According to the latest report by IMARC Group, titled “Aroma Chemicals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global aroma chemicals market exhibited stable growth in 2018. Aroma chemicals are defined as active odor chemicals that can occur naturally or be produced as – synthesized or isolated compounds. These act as an essential raw material in the formulation of unique perfumes and flavors. The flavors produced with aroma chemicals are further used for manufacturing baked goods, candies, and alcoholic and non-alcoholic beverages. These compounds can range from extremely strong to very light and soft notes. Aroma chemicals activate specific receptors in the nose, which, in turn, alerts the brain about the presence of an aroma. When a set of aroma chemicals triggers several receptors, it leads to the detection of a complex aroma. Flavor chemists, or flavorists, use this phenomenon as the basic principle for creating a complex odor in a flavor that uses a limited number of aroma chemicals.
Global Aroma Chemicals Market Trends:
A significant rise in the demand for fragrant intensifiers and odorants in the recent years is one of the key factors driving the market growth. Besides this, with intense competition in the industry, key players are currently adopting highly profitable strategies, such as innovative product development, smart pricing and product differentiation, along with extensive R&D activities. They have also been establishing partnerships with other businesses, which is leading to market consolidation while reducing the overall competition in the aroma chemicals industry. Owing to this, new companies are being attracted to invest in the market, thus driving market growth. Moreover, recent studies suggest some of the aromatic chemicals in the formulation of perfumes exhibited either endocrine-disrupting properties or allergic reactions in the users. Due to such results, manufacturers have started utilizing natural aroma chemicals during the composition of perfumes. Several authoritative bodies across the globe are also implementing strict regulations in favor of green fragrances. For instance, the new rules introduced by the European Union (EU) require producers to indicate if the perfume contains any of the potential fragrance allergens. Along with this, the US Food and Drug Administration (USFDA) recently launched a survey of safety practices and manufacturing standards, which targets the cosmetics industry and aims at preventing the utilization of any potentially harmful chemicals. The emerging trend of aromatherapy and enhanced focus on R&D in the field of biochemical sciences are some of the other factors contributing to the market growth. On account of these factors, the market is projected to grow at a moderate CAGR of around 5% during 2019-2024.
- The report has bifurcated the market according to the type, which consists of natural and synthetic chemicals.
- The market has been segmented on the basis of the product, which includes benzenoids, musk chemicals, terpenoids and others.
- Based on the application, the market has been categorized as soaps and detergents, cosmetics and toiletries, fine fragrances, and others.
- On the geographical front, the aroma chemicals market is divided into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America.
- The report has also examined the competitive landscape of the market with profiles of major players that are currently operating in the industry.
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