroma chemicals accounted for a market revenue of $5.14 billion in 2019. Aroma are majorly used for manufacturing fine fragrances. This product helps in inducing different scent profiles which are majorly natural smells resulting in enhancing product appeal.  Thus, aforementioned factors should boost the overall aroma chemicals market in this region.
 

Novel product introduction and R & D activities remain key business strategies by companies

Global aroma chemicals industry is moderately fragmented with major players including BASF SE, Fairchem Speciality Ltd, International Flavors & Fragrances Inc., Hindustan mint & agro products pvt. ltd., Kao Corporation, PFW Aroma Chemicals (Kelkar Group), Privi Organics India Limited, MANE, Robertet, S H Kelkar And Company, SymriseAG, Solvay and Takasago International Corporation.
 

Market leaders are engaged in new product launches, capacity expansions, mergers & acquisitions, and partnerships & collaborations. For instance, Fairfax India announced acquisition of 51% stake in Privi Organics. Privi Organics is a supplier of aroma chemicals to many large fragrance and consumer goods companies globally.
 

Through this acquisition, Fairfax will gain access to Privi Organics’s high-quality research and development facilities, thus, resulting in enhancing product portfolio through novel product development.
 

Aroma chemicals market report includes in-depth coverage of the industry trends, with estimates & forecast in terms of volume (Kilo Tons) and revenue (USD Million) from 2015 to 2026, for the following segments:
 

By Source

  • Natural
  • Synthetic

By Product

  • Benzenoids
  • Terpenoids
  • Musk Chemicals
  • Other

By Application

  • Food & Beverage
  • Fine Fragrances
  • Cosmetics & Toiletries
  • Soaps & Detergents
  • Household
  • Others

The above information has been provided for the following regions and countries:

 

By Region

 

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain        
  • Asia Pacific          
    • China
    • India
    • Japan
    • South Korea
    • Thailand
    • Malaysia
    • Australia
  • Latin America
    • Brazil        
  • Middle East & Africa
    • South Africa
    • UAE
    • Saudi Arabia
       

Frequently Asked Questions (FAQ) :

According to the report published by Global Market Insights Inc., the aroma chemicals business is supposed to attain $7.5 billion by 2026.
Increasing fertilizer and food demand across the globe is the major factor expected to drive the growth of global market.
BASF SE, Fairchem Speciality Ltd, International Flavors & Fragrances Inc., Hindustan mint & agro products pvt. ltd., Kao Corporation, PFW Aroma Chemicals (Kelkar Group), Privi Organics India Limited, MANE, Robertet, S H Kelkar And Company, SymriseAG, Solvay and Takasago International Corporation are the major contributors in aroma chemicals industry.
The musk chemicals product segment registered a major market share in 2019 and is projected to record a remarkable growth rate throughout the forecast period.

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