Aroma Chemicals Market Growth Projected: USD 6.6 Billion in 2023, Set to Reach USD 11.8 billion by 2034 with a 5.4% CAGR | TMR

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Jul 17, 2024, 10:30 ET

Growth in the food and beverage industry and the shift to natural ingredients will drive demand for aroma chemicals in the market.

WILMINGTON, Del., July 17, 2024 /PRNewswire/ -- The aroma chemicals market accounted for US$ 6.6 billion in 2023. The market is estimated to expand at a rate of 5.4% from 2024 to 2034 to reach US$ 11.8 billion by 2034.

A growing emphasis on sustainability and environmental consciousness will likely lead to increased sales of natural and sustainable fragrance compounds. Manufacturers may increase their research and development spending to find environmentally acceptable alternatives to artificial fragrances.

The introduction of biotechnology, which allows complex compounds to be synthesized by enzymes or microbes, promises to revolutionize the manufacturing of fragrance chemicals. As a result, novel scent compounds could be created with improved properties and less environmental impact. Consumers' preferences for unique and personalized items continue to rise.

Technology breakthroughs like artificial intelligence and machine learning may be used by manufacturers to modify scents and aroma blends based on consumer tastes, resulting in a market full of highly specialized goods. Due to the growing popularity of direct-to-consumer channels and e-commerce platforms, fragrance manufacturers can reach a larger audience and provide niche products that are tailored to individual preferences.

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Evolution and Trends in the Global Aroma Chemicals Market: From Synthetics to Naturals:

Aroma chemicals are vitally important to the fragrance industry, being the basis for the scents in personal care products, household items, and food flavors. The global aroma chemicals landscape is reshaping, driven by consumer preferences, technological advancements, and sustainability imperatives. These chemicals include alcohols, esters, aldehydes, terpenes, benzenes, and ketones that can be produced synthetically as well as naturally.

A significant shift towards natural aroma chemicals, powered by growing health consciousness, is leading market trends. This, along with rising demand from the home and personal care, food, and beverage industries, is accelerating global aroma chemicals market growth. Notably, the Asia Pacific region stands out as the largest market in terms of demand.

According to industry leading players, the aroma chemicals market is highly competitive and spirited. To maintain and expand market presence, companies are adopting various strategies such as strategic sourcing, green routes, industry collaborations, tailored offerings, and advanced marketing. Effective implementation of these strategies positions companies to capitalize on increasing demand and evolving consumer preferences in the aroma chemicals industry.

Key Findings of the Market Report

Natural aroma chemicals are expected to be in high demand due to growing concerns over harmful chemicals.
The demand for aroma chemicals is expected to grow with the awareness of personal care hygiene.
An expanding e-trade platform contributes to the advancement of the market.
The Asia Pacific region accounted for 38.9% of sales on the world market
North America held a 26.4% share of the global market.

Global Aroma Chemicals Market: Growth Drivers

Aroma chemicals, including perfumes, beauty products, toiletries, and household items, are vital to the fragrance business. Demand for fragrance chemicals is driven by consumers' rising spending power and growing need for beauty and personal care goods.
Natural and organic items are becoming more popular as people's health and wellness knowledge has grown. Owing to their perceived safety and environmental friendliness, aroma compounds from natural sources are becoming increasingly popular.
Aroma compounds are also widely used by the food and beverage industry to enhance the flavor and aroma of a variety of goods. Demand for aroma compounds in food and beverage applications is predicted to increase as customer demands for unusual and exotic flavors continue to rise.
With technological advancements, novel scent compounds have been created with better stability, durability, and intensity. Manufacturing companies invest in research and development to develop new aroma compounds to meet various changing industry needs.
Stricter laws are being implemented by regulatory agencies worldwide about the use of chemicals in consumer goods, such as tastes and scents. As the therapeutic benefits of aromatherapy become more widely known, the market for aroma chemicals is predicted to grow.

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Aroma Chemicals Market Report Scope:

Report Coverage	Details
Forecast Period	2024-2034
Base Year	2020-2022
Size in 2023	US$ 6.6 Bn
Forecast (Value) in 2034	US$ 11.8 Bn
Growth Rate (CAGR)	5.4 %
No. of Pages	346 Pages
Segments covered	By Product, By Source, By Application, By Region, By End-user

Global Aroma Chemicals Market: Regional Landscape

Asia Pacific is predicted to lead the market for aroma chemicals, followed by North America and Europe. Increasing disposable incomes and increasing awareness of personal grooming and hygiene drive demand for personal care products in Asia-Pacific.
As health and environmental concerns grow, Asia-Pacific consumers are increasing their demand for natural and organic products. Increasingly, consumers are looking for organic-certified fragrances and flavors derived from natural aroma chemicals.
With consumers' increasing interest in perfumes, colognes, and fine fragrances, the fragrance market in Asia-Pacific is growing rapidly. As premium and luxury fragrance demand grows, the aroma chemical market in the region is growing. Aroma chemicals are vital ingredients in fragrance formulations.
Aromas and flavors are getting regulated and standardized by governments in Asia-Pacific. Aroma chemicals will need to meet safety and environmental standards to comply with these regulations and promote sustainable practices.

Global Aroma Chemicals Market: Competitive Landscape

Small-scale producers are still a major part of the market, especially in emerging countries, despite key players. Product innovation, strategic alliances, and mergers and acquisitions characterize a competitive environment in this sector.

In the fragrance ingredient market, customer tastes vary, regulations are strenuous, and natural fragrance ingredients are growing in popularity. The aroma chemical industry strives to stay competitive by continuously improving its products and increasing its market share.

Key Players Profiled

BASF
Asean Aromatics Private Limited
Atri Aromatics
Givaudan
Kao Corporation
Privi Speciality Chemicals
Symrise
Takasago International Corporation
Unique Chemicals
Other Leading Companies

Key Developments

In March 2023, BASF planned to build citral and menthol plants in Zhanjiang, China, and linalool and menthol plants in Ludwigshanfen, Germany. The company plans to begin operations in 2026 as part of its expansion plans.
In April 2024, TAKASAGO INTERNATIONAL CORPORATION (TIC), a Japan-based manufacturer and marketer of flavors, fragrances, and aroma chemicals, opened its Takasago International India Fragrance Center in Mumbai. As a fragrance research institution, TIIFC provides perfume research, development and creation of fragrance products, and sensory evaluation of these fragrance products within its research facilities.

Global Aroma Chemicals Market: Segmentation

Product

Terpenoids
Benzeoids
Musk Chemicals
Others

Source

Synthetic
Natural

Application

Personal Care
Household Care
Others (F & B, Medical)

Region

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

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