Aroma Chemicals Market Share, Size, Trends, Industry Analysis Report, By Source (Natural, Synthetic, and Natural-Identical); By Chemicals; By Application; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 117
- Format: PDF
- Report ID: PM3296
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global aroma chemicals market was valued at USD 5.7 billion in 2023 and is expected to grow at a CAGR of 4.0% during the forecast period. The rapidly growing demand for aroma chemicals in a wide range of key end-use industries such as convenience foods, confectionery, cosmetics, toiletries, and fine fragrances along with the increasing need for low calories drinks among health enthusiasts and athletes are among the major prominent factors driving the global market growth. In addition, there are several manufacturers, who are actively engaging in developing new and more improved extracting technologies for aroma chemicals and expansion of their chemical production capabilities, in order to cater the rising demand from all over the world, that is likely to create huge growth opportunities for the market.
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For instance, in November 2021, Valtris Specialty, announced the expansion of their production capacity at the, Belgium. The company has increased 20% capacity of the production of Benzaldehyde, which is a major raw material for hexyl-cinnamaldehyde, to meet the growing need of their customers.
Moreover, the rising demand for the customizable and niche fragrances around the world and growing importance of organic and natural fragrances in the aromatherapy, that helps in influencing the emotional and psychological wellbeing, will further stimulate the demand for aroma chemicals, as these chemicals are very important group of organic molecules used as key ingredients in the manufacturing of fragrances and flavors.
However, high research & development cost associated with the aroma chemicals and complex manufacturing and extraction process coupled with the stringent regulations that are being imposed on the production of aroma chemicals, are the major factors expected to hamper the market growth over the anticipated period.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the aroma chemicals market. With the nationwide lockdown, shutdown and closure both retail and wholesale businesses, international travel bans, consumer buying behavior for personal care and beauty products has drastically changed, due to which the sales of product declined significantly. However, there has been a increase in the demand for aroma chemicals, as demand for food & beverages and other consumer goods has grown during the pandemic due to panic buying of consumers.
Industry Dynamics
Growth Drivers
There has been a significant rise in the demand for product in the food beverages, by considering their ability in keeping the body energized and hydrated also in the dry and very humid weather conditions and surge in the penetration for protein-based drinks due to increased consumer self-care awareness and changes in the living styles, are primary factors propelling the demand and growth of the global aroma chemicals market.
Furthermore, the increasing consumer awareness about maintain a healthy and hygienic environment around their surroundings, is creating huge demand for various toiletries products including soaps, detergent, sanitizers, disinfectant, toilet cleaners, and floor cleaners, which in turn, influencing the demand for aroma chemicals worldwide.
Report Segmentation
The market is primarily segmented based on source, chemicals, application, and region.
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By Source |
By Chemicals |
By Application |
By Region |
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Synthetic source segment accounted for the highest market share in 2022
Increasing utilization of synthetic products in wide range of product applications including personal care, cosmetics, and food & beverages along with the easy availability and low cost of production, are among the major factors propelling the demand and growth of the segment.
The natural-identical segment is expected to account for substantial growth rate during the anticipated period, which is highly attributable to rising consumer shift form the chemically processes products to various naturally extracted aromatic substance due to their less negative impact on environment and human skin as well. Moreover, the large availability and presence of financial factors are also playing a crucial role in the increased consumption of natural aromatic sources.
Musk chemicals segment is expected to witness fastest growth over the projected period
The musk chemicals segment is projected to grow at fastest CAGR during study period, on account of growing number of applications of musk chemicals in soaps & detergents, cosmetics & personal care products, household, and food products among others. Moreover, the growing importance of grooming among the adults and also in teenagers along with the surge in popularity of different types of personal care products and fine fragrances, are likely to have a positive impact on the demand and growth of the segment.
The terpenes & terpenoids segment held the significant market revenue share, which is mainly driven by rising usage of terpenes resins in rubber adhesives, paints & printing inks, chewing gums, and pressure-sensitive tapes. Additionally, terpenoids are also being widely used as antimalarial drugs like artemisinin, as it has anti-carcinogen, antimicrobial, and several antiseptic medical properties, which is expected to bode well the market growth over the next coming years.
Flavors segment is projected to hold significant market share
The flavors segment is projected to hold the largest market revenue share over the anticipated period, owing to widespread use of different types of flavors for non-alcoholic beverages including juices, tea, shakes, smoothies, health drink, protein shakes, and coffee. The extensively surging in the population, who are demanding various types of coffee beverages with improved taste and smell across the globe are also expected to create significant growth opportunities for the market. The fragrance segment led the industry with healthy market share, which is mainly accelerated by rise in the adoption and demand for processed foods and beverages, continuous growth in the popularity of exotic flavors along with the increase in demand for food applications like convenience foods, confectionery, and diary & bakery products.
Asia Pacific region dominated the global market in 2022
Asia Pacific region dominated the global market, and is projected to maintain its dominance over the anticipated period. The regional growth is mainly attributed to surging demand for flavors and fragrances especially in the emerging economies like China, India, and Indonesia coupled with the growing focus on major market players on investing in R&D activities and expanding their business all over the market, which in turn, stimulating the demand of the product.
North America region is expected to be the fastest growing region with during the projected period, owing to the increase in the demand for variety of aroma chemicals form cosmetics & personal care industry and increasing prevalence of social media and rapid emergence of online platforms. In addition, the rising consumer spending of several premium and luxury fragrances and improved consumers living standard, are offering huge growth opportunities for the market in the region.
Competitive Insight
Some of the major players operating in the global aroma chemicals market include BASF, Privi Organics, Takasago International, Bell Flowers & Fragrances, S H Kelkar and Company, Symrise, Kao Corporation, Givaudan, Eternis Fine Chemicals, Hindustan Mint & Agro, DSM, International Flavors & Fragrances, Solvay, BORDAS, Keva, & Vigon International.
Recent Developments
- In June 2021, Prinova, introduced its new website, with digital feature for the world of distribution of ingredients and enhance the industry. This new site delivers all things that a customer may need from the shopping experience including pricing, sourcing, & transparency.
- In May 2021, P2 Science introduced its new herbal to note aroma chemical named “Herbenone”. Product literature are available on its website and are purchased directly from the company online store & also on the website.
Aroma Chemicals Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 5.92 billion |
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Revenue forecast in 2032 |
USD 8.12 billion |
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CAGR |
4.0% from 2024– 2032 |
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Base year |
2023 |
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Historical data |
2019– 2022 |
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Forecast period |
2024– 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
By Form, By Product, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
BASF SE, Privi Organics India Limited, Takasago International Corporation, Bell Flowers & Fragrances, S H Kelkar and Company, Symrise, Kao Corporation, Givaudan, Eternis Fine Chemicals Ltd., Hindustan Mint & Agro Products Pvt. Ltd., DSM, International Flavors & Fragrances Inc., Solvay, BORDAS S.A., Keva, De Monchy Aromatics, and Vigon International. |
FAQ's
The aroma chemicals market report covering key segments are source, chemicals, application, and region.
Aroma Chemicals Market Size Worth $8.12 Billion By 2032.
The global aroma chemicals market expected to grow at a CAGR of 4.0% during the forecast period.
Asia Pacific is leading the global market.
key driving factors in aroma chemicals market are increasing demand for food & beverages.
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