Aroma Chemicals Industry Overview
The global aroma chemicals market size was valued at USD 5.2 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 3.5% from 2021 to 2028.
The demand for the product is anticipated to be driven by increased consumption of flavors and fragrance products in the food and beverages, soaps and detergents, and cosmetics and toiletries industries.
Technological innovation in the market for extraction of aroma chemicals, and a surge in R&D activities among key industry participants have contributed to the growing varieties of customized aroma chemicals for targeted applications. Manufacturers are also focusing on backward integration to maintain uninterrupted raw material supply and reduce the operational cost of the final product. These factors have substantially contributed to the product’s demand.
Gather more insights about the market drivers, restrains and growth of the Global Aroma Chemicals market
The aroma chemical manufacturers are focusing on developing natural products to comply with stringent environmental norms. Additionally, consumers are increasingly becoming more aware of the product benefits, which has compelled the suppliers to maintain high-quality levels by integrating themselves into production.
Taste being a prominent factor in the case of edible items, aroma chemicals are used to enhance the taste in processed food and beverages. Increasing demand for health and wellness foods, government regulations, ban on the use of synthetic flavors are fuelling the growth of natural aroma chemicals. The suitability of natural flavors in wider applications, additional health benefits of certain natural flavors, and advanced technological innovation are the key factors driving the market for aroma chemicals.
Aroma chemicals are extensively used for the production of additives for food and beverage, health, and personal care products, thus establishing a stable market. Further, with respect to the overall product market scenario and evolving consumer demands, the chemical manufacturers are focusing on producing a natural type of aroma chemicals offering flavors similar to synthetic flavoring agents to gain a competitive advantage in the industry.
As these products are used as a base ingredient in formulating quality flavors and fragrances, the end-users including Procter & Gamble, Shiseido, L’Oréal, Unilever, Cargill, Incorporated, Delfi Limited, McKee Foods, Dean Foods Company, The Coca-Cola Company, and Nestlé, among others are market leaders in the food and beverages, personal care and cosmetics, and soaps and detergent industries.
Browse through Grand View Research’s Personal Care & Cosmetics Industry Research Reports.
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Aroma Chemicals Market Segmentation
Grand View Research has segmented the global aroma chemicals market on the basis of source, chemical, application, and region:
- Aroma Chemicals Source Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2028)
- Aroma Chemicals Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2028)
- Musk chemicals
- Terpenes & Terpenoids
- Others (Ketones, Esters, Aldehydes)
- Aroma Chemicals Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2028)
- Aroma Chemicals Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies profiled:
Some prominent players in the global Aroma Chemicals market include
- Privi Organics India Limited
- BASF SE
- Kao Corporation
- Takasgo International Corporation
- Bell Flowers & Fragrances
- S H Kelkar and Company
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