Aroma Chemicals Market Size Worth $8.12 Billion By 2032 | CAGR: 4.0%

The global aroma chemicals market size is expected to reach USD 8.12 billion by 2032, according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Shift in the consume preferences towards buying naturally extracted fragrances because of its wide range of benefits on skin, while mitigating the adverse health effects of synthetic ingredients along with the growing proliferation for greener fragrance formulations, as they are sustainable and highly efficient, which are the major factors fueling the market growth.

In addition, rapid urbanization and continuously booming e-commerce business worldwide that have resulted in increased consumer interest in premium beauty and cosmetic products, and increasing focus on key players on expanding their online presence are likely to create lucrative growth opportunities for the market. For instance, in June 2022, BASF, introduced Virtual Aroma Assistants, for its customers from fragrance & flavor industry, and it is accessible on company’s website.

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Since, flavors play a very crucial and significant role in how various types of edible products taste and smell, the aroma chemicals are being widely used to enhance or improve the flavor of beverages along with processes foods. The growing prevalence for health and wellness foods, bans of few synthetic flavor usage, and high awareness towards the appropriateness of natural flavors in numerous applications and specific health advantages of these flavors, are likely to create new potential for the global market.

The continuously rise in the development of in technologies used in chemical industry that fuels the manufacturing capabilities of aroma chemicals. Apart from this, many businesses globally are focusing and creating more environmentally friendly and more cleaner extracting technologies to reduce waste and increase profits, while utilizing high-value chemicals of fragrances from CST and agrochemicals from by-products.

Aroma Chemicals Market Report Highlights

• Synthetic source segment accounted for largest revenue share in 2022, which is highly accelerated by growing use of the product in numerous industries including cosmetics, personal care, and food & beverages
• Musk chemicals segment is anticipated to grow at a high CAGR over the projected period, due to increasing prevalence and popularity of grooming among adults and teenagers
• Flavors segment is projected to account for substantial market share throughout the forecast period, on account its growing utilization in numerous types of non-alcoholic beverages
• Asia Pacific region dominated the global market in 2022, which is mainly driven increasing need for improved fragrances, positive support from government, & rapid growth in the investment on R&D activities
• The global key market players include Privi Organics, S H Kelkar and Company, Symrise, Kao Corporation, Eternis Fine Chemicals, Bell Flowers & Fragrances, Hindustan Mint, and International Flavors & Fragrances

Polaris Market Research has segmented the aroma chemicals market report based on source, chemicals, application, and region:

Aroma Chemicals, Source Outlook (Revenue - USD Billion, 2019 - 2032)

• Natural
• Synthetic
• Natural-Identical

Aroma Chemicals, Chemicals Outlook (Revenue - USD Billion, 2019 - 2032)

• Benzenoids
• Musk Chemicals
• Terpenes & Terpenoids
• Others

Aroma Chemicals, Application Outlook (Revenue - USD Billion, 2019 - 2032)

• Flavors
• Fragrance

Aroma Chemicals, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa