Aroma Chemicals Market to Garner $8.5 Billion, Globally, By 2031 at 5.4% CAGR, Says Allied Market Research

The utilization of eco-friendly process products and the development of innovative extracting technologies drive the growth of the global aroma chemicals market

PORTLAND, Ore., Sept. 28, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Aroma Chemicals Market by type (natural, synthetic), by process (Food and Beverages, Fine Fragnances, Cosmetics and Toiletries, Soaps and Detergents, Others), by Product (Benzenoids, Tarpenes, Musk Chemicals, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global aroma chemicals industry generated $5.1 billion in 2021, and is estimated to reach $8.5 billion by 2031, witnessing a CAGR of 5.4% from 2022 to 2031.

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Prime determinants of growth

The utilization of eco-friendly process products and the development of innovative extracting technologies drive the growth of the global aroma chemicals market. However, the availability of cheap substitutes over expensive aroma chemicals and adverse effects on human health due to long-time exposure restrain the market growth. On the other hand, huge shift of consumers toward natural and bio-based products that led key market players to surge the production capacity presents new opportunities in the coming years.

Covid-19 Scenario

• The Covid-19 pandemic affected the aroma chemicals market adversely owing to stoppage in production activities during lockdown restrictions, disruptions in supply chain, and shortage of raw materials. Many aroma chemicals manufacturing companies were either shut down or reduced their operational activities to avoid the risk of infection in the workforce.
• The demand from various end-use industries such as personal care and beauty care products including fragrances, skincare, colon cosmetics, hair care, and others were affected due to stoppage of manufacturing activities with strict government norms and regulations. Also, the demand for these products reduced considerably.
• The demand for aroma chemicals is expected to recover post-pandemic as daily operations from food and beverages, consumer products, fragrance, and other end-use sectors continue with optimum capacity.
• The logistics and supply chain restrictions were lifted off post-pandemic. Manufacturing activities got back on track and the market across the globe is expected to recover soon.

The synthetic segment to maintain its lead status during the forecast period

Based on type, the synthetic segment accounted for the highest market share in 2021, holding around two-thirds of the global aroma chemicals market, and is projected to maintain its lead status during the forecast period. Moreover, this segment is projected to manifest the largest CAGR of 5.7% from 2022 to 2031. This is due to increase in adoption by FMCG companies that produce a variety of personal care and skin care products in different price ranges with changes in consumption patterns of cosmetics. The report also analyzes the natural segment.

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The fine fragrances segment to continue its leadership in terms of revenue throughout the forecast period

Based on process, the fine fragrances segment contributed to the highest market share in 2021, accounting for nearly half of the global aroma chemicals market, and will continue its leadership in terms of revenue throughout the forecast period. Moreover, this segment is estimated to register the highest CAGR of 5.7% from 2022 to 2031. This is attributed to rise in demand for branded perfumery and scents along with active participation of manufacturing companies in manufacturing of customized perfumeries for men, women, and teenagers. The research also analyzes the segments including food and beverages, cosmetics and toiletries, soaps and detergents, and others.

The tarpenes segment to continue its highest contribution throughout the forecast period

Based on product, the tarpenes segment accounted for the largest market share in 2021, holding nearly two-fifths of the global aroma chemicals market, and is estimated to continue its highest contribution throughout the forecast period. This is due to rise in demand for hand wash fragrances, ointment, creams, lotion, and sanitizers in which tarpanes are utilized. Moreover, the demand for terpenes surged in the cosmetics and food & flavoring sector. However, the benzenoids segment is projected to grow at the fastest CAGR of 6.0% from 2022 to 2031. This is attributed to substantial increase in demand from the flavor and fragrances sector for benzenoids-based aroma chemicals. The report also analyzes the segments including musk chemicals and others.

Asia-Pacific to offer lucrative opportunities

Based on region, Asia-Pacific held the largest market share in 2021, accounting for more than two-fifths of the global aroma chemicals market, and is projected to continue its dominant share throughout the forecast period. In addition, the region is estimated to witness at the largest CAGR of 5.8% from 2022 to 2031. This is due to increase in usage of natural and synthetic aroma chemicals as flavoring agents in dairy, convenience goods, confectionery, drinks & beverages, and other products for providing exotic and niche flavors. The research also analyzes regions including North America, Europe, and LAMEA.

Leading Market Players

• BASF SE
• Bell Flowers and Fragrances
• Eternis Fine Chemicals Ltd.
• Givaudan
• Henkel AG
• Kao Corporation
• Privi Speciality Chemicals
• S H Kelkar and Company Limited
• Symrise
• Takasgo International Corporation

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