March, 2023
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The global Aroma Chemicals market report presents latest perspectives on the aroma chemicals market size, multiple COVID-19 recovery scenario forecasts, companies, and outlook to 2030. The report analyzes and forecasts different aroma chemical types including Terpenes, Benzenoids, Musk chemicals, and others, across diverse applications including Soaps and Detergents, Cosmetics and Toiletries, Fine Fragrances, and others. The forecasts of aroma chemicals across 15 countries is also included in the research.
Aroma chemicals companies continue to focus on collaborative efforts of R&D activities and product optimization to develop innovative flavors and aromas from synthetic and chemical resources. Most companies are working towards process optimization of manufacturing processes and separation techniques. Major raw materials include Terpenes, Benzenoids, Musk chemicals, Fatty aldehydes, Heterocyclic compounds, PTBCH and OTBCH.
Givaudan, Kao, S H Kelkar and Co, Symrise, Takasago and other companies emphasize on developing range of advanced Aroma chemical solutions for both fragrances and flavors. Companies are focusing on offering flexibility, originality and developing unique fragrances to gain market shares in the intensively competitive industry.
Reliable and high-quality aroma chemicals and essential oil suppliers are highly preferred across application segments including Soaps and Detergents, Cosmetics and Toiletries, Fine fragrances and others.
Majority of chemicals are used for fragrances of amber, floral, spicy, fruity, fresh, woody, green or earthy notes types. These are manufactured in liquid form, powder form, emulsions and micro-encapsulated forms.
An increasing drive towards bio-based aroma chemicals is being observed in product portfolio of BASF and other market leaders. Companies like Symrise are focusing on chemicals from natural and renewable feedstock.
Of different aroma chemical types, natural aroma chemicals such as vanilla beans, pimento berries, maple leaves, garlic and others are extracted from plants through distillation, expression and extraction processes. Strong growth in natural chemicals is being observed worldwide, driven by their use in cosmetic products.
Synthetic chemicals are the dominant types of aroma chemicals worldwide, due to their ease of development and wide availability. However, environmental and regulatory constraints restrict the use of synthetic chemicals in personal care cosmetics. Some of the leading aroma chemicals in the recent past include 2,6-Dimethoxyphenol, Damascenone, L-Dihydrocarvyl acetate, 2,3,5,6-Tetramethylpyrazine, 2-Acetylpyridine, 3,4-Dimethyl-1,2-cyclopentadione and others.
The market is classified on the basis of chemical structure into Terpenes, Benzenoids, Musk chemicals and others. Of these, the demand for terpenes and benzenoids will increase rapidly over the forecast period driven by their intense odour and wide availability. Together, these segments accounted for over 70% of global market share in value terms.
Among applications, soaps and detergents are widely used application segment for aroma chemicals, due to wide spread use of the soaps and detergents worldwide in residential sectors. In addition, cosmetics and toiletries, fine fragrances and others are witnessing steady market growth. Over the forecast period, the cosmetics and toiletries segment will remain the fastest growing market segment.
Worldwide consumption of aroma chemicals is expected to grow at a compounded annual growth rate (CAGR) of 5.76% over the forecast period. Strong market growth potential is estimated in China, India, rest of Asia Pacific, Latin America, Middle East and other emerging markets. On the other hand, demand is relatively mature in North America, Western Europe and Japan markets.
Aroma Chemicals Market Trends - Increasing consumer preference for natural ingredients
Consumer preference towards natural ingredients is increasing due to the perception of safety, health and environmental friendliness of the products. Leading manufacturers are emphasizing on bio-based chemicals for personal care, home care, and fabric care products. BASF, Royal DSM and other leading players are significantly investing in using natural botanical extracts for flavours and fragrances products. Both men and women continue to prefer bold flavours, willing to explore novel and enhanced perfumes across application segments. Clean, natural, sustainable products are being widely marketed in developed markets, predominantly in the US and Europe. Increase in middle class incomes with higher purchasing power, emerging lifestyles and awareness of personal hygiene are encouraging personal care and grooming products, perfumed fabric care and household products.
Aroma Chemicals Market Drivers- Steady growth in demand from application segments
Aroma chemicals are widely used across home care industry, personal care industry, perfume industry, fabric care and other industries. These end user industries are rapidly growing driven by population growth across developing countries, rapid growth in purchasing power of individuals, adaption of novel and enhanced fragrances.
