The global aroma chemicals market revenue was around US$ 5.6 billion in 2023 and is estimated to reach US$ 8.9 billion by 2032, growing at a compound annual growth rate (CAGR) of 5.4% during the forecast period from 2024 to 2032.
Aroma chemicals are chemical compounds that exist in both synthetic and natural forms. These impart appealing fragrance and odor owing to which these are utilized in the formulation of different products such as deodorants, consumer products, perfumes, and many others. These are utilized in toiletries, cosmetics, soaps & detergents, and other sectors.
Market Driving Factors
The surging demand for personal care and cosmetics products, such as facemasks, creams, peels, and others owing to the widening usage among both women and men shall drive the market growth. This is mainly owing to the transformations in lifestyles and an increase in the per-capita disposable income that has contributed to the transition towards organic and natural cosmetics. Moreover, immediate urbanization and booming e-commerce companies have resulted in a surge in customer interest in various premium and unique cosmetic products.
The immediate shift of customers toward bio-based and natural-based aroma chemicals has gained favor for natural-based aroma chemicals. This is because various key manufacturers surge their production capacity for bio-based and natural aroma chemicals. For instance, Kao Chemicals and Citrus and Allied Essences Ltd companies are actively engaged in providing bio-based and natural aroma chemicals for several end-use industries. Thus, these factors are surging the potential sales of aroma chemicals and creating possibilities in the market.
The presence of alternative substitutes over costly aroma chemicals is expected to inhibit the market.
Regional Analysis
North America dominated the market in terms of revenue. This can be majorly attributed to the increase in the per-capita disposable income is likely to surge the expansion of the cosmetics, personal care, and food & beverages industries, along with the increasing health-conscious customers in the region.
Asia-Pacific is estimated to dominate the market in terms of the highest growth rate. This is mainly owing to the surge in the food & beverages sector where aroma chemicals are utilized predominantly in the region. Furthermore, synthetic and natural aroma chemicals are widely utilized on a large scale as flavoring agents in convenience products, dairy, drinks & beverages, confectionery, and other products for offering exotic flavors to the products in the region.
Segmentation Insights
Type Insight
The synthetic segment is estimated to dominate the market in terms of revenue. This is primarily because fast-moving consumer goods (FMCG) firms are coming out with a variety of skincare and personal care products in various cost ranges. In addition, the rising consumption patterns of cosmetics among teenagers due to the rising awareness and desire to look good is driving the market growth.
Process Insight
The fine fragrances segment dominates the market in terms of the largest shares. This is mainly owing to the increase in demand for branded perfumery and scent among individuals. Furthermore, there are various manufacturing firms actively engaged in the manufacturing of customized perfumeries for women, men, and teens & twins. For instance, Sapphire Flavors & Fragrances Company provides woody, amber, leather, or brand perfumes, especially for men.
Product Insight
The terpenes product segment is estimated to dominate the market in terms of shares. This is because the increase in demand for hand wash fragrances, creams, ointments, sanitizers, and lotions escalates the demand for terpenes. Furthermore, the demand for terpenes has surged in the food & flavouring and cosmetics sector due to its medicinal properties, which is further driving the segment growth.
Prominent Companies
Segmentation Outline
The global aroma chemicals market segmentation focuses on the Type, Process, Product, and Region.
By Type
By Process
By Product
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL AROMA CHEMICALS MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: AROMA CHEMICALS MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL AROMA CHEMICALS MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL AROMA CHEMICALS MARKET, BY TYPE
5.1 OVERVIEW
5.2 NATURAL
5.3 SYNTHETIC
6 GLOBAL AROMA CHEMICALS MARKET, BY PROCESS
6.1 OVERVIEW
6.2 FOOD AND BEVERAGES
6.3 FINE FRAGRANCES
6.4 COSMETICS AND TOILETRIES
6.5 SOAPS AND DETERGENTS
6.6 OTHERS
7 GLOBAL AROMA CHEMICALS MARKET, BY PRODUCT
7.1 OVERVIEW
7.2 BENZENOIDS
7.3 TARPENES
7.4 MUSK CHEMICALS
7.5 OTHERS
8 GLOBAL AROMA CHEMICALS MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3.1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL AROMA CHEMICALS MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 BELL FLOWERS AND FRAGRANCES
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 S H KELKAR AND COMPANY LIMITED
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 SYMRISE
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 ETERNIS FINE CHEMICALS LTD
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 GIVAUDAN
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 PRIVI SPECIALTY CHEMICALS
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 KAO CORPORATION
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 BASF SE
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 HENKEL AG
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 TAKASGO INTERNATIONAL CORPORATION
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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