PUBLISHER: The Business Research Company | PRODUCT CODE: 1409203
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409203
“Aroma Chemicals Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on aroma chemicals market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for aroma chemicals? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The aroma chemicals market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Aroma chemicals are chemical substances, whether natural or artificial, that impart a pleasant fragrance or odor. These volatile compounds are designed to enhance the flavor or aroma of various products. Aroma chemicals are typically produced through chemical reactions in reactors, using synthetic starting materials that undergo significant chemical transformations.
The main categories of aroma chemical products include benzenoids, terpenoids, musk chemicals, and others. Benzenoids are aromatic compounds characterized by the presence of benzene rings as their main structural component. These aroma chemicals can be derived from natural sources, synthesized artificially, or created to mimic natural scents. They find applications in various industries, including food and beverages, fine fragrances, cosmetics and toiletries, soaps and detergents, among others.
The aroma chemicals market research report is one of a series of new reports from The Business Research Company that provides aroma chemicals market statistics, including aroma chemicals industry global market size, regional shares, competitors with aroma chemicals market share, detailed aroma chemicals market segments, market trends and opportunities, and any further data you may need to thrive in the aroma chemicals industry. This aroma chemicals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The aroma chemicals market size has grown strongly in recent years. It will grow from $5.75 billion in 2023 to $6.17 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The historic growth in the aroma chemicals market can be attributed to the expansion of the fragrance and flavors industry, a consumer preference for natural ingredients, increased demand for personal care products, globalization of the perfume market, and shifts in urbanization and lifestyles.
The aroma chemicals market size is expected to see strong growth in the next few years. It will grow to $8.1 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The forecasted growth in the aroma chemicals market can be attributed to the adoption of sustainability and green chemistry practices, the increasing popularity of home fragrances, the exploration of alternative sources for aroma chemicals, growing consumer awareness and demand for transparency, and an overall rise in disposable income. Major trends in the forecast period include the development of natural aroma chemicals, a demand for customized fragrances, the use of biodegradable aroma chemicals, advancements in olfactory science and research, and the adoption of microencapsulation technology, as well as innovation in sustainable sourcing.
The surge in demand for cosmetics and personal care products is set to be a driving force behind the expansion of the aroma chemicals market. These items, comprising chemicals applied to the human body to cleanse, enhance, or alter appearance, heavily rely on aroma chemicals. Aroma chemicals play a pivotal role in the formulation of various beauty products, fragrances, and flavors within cosmetics and personal care items. The escalating consumer inclination towards these products augments the market for aroma chemicals. Notably, in January 2021, reports from Automat.ai revealed a 13% upsurge in skincare product sales and a 1% rise in makeup item sales in the US. Notably, online beauty merchant growth reached 24%, primarily led by skincare products, signifying the pivotal role of aroma chemicals in driving the growth of cosmetics and personal care products.
The burgeoning consumption of confectionery products is anticipated to be a catalyst for the aroma chemicals market's expansion. Confectionery, known for its sugar-rich and carbohydrate-laden food items, incorporates aroma chemicals to enhance the flavor and fragrance of candies, chocolates, and baked goods. These chemicals are instrumental in creating the appealing flavors and scents that resonate with consumers. For instance, as of March 2023, the National Confectioners Association reported a significant surge in total confectionery sales, reaching $42.6 billion in 2022 compared to $36.9 billion in 2021, marking a 15% growth. Specifically, chocolate sales witnessed a substantial 9.1% increase in dollar sales growth in 2022. This underscores the pivotal role of aroma chemicals in driving the growth of confectionery products.
Innovative product developments emerge as a prominent trend propelling growth within the aroma chemicals market. Leading companies within this sector are channeling efforts towards pioneering solutions, fortifying their market stance. A case in point is P2 Science, Inc.'s May 2021 introduction of Herbenone, a novel patented renewable aroma chemical. Herbenone, derived through patented green chemistry from sustainable forestry feedstock, introduces herbal, anise, fresh basil, and hints of jasmine notes into various cosmetics and personal care products. Sourced from recycled forestry feedstocks certified by the Forest Stewardship Council, Herbenone showcases the commitment towards sustainable sourcing and innovation, epitomizing the trend of product innovation within the aroma chemicals market.
Prominent players within the aroma chemicals market are directing their efforts toward the production of advanced chemicals utilizing cutting-edge fermentation technologies, aiming to secure a competitive advantage in the industry. This cutting-edge fermentation method harnesses microbial fermentation to craft intricate organic chemicals, including aroma chemicals, with remarkable precision. Notably, in October 2023, Isobionics BV, a Netherlands-based biotech-driven aroma ingredients firm, unveiled Isobionics Natural alpha-bisabolene 98 and Isobionics Natural (-)-alpha-bisabolol 99, two novel natural flavors crafted through the company's advanced fermentation technology. Leveraging this state-of-the-art fermentation approach enables Isobionics to consistently expand its assortment of natural flavors, extending beyond its popular citrus offerings to cater to the evolving preferences of consumers and market demands. Isobionics' biotech platform stands as a cornerstone in shaping future ingredients, aiming to deliver distinctive flavor profiles aligned with consumer preferences.
In June 2021, Azelis Holding SA, a Belgium-based provider specializing in specialty chemicals and ingredients, successfully acquired Vigon International Inc. in an undisclosed transaction. This strategic acquisition equips Azelis Holding with a robust position within the burgeoning and non-cyclical flavor and fragrance markets in the Americas. Vigon International Inc., a US-based chemical manufacturing company, is known for its comprehensive range of essential oils, synthetic and natural ingredients, and natural aroma chemicals. This acquisition amplifies Azelis Holding's portfolio strength, leveraging Vigon International's expertise and offerings to bolster its presence and offerings within the dynamic Americas market for flavor and fragrance solutions.
Major companies operating in the aroma chemicals market report are BASF SE, Solvay S.A., Takasago International Corporation, Kao Corporation, Hindustan Mint And Agro Products Pvt. Ltd., Givaudan, Privi Specialty Chemicals Limited, SymriseAG, Robertet SA, International Flavors And Fragrances Inc., Treat PLC, Firmenich SA, Bell Flavors & Fragrances, Cedarome Canada Inc., Eternis Fine Chemicals Ltd., Sensient Technologies, Frutarom, Mane, T. Hasegawa, Shandong Yingyang Flavors & Fragrance Co.Ltd., Huabao International Holdings, Jiaxing Wintrust Flavors, CPL Aromas, Silverline Chemicals, Vigon International, Alpha Aromatics, Grupo Indukern S.L., Veera Fragrances, TFF Group, Wild Flavors Inc., Berje Inc., Zhejiang Newfine Industry Co. Ltd., The Lebermuth Co. Inc., Synerzine, Triveni Aromatics and Perfumery .
Asia-Pacific was the largest region in the aroma chemicals market in 2023. The regions covered in the aroma chemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the aroma chemicals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The aroma chemicals market consists of sales of benzyl alcohol, acetone, linalool, ethanol, ethyl acetate, camphor, formaldehyde, methylene chloride, and limonene. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.