The global aroma chemicals market exhibited moderate growth during 2015-2020. Aroma chemicals or odorants are a group of molecules that are used as an ingredient to add flavor and fragrance to various products. They consist of synthetic, natural and nature-identical components. The natural compounds are extracted from plants and animals, whereas the nature-identical and synthetic compounds are manufactured artificially in labs using various oils and fats. Perfumers blend specific quantities of aroma chemicals to create a perfume formula. They can also be added in baked products, candies, alcoholic and non-alcoholic beverages, and to add fragrance to cosmetics, toiletries and cleaning products. Looking forward, the global aroma chemicals market is expected to grow at a CAGR of around 5% during the forecast period (2021-2026).
The rising demand for natural fragrances and aromas across the globe is the key factor driving the growth of the market. With the increasing disposable incomes, consumers are now more inclined toward spending on premium products for personal care, beauty, medicines and homecare, which are available in a variety of fragrances. Furthermore, growing consumer awareness regarding the maintenance of hygiene has significantly impacted the demand for cleaning products and toiletries that use aroma chemicals as one of their key ingredients. Also, perfume manufacturers are experimenting with new synthetic fragrances to replicate the natural ones by incorporating aspects of biochemical sciences. Moreover, there is an increase in the usage of sulfur-containing compounds in perfumes as they are some of the strongest odorants that provide distinctive aromas to scents. Other factors such as the rising trend of aromatherapy for maintaining emotional and psychological wellbeing and increased focus of research and development (R&D) are also significantly contributing to the market growth.
IMARC Group’s latest report provides a deep insight into the global aroma chemicals market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the aroma chemicals industry in any manner.
The report has also analysed the competitive landscape of the market with some of the major players operating in the industry.
The global aroma chemicals market was worth around US$ 5.4 Billion in 2019.
According to the estimates by IMARC Group, the global aroma chemicals market will exhibit moderate growth during the next five years.
The rising demand for natural fragrances, along with growing preferences towards fragrant intensifiers and odorants are some of the key drivers for the global aroma chemicals market.
The emerging trend of aromatherapy for maintaining emotional and psychological wellbeing represents one of the key trends in the global aroma chemicals market.
The sudden outbreak of the COVID-19 pandemic has led to the implementation of stringent lockdown regulations across several nations resulting in a shift from luxury products towards essential goods, thereby hampering the sales of various aroma chemicals-based end products.
On the basis of the type, the market has been classified into natural and synthetic chemicals. Amongst these, synthetic chemicals account for the majority of the global market share.
On the basis of the product, the market has been categorized into benzenoids, musk chemicals, terpenoids and others. At present, terpenoids currently account for the largest market share.
On the basis of the application, the market has been bifurcated into soaps and detergents, cosmetics and toiletries, fine fragrances, and others. At present, soaps and detergents are mostly preferred by consumers across the globe.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific currently dominates the global market.
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