- Market Size – USD 5.16 billion in 2019, Market Growth - CAGR of 6.2%, Market Trends – The considerable growth of the perfume, deodorants, and air-freshener products.
- The increasing usage of personal care products, coupled with a growing emphasis on luxury perfume & cosmetics products and increasing disposable income in developing regions, is driving the demand for the market.
NEW YORK, Sept. 10, 2020 /PRNewswire/ -- The Global Aroma Chemicals Market is projected to reach USD 8.41 billion by 2027. The market is growing rapidly as the demand for the odorants and fragrant intensifiers are expanding considerably in the global market. Perfumes, body deodorants, air-fresheners, soaps, food-scented chemicals are some of the highly consumed end-use products which add to the aroma ingredients market value appreciably. Massive demand in the personal care industries specializing in skincare, hair care products, and a sudden enormous lift in the growth of the medicated personal care & topical medicinal products have substantially propelled the overall market growth and expected to add to the market share in the forthcoming years. Chemical compounds such as Esters, terpenes have the most number of applications and hence have the highest demand from the end-users.
Synthetic perfume ingredients, perfume ingredients label, perfume ingredients by brand, perfume chemical ingredients, to name a few, are the hugely in demand topics and factors the end-users are concerned about and have been influencing the market growth in many ways, have been additionally discussed in details in the report. Leading and growing players in the market that have been investing an extensive amount in the research & development in such corresponding factors have observed enormous growth in their business. Perfumery, Oil Perfumery, Perfumers Apprentice, are a few of the most renowned companies dealing in this market, widely preferred by most of the end-users.
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Europe is forecast to sustain its domination in the market with the highest revenue by 2027, owing to its century-old formulations and R&D in the perfume & cosmetics industries from the pioneer countries of the market such as France, England, and Germany.
The COVID-19 impact:
The COVID-19 pandemic has created endless disruptions to the manufacturing or production industries due to a shortage of resources in different parts of the world. The leading players in the industry are sceptical about the market's future and are trying to redesign their strategies to support the challenge. The pandemic had a serious impact on the research & development as the companies are refraining from investing in any newer aspect of research or product innovation for the time being. The manufacturing industries also have been disrupted due to reduced availability of human resources. The companies are incorporating different techniques to increase the production volume and trying to develop innovative solutions at an affordable price, which can meet customer requirements at a much lower cost and support the overall breakthrough required for sustainability in the increased perfume & deodorants product penetration.
To identify the key trends in the industry, click on the link below:
Further key findings from the report suggest
- Esters include some acetates, butyrate, propionate and some other organic compounds. Mostly, floral, sweet, and fruity are the type of fragrances which are derived from this chemical compound and have got the highest market share of about 25.3% in 2019. The CAGR for this sub-segment is calculated to be 5.5% over the forecast period.
- Floral fragrances owing to their maximum end usages, possessed the highest market share of 16.3% in 2019 and would grow fastest at a rate of 6.1% during the forecast period. These fragrances are used in the perfumes, deodorants, cologne scents, fragrance powder, and soaps, among others. Rose, lilac, and lavender are some of the most used floral fragrances.
- Medical usage consists of the healthcare & medicated products and the treatments done with the aroma ingredients. Aromatherapy reduces mental and physical stress and also diminishes several mental ailments as well as severe headache. Aromatic products arouse sexual appeal by stimulating the hormonal secretions. The sub-segment is expected to achieve a higher market share by 2027.
- Advancement in manufacturing techniques, a higher availability of the resources for the manufacturing units, dexterous processing technique, higher production capacity, increased consumers, and favorable business models of export & import, the Asia Pacific developing countries have been have been setting the trend for raw material and chemical products outsourcing.
- Key participants include BASF SE, International Flavors & Fragrances Inc., Privi Organics India Limited, MANE, Hindustan Mint & Agro Products Pvt. Ltd., SymriseAG, Takasago International Corporation, Givaudan, Fairchem Speciality Ltd, and PFW Aroma Chemicals, among others.
For the purpose of this report, Reports and Data have segmented the global market on the basis of type of fragrance, chemical compounds, sales channel, applications, and region:
Type of Fragrance Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017-2027)
Chemical Compounds Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017-2027)
Sales Channel Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017-2027)
- Online Retails
- Offline Retails
Applications Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017-2027)
- Cosmetics & Toiletries
- Household Products
- Foods & Drinks
- Medical Usage
Regional Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Saudi Arabia
- Rest of MEA
- Latin America
- Rest of LATAM
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