According to the new market research report on "Aroma Ingredients Market for Personal Care Industry by Type (Synthetic Ingredients, Natural Ingredients), Application (Fine Fragrances, Toiletries, and Cosmetics), and Region (APAC, Europe, North America) - Global Forecast to 2023", published by MarketsandMarkets™, the market is projected to grow from USD 2.27 billion in 2018 to USD 2.83 billion by 2023, at a CAGR of 4.5% between 2018 and 2023. The increasing demand for personal care products, coupled with the change in lifestyles and consumer preferences is expected to drive the growth of the Aroma Ingredients Market during the forecast period.
Based on type, the synthetic ingredients segment of the Aroma Ingredients Market is projected to grow at the highest CAGR, in terms of value from 2018 to 2023
Based on type, the Aroma Ingredients Market has been segmented into synthetic ingredients and natural ingredients. The synthetic ingredients segment of the market is projected to grow at the highest CAGR in terms of value during the forecast period. Synthetic ingredients are compounds artificially made through chemical reactions. They have characteristic odors as per their molecular structures. These are synthesized using various artificial chemicals primarily derived from coal tar and petroleum. Synthetic ingredients are less costly as well as consistent in quality and price, unlike natural ingredients. Hence the synthetic ingredients are the fastest-growing type of aroma ingredients.
Based on application, the fine fragrances segment is projected to lead the Aroma Ingredients Market during the forecast period in terms of value
The fine fragrances segment is projected to lead the Aroma Ingredients Market in terms of, value between 2018 and 2023. Fine fragrance is a term used for products diluted with alcohol and contain a high concentration of aroma ingredients. Fine fragrances include major applications, such as perfumes, colognes, body mists, and deodorants. Aroma ingredients are the key compounds in fine fragrance formulations. The increasing demand for perfumes, colognes, deodorants, and body mists across the globe is expected to drive the demand for aroma ingredients in the fine fragrances application.
The European region is expected to be the largest market for aroma ingredients during the forecast period
The Aroma Ingredients Market has been studied for 5 regions, namely, APAC, North America, Europe, the Middle East & Africa, and South America. The European region is projected to be the largest market for aroma ingredients during the forecast period due to the strong foothold of manufacturers of personal care products in the region. Aroma ingredients are the key compounds used in the formulation of various personal care products. The European region is also home for the leading manufacturers of aroma ingredients. The major countries driving the growth of the Aroma Ingredients Market in the European region are France, Germany, Italy, and UK.
Some of the key players in the Aroma Ingredients Market include Symrise (Germany), Takasago International Corporation (Japan), Sensient Technologies Corporation (US), MANE (France), Robertet SA (France), T. Hasegawa Co., Ltd. (Japan), Frutarom (Israel), Givaudan (Switzerland), Firmenich SA (Switzerland), and International Flavors & Fragrances Inc. (US).
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