Global Aroma Chemicals Market is valued approximately USD 5.81 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 5.6 % over the forecast period 2021-2027. Aroma compounds, commonly known as fragrances and odourants, are used to create a composition that resembles natural scents. Natural fats and oils are used as raw materials to make aroma compounds, which are used in a wide range of lifestyle products. The increasing demand for cosmetics and personal care products with essential oils, changing lifestyle and urbanization has boosted the market to aroma chemicals. Increasing use of sustainable products the increasing awareness about organic products has contributed towards natural and organic cosmetics. Thus increasing the use of aroma chemicals in these products. For instance, According to report of Fragrance and flavour Department Center, India, in 2018, the estimated production of Essential oils is $4 billion. And according to Comtrade, the world export of essential oils was $4.38 billion USD and import was $4.54 billion USD in 2016. Also, as per the report of Global Wellness Institute, the personal care, beauty and anti-aging industry accounted to $1083 billion in 2018. However, covid-19 has caused a fall in revenue and profit due to which the aroma chemical market has been severely impacted. Also the use of synthetic chemicals which may cause cancer, asthma, allergies etc., which hinders the growth of the market over the forecast period of 2021-2027. Also, the rise in population will also result in the increased demand for household products having good fragrances and the research and development like artificial intelligence have helped in creating cleaner are greener molecules of aroma chemicals thus creating new market opportunities for the market growth during the forecast period.
Asia Pacific, North America, Europe, Latin America, and the Rest of the World are considered in the geographical analysis of the global aroma chemicals industry. Europe is the leading region across the world in terms of market share attributing to the increasing demand of fragrances in soaps and detergents, increasing consumer spending on luxury and premium fragrances and improving standard of living. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2021-2027. Factors such as rising disposable income, increasing personal care industry along with the increase demand of organic or natural products would likely to create growth opportunities for the Aroma Chemicals market across Asia-Pacific region.
Major market player included in this report are:
Agilex Flavors & Fragrances
Hindustan Mint and Agro Products
Kalpsutra Chemicals Pvt. Ltd.
Bell Flavors & Fragrances
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Terpenes & Terpenoids
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2018, 2019
Base year – 2020
Forecast period – 2021 to 2027
Target Audience of the Global Aroma Chemicals Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers