Global Aroma Chemicals Market was valued US$ 3.89 Bn in 2017 and expected to grow at a CAGR of 6.5 % to reach US$ 6.45 Bn by 2026.
Changing consumer preference, rising disposable income, increasing rural penetration, the demand for food & beverages (F&B) and home & personal care (HPC) products are factors driving the aroma chemicals market. The surge in demand for natural aroma chemicals and advances in technology and emerging applications posing an opportunity to market. Consumers are more willing to experiment and moving towards using premium products. Growth in the end-user industry has led to significant growth in the aroma chemicals industry.
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Increase in demand for terpene in end-use industries such as cosmetics, food & beverages, paints & coatings, rubber, and pharmaceuticals are driving the market. However, fluctuation in supply of terpene and high cost related to the extraction process is limiting the market growth.
Soaps and detergents segment held largest market share because most of the soap makers source fragrance chemicals from suppliers that manufacture fragrance ingredients. Soaps and detergents are daily and vital necessities as consumer goods and are used by the huge population base. Escalating penetration of washing machines in the developing countries is projected to gain significant market growth.
The USA accounts for 33% of the market, with Europe representing about 30 % of the world market and Japan 12%. The rest of the market lies in developing countries with high growth rates and potential, as the use of the consumer products in these particular major end-use markets increase. Asia Pacific region accounted for the largest market share due to huge domestic consumption of aroma chemicals in India.
The report covers total market for aroma chemicals has been analyzed based on Porters five forces model. The impact of the different market factors, such as drivers, restraints, and opportunities, challenges key issues SWOT analysis, and technology forecasting is also illustrated in the report. This gives an idea about the key drivers, such as high growth and demand in emerging economies countries. The findings enumerated in this report would suggest that an investment in an aroma chemicals cluster based on the portfolio of products indicated, the downstream sector would benefit positively and would help to bridge the innovation gap identified in the national research and development strategy.
Treatt, Vigon International, YingYang (China) Aroma Chemical Group, International Flavors and Fragrances Inc and China Flavors and Fragrances, BASF, Bell Flavors and Fragrances, Givaudan, Jiaxing Wintrust Flavours Co.,Ltd, Kao Corporation, Kerry Group, SH Kelkar and Company Limited, Sensient Technologies, Symrise, Takasago International Corporation are major players of aroma chemicals market.
Scope of the Global Aroma Chemicals Market
Global Aroma Chemicals Market, by Composition:
Global Aroma Chemicals Market, by Application:
Cosmetic and Toiletries
Food and Beverages
Home Care Products
Soap and Detergents
Global Aroma Chemicals Market, by Region:
Middle East & Africa
Key Players analyzed in the Report:
YingYang (China) Aroma Chemical Group
International Flavors and Fragrances Inc
China Flavors and Fragrances
Bell Flavors and Fragrances
Jiaxing Wintrust Flavours Co., Ltd
SH Kelkar and Company Limited
Takasago International CorporationG