The Aroma Chemicals Market valuation would reach over $8 billion by 2027, says Global Market Insights Inc.
SELBYVILLE, Del., Nov. 2, 2021 -- As per the latest report by Global Market Insights Inc., the Aroma Chemicals Market was estimated at $5 billion in 2020 and is slated to surpass at over USD 8 billion by 2027, registering a CAGR of 6% from 2021 to 2027. The research report delivers an in-depth analysis of top winning strategies, market size & estimations, wavering market trends, competitive scenario, drivers & opportunities, and major investment pockets.
Aroma chemicals are chemical substances that impart odor. These substances are used extensively to provide scent or flavor in products as they are typically highly volatile. Along with essential oils, these substances form the backbone of components that are used to formulate fragrances and flavors. Booming demand for luxury cosmetic and personal care products with attractive aromas is expected to impel the aroma chemicals industry growth through the forecast period. Moreover, escalating consumer interest in aromatherapy is also likely to fuel market growth in the coming years.
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Benzenoids are set to witness an upsurge in demand due to rising consumer interest in natural food ingredients over chemical ingredients. The natural source of benzenoids is also anticipated to observe high adoption in the food & beverage industry owing to soaring consumer preference for processed food & beverage products with natural ingredients. Additionally, growing concerns pertaining to side effects of cosmetics on the skin are stimulating the demand for natural ingredients in aroma chemicals, which is foreseen to boost the adoption of benzenoid aroma chemicals. Driven by these factors, the global aroma chemicals market from the benzenoids product segment is estimated to exceed a valuation of USD 3.1 billion by 2027.
Key reasons for aroma chemicals market growth:
- Surging usage in developing water-efficient laundry products.
- Growing consumer interest in aromatherapy.
- High product significance in cosmetics & personal care products.
- Increasing product demand in North America.
2027 forecasts show 'soaps & detergents' segment retaining its dominance:
Based on application, the soaps & detergents segment is projected to surpass USD 965 million in revenue by 2027. Government initiatives to promote cleanliness, particularly in developing countries like India and China, coupled with the increasing need for essential cleaning products in the healthcare sector, are slated to support the demand for soaps & detergents in healthcare applications, thereby fostering the aroma chemicals market outlook.
Europe to maintain top status in terms of revenue:
In the regional landscape, the Europe aroma chemicals market share is anticipated to progress at approximately 6% CAGR through the assessment period due to the expanding cosmetic & personal care industry in the region. Europe is the largest market for cosmetic products owing to the high presence of manufacturers in the region, which is speculated to propel product demand in cosmetic manufacturing.
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Impact of COVID-19 pandemic on aroma chemicals market
Following the outbreak of SARS-CoV-2, researchers sought to identify methods to accelerate patient recovery from COVID-19-induced loss of smell. This substantially improved product significance in COVID-19 treatment.
Furthermore, the onset of COVID-19 disrupted the global supply chain, adversely impacting virtually all industries. To cope with this situation, companies implemented lucrative strategies to capitalize on growth opportunities and expand their industry presence, which has been favorable for market growth during the pandemic. For instance, in February 2021, Eternis Fine Chemicals, India's largest exporter of aroma chemicals, acquired Tennants Fine Chemicals, the largest producer of aroma chemicals in the UK.
Leading market players
Key companies operating in the aroma chemicals industry include BASF SE, Solvay, Kelkar Group, Hindustan Mint & Agro Products, Symrise AG, Robertet, and Kao Corporation, among others.
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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SOURCE Global Market Insights Inc.