The perfumes and fragrances application segment is one of the rapidly emerging markets and is witnessing increased expenditure on foreign brands of perfumes and fragrances, demand for limited edition collections, emphasis on innovative packaging and others. Leading companies such as Bvlgari Parfums, Chanel, Estée Lauder, Gucci and Coty are focusing on developing products with a wide range of natural ingredients.
The soaps and detergents segment is also witnessing increased drive towards liquid form of products, with customers focusing on time-saving and efficient laundry solutions. Companies are aggressively marketing different forms of soaps and detergents to cater emerging markets in Asia Pacific and Latin America, in particular.
Further, growth in spending in cosmetics and toiletries with anti-aging, male grooming segments, colour cosmetics, toiletries including polymers, surfactants, essential oils, inorganic chemicals and others will strengthen innovations in the industry, including novel fragrances and perfumes.
Development of unique flavours and fragrances is one of the prime strategies being opted by companies in the country. Amid growing urban population, demand for premium and branded products, innovation in personal care and homecare products and diverse geographical purchase patterns, companies market thousands of fragrances to suit local customer tastes. Further, natural, herbal and ayurvedic ingredients are increasing steadily, forcing multi-national companies to adopt these ingredients to compete with local brands. Innovative product launches and the customization of products are the main strategies opted by companies amidst growing disposable incomes and rising aspirations. Among personal care products, hair care and bath and shower segments will be the key market segments. Both premium and mass products will witness strong demand over the near to medium term future.
1. TABLE OF CONTENTS 2
1.1 List of Tables
1.2 List of Figures
2. EXECUTIVE SUMMARY. 9
2.1 Salient Statistics, 2022
2.2 The global chemicals industry in 2021
2.3 Global Aroma Chemicals Industry Outlook, 2020 – 2030
2.4 Abbreviations
3. INTRODUCTION TO AROMA CHEMICALS INDUSTRY. 14
3.1 Market Segments - Types, Applications, and Countries
3.2 Report Guide
3.3 Research Methodology
4. MACRO FACTORS SHAPING THE AROMA CHEMICALS MARKET OUTLOOK 17
4.1 Economic Factors
4.2 Demographic Factors
5. OVERVIEW OF THE AROMA CHEMICALS. 19
5.1 Aroma Chemicals Industry Panorama, 2022
5.2 Aroma Chemicals Market Trends and Insights
5.3 Major Companies
5.4 Largest End-User Applications
5.5 Dominant Types
5.5.1 Terpenes
5.5.2 Benzenoids
5.5.3 Musk Chemicals
5.5.4 Other Aroma Chemicals
5.6 Regional Outlook
6. AROMA CHEMICALS FORECASTS ACROSS COVID-19 SCENARIOS. 30
6.1 Low Growth Scenario Forecasts to 2030
6.2 Reference Case Forecasts to 2030
6.3 High Growth Case Forecasts to 2030
7. TRENDS IN END USER MARKETS. 32
7.1 Soaps and Detergents
7.2 Cosmetics and Toiletries
7.3 Fine Fragrances
7.4 Other Applications
8. NORTH AMERICA AROMA CHEMICALS MARKET INSIGHTS 37
8.1 North America Aroma Chemicals Market Size Outlook to 2030
8.2 North America Aroma Chemicals Market Trends and Opportunities
8.2.1 Terpenes dominates the North American Aroma Chemicals
8.2.2 Soaps and Detergents held the largest North American Aroma Chemicals market share
8.2.3 The US dominates the North American Aroma Chemicals Industry
8.3 Market Outlook by Country
8.3.1 United States Aroma Chemicals Market Size Outlook, 2020- 2030
8.3.2 Canada Aroma Chemicals Market Size Outlook, 2020- 2030
8.3.3 Mexico Aroma Chemicals Market Size Outlook, 2020- 2030
9. EUROPE AROMA CHEMICALS MARKET INSIGHTS 44
9.1 Europe Aroma Chemicals Market Size Outlook to 2030
9.2 Europe Aroma Chemicals Trends and Opportunities
9.2.1 Terpenes dominates the European Aroma Chemicals
9.2.2 Soaps and Detergents held the largest European Aroma Chemicals market share
