The Aroma Chemicals by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Aroma Chemicals, The aroma chemicals market size has grown strongly in recent years. It will grow from $5.75 billion in 2023 to $6.17 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to growth in fragrance and flavors industry, consumer preference for natural ingredients, rise in personal care products demand, globalization of the perfume market, urbanization and changing lifestyles.
The aroma chemicals market size is expected to see strong growth in the next few years. It will grow to $8.1 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to sustainability and green chemistry practices, rising popularity of home fragrances, alternative sources for aroma chemicals, consumer awareness and transparency, increasing disposable income.. Major trends in the forecast period include natural aroma chemicals, demand for customized fragrances, biodegradable aroma chemicals, olfactory science and research, adoption of microencapsulation technology, innovation in sustainable sourcing
The increasing demand for cosmetics and personal care products is expected to propel the growth of the aroma chemicals market. Cosmetics and personal care items are those made of chemicals that are applied to the human body in an effort to clean, enhance, make it more appealing, or otherwise change the way it looks. Aroma chemicals are primarily used in cosmetics and personal care products to manufacture different types of beauty products and flavors and fragrances. Consumer demand for cosmetics and personal care items is growing, which boosts the market for aroma chemicals. For instance, in January 2021, according to an article shared by Automat.ai, a Canada-based business services, software, and computer software company, in the US, sales of skincare products increased by 13% last year, while sales of makeup items increased by 1%. At that time, the growth of online beauty merchants was 24%, with skincare taking the lead. Therefore, increasing demand for cosmetics and personal care products is driving the growth of the aroma chemicals market.
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The aroma chemicals market covered in this report is segmented –
1) By Product: Benzenoids, Terpenoids, Musk Chemicals, Other Products
2) By Source: Natural, Synthetic, Natural-identical
3) By Application: Food And Beverages, Fine Fragrances, Cosmetics And Toiletries, Soaps And Detergents, Other Applications
Product innovations are a key trend gaining popularity in the aroma chemicals market going forward. Major companies operating in the aroma chemicals market are focused on developing innovative solutions to strengthen their position in the market. For instance, in May 2021, P2 Science, Inc. (P2), a US-based green chemistry company, launched Herbenone, a new patented renewable aroma chemical. Herbenone is a new herbal top note made with patented green chemistry from sustainable forestry-derived feedstock. It imparts herbal, anise, fresh basil, and a tad of jasmine notes to all kinds of cosmetics and personal care products. Herbenone is based on the same green chemical platform as other P2 products. As a result, it comes from recycled forestry feedstocks made from certified pine trees by the Forest Stewardship Council
The aroma chemicals market report table of contents includes:
1. Executive Summary
2. Aroma Chemicals Market Characteristics
3. Aroma Chemicals Market Trends And Strategies
4. Aroma Chemicals Market – Macro Economic Scenario
5. Global Aroma Chemicals Market Size and Growth
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26. South America Aroma Chemicals Market
27. Brazil Aroma Chemicals Market
28. Middle East Aroma Chemicals Market
29. Africa Aroma Chemicals Market
30. Aroma Chemicals Market Competitive Landscape And Company Profiles
Top Major Players:
- BASF SE
- Solvay S.A
- Takasago International Corporation
- Kao Corporation
- Hindustan Mint And Agro Products Pvt. Ltd
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