Global Aroma Chemical Market size worth over USD 8 billion by 2027
Published Date: November 1, 2021 Authors: Kunal Ahuja, Sarita Bayas
According to a new research report by Global Market Insights Inc., the Aroma Chemicals Market size is set to surpass USD 8 billion by 2027.
Aroma chemicals are fragrance substances that are derived from natural and synthetic ingredients. These chemicals are used to make up unique flavors and perfumes that are used in a variety of applications such as food & beverage, fine fragrances, cosmetics & toiletries, soaps & detergents, and household sectors. The physicochemical processes are used to obtain natural and artificial identical aroma chemical products.
Rising consumer spending on scented products to augment the synthetic aroma chemicals market growth
The synthetic aroma chemicals valued over USD 3 billion in 2020. Synthetic aroma chemicals are widely accepted in household and cleaning products owing to their cost effectiveness. The increasing consumption of soaps & detergents due to COVID-19 across the globe has boosted the synthetic aroma chemicals market growth. The wide application scope of these fragrance chemicals in multiple products such as food & beverage, cosmetics & toiletries, fine fragrance, household, and soaps & detergents, among several others, has positively impacted the demand for aroma chemicals.
Rising consumers’ interest toward new blend and unique aroma products will favor the synthetic aroma chemical segment growth. In addition to that, the synthetic aroma chemicals provide manufacturers with a broad range of aroma options for various applications in candles, perfumes, scents, and air fresheners. These factors are expected to augment the synthetic product demand during the predicted time period. However, stringent regulations for selling chemical-free products due to environmental concerns may restrain the synthetic source business growth.
Browse key industry insights spread across 220 pages with 225 market data tables and 25 figures & charts from the report, “ 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 Trend, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Rising demand for herbal supplements should stimulate terpenoids product demand for medicine production
Aroma chemicals market from the terpenoids product segment is expected to exceed USD 4.3 billion up to 2027. The increasing demand for terpenoids in numerous end-use industries, such as cosmetics, food & beverages, paints & coatings, and pharmaceuticals, will fuel their demand during the forecast timeframe. Terpenoids play an important role as an essential oil, fragrance, and flavoring agent in industrial as well as household uses. The growing demand for terpenoids in multiple industries is anticipated to generate high opportunities for local players to serve large end-use industries and generate a lucrative share in the global market.
The use of terpenoids in herbal medicines and supplements has soared owing to their anticancer and anti-inflammatory characteristics. The rise in chronic disorders, such as hypertension, cardiovascular diseases, and diabetes, is expected to trigger the demand for herbal supplements, increasing the demand for terpenoids as aroma chemicals. The rising adoption of new and custom-made fragrances for cosmetic products should propel the demand for high-quality and unique raw materials that help in enhancing product quality and customer experience. These factors are anticipated to fuel terpenoids product demand, in turn, stimulating business growth during the forecast time frame.
Growing consumer awareness about personal hygiene should stimulate product demand from the cosmetic & toiletries application segment
Aroma chemicals market demand from the cosmetic & toiletries application segment is expected to exceed USD 1.8 billion up to 2027. Increasing consumer awareness related to skin health benefits of using cosmetic products along with personal grooming is stimulating the demand for cosmetic & personal care products, fueling product demand.
The leading players in the cosmetic industry are constantly striving to develop and introduce new and innovative products to attract more customers. The growing cosmetic industry due to high consumer spending on these products along with increasing consumer attention toward external beauty is expected to generate higher demand for these fragrance chemicals from the cosmetic industry. Improved purchasing power among women, rising awareness related to beauty products, changes in consumption patterns & lifestyles along with increasing attention toward personal grooming are a few factors that should create opportunities for business growth.
The rise in the demand for fragrances is attributed to the growth of aroma chemicals business. Evolving consumer preferences and rising consumer spending on haircare and overall wellbeing are expected to accelerate the product demand from cosmetic applications to enhance customer experience by offering a unique and nostalgic aroma to hair care products.
Increasing sales of toiletry products such as sunscreens, hair conditioners, and anti-aging face creams due to consumer inclination toward beauty and hygiene are projected to have a positive impact on market growth. Additionally, growth in the demand for cosmetic products to reduce the aging process and interest to gain firm, younger skin look is propelling the demand for antiaging & cosmetic products, fueling business growth.
Growing consumer inclination toward natural ingredients in household products should drive product demand in Asia Pacific
The Asia Pacific aroma chemicals market is expected to exceed USD 2.5 billion by 2027. Growing hygiene and cleanliness consciousness among consumers due to COVID-19 outbreak are fueling the demand for household cleaning products, which should boost product demand.
In addition to that, the growing penetration of washing machines in the region is stimulating the demand for fabric cleaning products, such as detergents and fabric softeners, which should propel product demand; thus, creating opportunities for business growth. Rising awareness about the aromatherapy benefits among individuals to maintain mental health and wellness is further expected to fuel product demand, contributing to business growth over the predicted time frame.
The major industry players include Silverline Chemicals and Aromatech International Givaduan. They are involved in business strategies such as production expansion, new product launch, and business expansion.