Aroma Chemicals Market size worth over $7.5 billion by 2026
Published Date: March 26, 2020 Authors: Kunal Ahuja, Sonal Singh
According to a new research report by Global Market Insights, Inc., the aroma chemicals market size is set to surpass $7.5 Billion by 2026. Driving consumer trends towards natural based products and shifting consumer inclination toward green & healthy sustainability packaging will impel the market in the foreseeable timeframe.
Aroma chemicals are compounds that have a special & unique odor or smell and are also referred as aroma, odorant, or flavor. These compounds are found in wine in the fermentation by product form, food, floral scent, spices, fragrance oils, and perfumes. They are regularly used as additives in the flavorings production for the flavor application, improving and enhancing the products appeals in the food industry.
Increasing consumer spending on personal care and cosmetic products along with growing awareness regarding health consciousness in food consumption will primarily drive the industry growth. Factors such as increasing personal care products demand due to its use in hair care, skin care, make-up and oral care has further fueled the aroma chemicals market growth.
Growing terpenoid aroma chemicals application scope will foster product market size
According to market reports, terpenoid-based chemicals offer high possible combinations with carbohydrate, oil and lignin-based feedstock, and widely used as an alternative to petrochemicals in the perfumes and fragrances production. Terpenes are immensely used in industries due to their strong odor and are utilized in fragrances of perfume, alternative medicines such as aromatherapy, and as fragrance ingredient in food and beverages, and essential oil.
Terpenes are also utilized as flavor additives to provide sophisticated aroma to various food products and held a market share of nearly 37% in 2019. Rising demand for terpene in end-use industries such as cosmetics, food & beverages, and pharmaceuticals will supplement the global aroma chemicals market revenue. However, fluctuations in terpene supply and excessive cost associated with its extraction process will limit the market growth.
“As per industry forecasts, terpenoids segment will depict a CAGR of over 43% through 2026 owing to robust demand in personal care industry”.
Browse key industry insights spread across 190 pages with 223 market data tables and 23 figures & charts from the report, “Aroma Chemicals Market 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” in detail along with the table of contents:
Increasing demand for natural aroma chemicals to spur overall market analysis
According to aroma chemicals market analysis, natural segment will witness significant gains over 5.5% through 2026. Natural aroma chemicals are produced from harvested ingredients from grown plants, such as from plants and ripening of crops and fruits rather than from petrochemicals. Natural aroma chemicals are experiencing widespread popularity due to increasing concern over the toxicity of synthetic chemicals.
“As per the analysis, synthetic aroma chemicals application is forecast to grow over 6.0% CAGR through 2026 due to its demand as essential fragrance ingredient in food and beverage and personal care products.”
Growth of cosmetics industry in Europe will foster aroma chemicals market analysis
Europe is experiencing lucrative opportunities and will remain leading market for aroma chemicals manufacturers and distributors. Europe nearly accounts for 35% of the global aroma chemicals market share primarily due to heavy consumption of cosmetic products, strict regulations against the use of synthetic chemicals along with presence of key aroma chemical manufacturers in this region.
Key market participants in aroma chemicals industry are SymriseAG, Hindustan mint & agro products pvt. ltd., Fairchem Speciality Ltd, Solvay and Takasago International Corporation, BASF SE, International Flavors & Fragrances Inc., Kao Corporation, S H Kelkar And Company.
Major market players are also involved in certain strategies and initiatives including innovative product launches, technological advancements, and mergers & acquisition in order to gain significant market share. Industry leaders are also partnering with automation companies to develop greener molecules and combine the art and science of advanced perfume making to develop consumer desired innovative fragrances.