- Artificial intelligence to play a key role in product development, and to lead players to higher market share
- Benzenoids segment to contribute massively to growth in the global aroma chemicals market
- Development of safer and greener molecules to be key focus area for market players over the forecast period
ALBANY, New York, July 7, 2020 /PRNewswire/ -- The global aroma chemicals market is growing and the rate, compounded annually, over the period of 2019 to 2027 will be about 6%, leading to a valuation of approximately USD 7.8 billion by the end of the forecast period. A slew of growth factors are supporting this growth.
As per Transparency Market Research, "Innovative chemistries and use of artificial intelligence are driving the global aroma chemicals market forward in a big way. Strategic collaborations are also leading to better fragrances being launched in the market, propelling growth."
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Key Findings of Global Aroma Chemicals Market Study:
- Natural aroma chemicals will witness increase in popularity and demand over the forecast period
- In the product category, easy availability will lead the benzenoids segment to a prominent share
- Asia Pacific will be a lucrative region in the global aroma chemicals market
For a detailed analysis of global aroma chemicals market by source, application, and region, visit https://www.transparencymarketresearch.com/pressrelease/aroma-chemicals-market.htm
Key Drivers of Growth in Global Aroma Chemicals Market:
Demand in global aroma chemicals market is increasing and multiple factors are supporting this growth, states Transparency Market Research. An overview of the interplay between trends and drivers, impacting the market positively is provided below:
- Use of technology such as Artificial Intelligence is a crucial growth determinant in the global market, helping players come up with unique, green and safe molecules
- Increased research and development is marking the market landscape, promising a positive outlook
- Use of terpenes in food for flavors is growing and that is generating demand for aroma chemicals
- Increasing demand for homecare products such as detergents is driving market onto a higher growth curve over the forecast period
- Increase in disposable income is allowing consumers to opt for premium products
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Regional Analysis of Global Aroma Chemicals Market:
- Asia Pacific (APAC) region will grow at a steady compound annual growth rate over this period; India and China will be key growth contributors
- Growth in this region will be mainly an outcome of increasing population, improving living standard and increasing disposable income
- End-use industries such as flavors and fragrances are generating notable demand for aroma chemicals in the region
Analyze global aroma chemicals market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Competitive Landscape of Global Aroma Chemicals Market:
In the global aroma chemicals market, top four players hold more than half the market share. Therefore, it is a consolidated vendor landscape. It is also quite competitive. Multiple growth strategies are currently being deployed by prominent players in order to carve off a larger share of the market.
Top players in the global aroma chemicals market are Givaudan, Symrise AG, International Flavors & Fragrances Inc., Firmenich S.A., Takasago International Corporation, BASF SE, Kao Corporation, and Eternis Fine Chemicals Ltd., among others. These have been profiled by Transparency Market Research in a detailed manner.
Players which are emerging and considered promising in the market include Tennants Fine Chemicals Ltd., Yingyang (China) Flavors & Fragrance Group, Privi Organics India Limited, QINGDAO COSO INTERNATIONAL TRADING CO., LTD., MANE
Solvay, Nimble Technologies Pvt Ltd., Cedarome, Orchid Chemical Supplies Ltd., Anthea Aromatics, and Oriental Aromatics Limited, among others.
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Aroma Chemicals Market – Segmentation
Aroma Chemicals Market by Source
Aroma Chemicals Market by Product
- Musk Chemicals
- Others (including Aldehydes and Ketones)
Aroma Chemicals Market by Application
- Personal Care
- Fine Fragrances
- Cosmetics & Toiletries
- Household Care
- Others (including Candles and Incense Sticks)
- Musk Chemicals
- Others (including Food & Beverages and Medical)
Aroma Chemicals Market by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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