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Aroma Chemicals Market Analysis
- Report ID: GMI4596
- Published Date: Mar 2023
- Report Format: PDF
Aroma Chemicals Market Analysis
Based on product, aroma chemicals market revenue from the terpenoids segment is anticipated to record a valuation of over USD 4.5 billion by 2032. Terpenoids possess strong aromatic qualities and are widely used in traditional herbal medicines. In fact, they have been found to be useful in the prevention as well as therapy of certain ailments such as cancer and have also demonstrated antifungal and anti-allergenic properties. Surging demand for natural and herbal products across various sectors, spurred by growing awareness among consumers, is creating a strong impetus for segment expansion.
Based on source, aroma chemicals market from synthetic segment is set to register a growth rate of nearly 5.5% from 2023 to 2032. Synthetic aroma chemicals help formulate various scents, which offers great customization of the end product. They are widely used in industries such as soaps & detergents, cosmetics & toiletries, and others.
Additionally, the segment has been experiencing a steadily growing demand from fragrance-infused cosmetics, as their use continues to rise with the increasing working population base. For instance, in the UK, between November 2022 and January 2023, the employment rate for people in the age group 16 years to 64 years was 75.7%.
Europe aroma chemicals market is projected to reach USD 2.5 billion by 2032, fueled by shifting consumer preference towards the use of natural ingredients. As awareness about the harmful contents of synthetic chemicals grows, consumers are increasingly making a conscious decision to shop for products that use natural, organic ingredients. As a result, several cosmetic companies in the region are replacing their synthetic chemical-based products with their natural ingredients counterparts. U.S. aroma chemicals industry is estimated to grow at over 5.5% CAGR during the forecast timeframe owing to rising consumer spending on scented products for enhancing the experience.
Furthermore, in-line with the health-conscious decisions, European consumers are also creating a notable demand for healthy food, increased the demand for natural aroma chemicals in the F&B space as well.
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Aroma Chemicals Market Scope