9.2.3 Germany dominates the European Aroma Chemicals Industry
9.3 Market Outlook by Country
9.3.1 Germany Aroma Chemicals Market Size Outlook, 2020- 2030
9.3.2 United Kingdom Aroma Chemicals Market Size Outlook, 2020- 2030
9.3.3 France Aroma Chemicals Market Size Outlook, 2020- 2030
9.3.4 Spain Aroma Chemicals Market Size Outlook, 2020- 2030
9.3.5 Rest of Europe Aroma Chemicals Market Size Outlook, 2020- 2030
10. ASIA PACIFIC AROMA CHEMICALS MARKET INSIGHTS 53
10.1 Asia Pacific Aroma Chemicals Market Size Outlook to 2030
10.2 Trends and Opportunities
10.2.1 Terpenes dominates the Asia Pacific Aroma Chemicals Market
10.2.2 Soaps and Detergents held the largest Asia Pacific Aroma Chemicals market share
10.2.3 China dominates the Asia Pacific Aroma Chemicals Industry
10.3 Market Outlook by Country
10.3.1 China Aroma Chemicals Market Size Outlook, 2020- 2030
10.3.2 India Aroma Chemicals Market Size Outlook, 2020- 2030
10.3.3 Japan Aroma Chemicals Market Size Outlook, 2020- 2030
10.3.4 Rest of APAC Aroma Chemicals Market Size Outlook, 2020- 2030
11. LATIN AMERICA AROMA CHEMICALS MARKET INSIGHTS 61
11.1 Latin America Aroma Chemicals Market Size Outlook to 2030
11.2 Latin America Aroma Chemicals Trends and Opportunities
11.2.1 Terpenes dominates the Latin American Pacific Aroma Chemicals Market
11.2.2 Soaps and Detergents held the dominant Latin American Aroma Chemicals market share
11.2.3 Brazil dominates the Latin America Aroma Chemicals Industry
11.3 Market Outlook by Country
11.3.1 Brazil Aroma Chemicals Market Size Outlook, 2020- 2030
11.3.2 Argentina Aroma Chemicals Market Size Outlook, 2020- 2030
11.3.3 Rest of Latin America Aroma Chemicals Market Size Outlook, 2020- 2030
12. MIDDLE EAST AND AFRICA AROMA CHEMICALS MARKET INSIGHTS 68
12.1 Middle East and Africa Aroma Chemicals Market Size Outlook to 2030
12.2 Middle East and Africa Aroma Chemicals Trends and Opportunities
12.2.1 Terpenes dominates the Middle East and Africa Pacific Aroma Chemicals Market
12.2.2 Soaps and Detergents held the dominant Middle East and Africa Aroma Chemicals market share
12.2.3 Africa dominates the Middle East and Africa Aroma Chemicals Industry
12.3 Market Outlook by Country
12.3.1 Middle East Aroma Chemicals Market Size Outlook, 2020- 2030
12.3.2 Africa Aroma Chemicals Market Size Outlook, 2020- 2030
13. AROMA CHEMICALS COMPETITIVE LANDSCAPE 74
13.1 Takasago International Corporation
13.1.1 Overview
13.1.2 SWOT Analysis
13.1.3 Key Financials
13.2 Kao Corporation
13.2.1 Overview
13.2.2 SWOT Analysis
13.2.3 Key Financials
13.3 Givaudan S.A
13.3.1 Overview
13.3.2 SWOT Analysis
13.3.3 Key Financials
13.4 Symrise AG
13.4.1 Overview
13.4.2 SWOT Analysis
13.4.3 Key Financials
13.5 BASF SE
13.5.1 Overview
13.5.2 SWOT Analysis
13.5.3 Key Financials
13.6 HINDUSTAN MINT & AGRO PRODUCTS PVT. LTD.
13.6.1 Overview
13.6.2 SWOT Analysis
13.6.3 Key Financials
13.7 SOLVAY CORP
13.7.1 Overview
13.7.2 SWOT Analysis
13.7.3 Key Financials
13.8 Aromatech
13.8.1 Overview
13.8.2 SWOT Analysis
13.8.3 Key Financials
13.9 Kelkar Group
13.9.1 Overview
13.9.2 SWOT Analysis
13.8.3 Key Financials
13.10 Sensient Technologies
13.10.1 Overview
13.10.2 SWOT Analysis
13.10.3 Key Financials
14. APPENDIX. 98
14.1 About USD Analytics
14.2 Sources and Research Methodology
14.3 Copyright
The global aroma chemicals market is valued at $6.44 billion
The global aroma chemicals market is one of the lucrative growth markets, poised to register 5.76% growth over the forecast period to 2030.
The report identifies Asia Pacific markets to offer best growth prospects, driven by China, India, South East Asian and other markets
Takasago International Corporation, Kao Corporation, Givaudan S.A, Symrise AG, BASF SE, SOLVAY CORP, Aromatech, Kelkar Group, Sensient Technologies
Base Year- 2021; Estimated Year- 2022; Historic Period- 2017-2021; Forecast period:2022 to 2030; Currency: USD