IMARC Group’s latest report, titled “Aroma Chemicals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global aroma chemicals market size reached US$ 6.1 Billion in 2021. Aroma chemicals, also known as odorants, refer to natural or synthetic chemical compounds that impart flavor and fragrance to different products. They can be obtained from pure plant extracts and animals or artificially synthesized in laboratories using various oils and fats. They are highly volatile substances that act as essential raw materials in formulating a unique blend of flavors and perfumes. They are widely used in manufacturing cosmetics and personal care products, essential oils, baked goods, candies, alcoholic and non-alcoholic beverages, household cleaning products, and toiletries. As a result, aroma chemicals find extensive applications across various industries, including fast-moving consumer goods (FMCG), food processing, and soaps and detergents.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Aroma Chemicals Market Trends:
The escalating demand for consumer goods and the rising consumption of exotic fragrant intensifiers and odors represent the primary factors driving the market growth. Additionally, with significant growth in the travel and tourism sector, the surging number of hotels, restaurants, and cafes has strengthened the need for toiletries with exotic fragrances. In line with this, the increasing consumer spending on household cleaning and personal care products due to the growing health and hygiene consciousness has augmented the demand for aroma chemicals. Moreover, the rising applications of aroma chemicals in manufacturing additives for foods, beverages and health products is another major growth-inducing factor. Furthermore, several key players are developing bio-based aroma chemicals made using natural ingredients that are non-toxic, free from allergic reactions, and harmless to the skin. Along with this, the implementation of stringent government regulations in favor of green fragrances has accelerated the product adoption rate. Besides this, the emerging trend of personal grooming and the rising utilization of organic, natural, and soothing scents in aromatherapy have propelled the market growth. Other factors, including the surging demand for customizable and niche fragrances, elevating income levels, shifting inclination toward clean label products, technological advancements in extraction processes, and ongoing research and development (R&D) activities, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 8.7 Billion by 2027, expanding at a CAGR of 6% during 2022-2027.
- Based on the type, the market has been bifurcated into natural and synthetic, wherein the synthetic segment accounts for the majority of the market share.
- On the basis of the product, the market has been classified into benzenoids, musk chemicals, terpenoids, and others. Amongst these, terpenoids represent the most popular product.
- The market has been divided based on the application into soaps and detergents, cosmetics and toiletries, fine fragrances, and others. Currently, soaps and detergents exhibit a clear dominance in the market.
- Region-wise, Asia Pacific holds the leading position in the market, followed by Europe, North America, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been examined, along with the detailed profiles of the key players operating in the industry.
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