The global aroma chemicals market is estimated to be valued at US$ 8,115.52 Million, growing at a 4.7% value CAGR across the 2022-2032 forecast period. As of 2022, the market is likely to be valued at US$ 5,110 Million. Growth is majorly attributed to extensive applications in the food & beverages and cosmetic industries respectively.
During the historical period 2015-2021, the global aroma chemicals market flourished at a CAGR of 3.4%, reaching a valuation of US$ 5,110 Million by the end of the said period. Aroma chemicals are key ingredients in various products such as baked items, perfumes, candies, alcoholic and non-alcoholic beverages, toiletries, and cleaning products. They are used to enhance taste in canned foods too. Growing demand for luxury and healthcare has increased demand for aroma chemicals in the market.
Key Takeaways from the Market Study
- Global market for aroma chemicals is likely to expand 1.6x from 2022 to 2032
- By source, sales of synthetic aroma chemicals to remain dominant, yielding 69% revenue in 2022
- Terpenoid aroma chemicals to account for a significant value share in the global market
- North America is likely to be an opportunistic market, expanding at a CAGR of 5.6% until 2032
- Asia Pacific to be another significant market, poised to register a growth rate of 6.1%
- Europe is likely to be the kingpin of the global aroma chemicals market, holding a value of US$ 1.8 Billion in 2021
“Prominent manufacturers of aroma chemicals are diversifying their product offerings, incorporating more natural ingredients amid apprehensions regarding the adverse impact synthetically sourced aroma chemicals have on the environment, generating new revenue streams,” comments an analyst at Fact.MR.
Competitive Landscape
The majority of the industry’s major players have been around for a long time and have large production capacities. As a result, in order to meet the growing demand from end-use markets, they are focusing on product launches, expansion, and acquisitions.
- BASF acquired Isobionics, a biotech company, in June 2020 to set up its own distillation plant for the production of new flavors and fragrances. The plant is expected to be built at the Brightlands Chemelot Campus in Geleen, Limburg, the Dutch province. This strategy entails establishing its own production unit for the manufacture and development of new fragrances, which is expected to create market growth opportunities.
- New fragrance technology in all perfume categories, including personal, fabric, fine fragrance, home, and oral care flavors. This technology will assist consumers in improving their overall sense of well-being.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global aroma chemicals market, presenting historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of application (soaps & detergents, cosmetics & toiletries and food & beverages ingredients), compound (alcohols, acids, esters, aldehydes, ketones and hydrocarbons), source (natural and synthetic) and type (benzenoids, musk chemicals and terpenoids) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
About the Chemical and Material Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemical and material team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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