Aroma Chemicals Market size is anticipated to surpass USD 9 Billion by the end of 2033, growing at a CAGR of 5% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of aroma chemicals was USD 6 Billion. The growth of the market can be attributed to the growing personal care and cosmetics industry, along with rising consumer spending worldwide. For instance, the global revenue in the beauty and personal care industry is estimated to be ~530 billion USD as of 2022. Also, in the United States, the beauty & personal care industry generated ~USD 84 billion in 2022. Rising preference among people to improve and maintain personal grooming and good physical appeal. Also, increasing consumer awareness to maintain personal hygiene with the growing prevalence of skin disorders and hygiene-associated infections is estimated to drive market growth during the forecast period. The increasing restrictions in the organization on following grooming habits for work are also rising the purchase of personal care products.
Aroma chemicals are found in a variety of products, including seasonings, food, beverages, personal care products, cleaning products, essential oils, air fresheners, and others. The demand for sustainable products with a minimal carbon footprint is growing, driving the growth and setting trends for the global aroma chemicals market, as well as the larger industries themselves. The growing preference for sustainable goods or products to support or save the environment among people is rising day by day. The rising demand for organic products among people that are made from renewable products to reduce side effects is projected to drive market growth. Organic products are in high demand as they do not contain any synthetic chemicals that damage human health. The combustion or decomposition of these organic products is less harmful compared to other conventional products which release greenhouse gases into the air.
|
Base Year |
2022 |
|
Forecast Year |
2023-2033 |
|
CAGR |
5% |
|
Base Year Market Size (2022) |
USD 6 Billion |
|
Forecast Year Market Size (2033) |
USD 9 Billion |
|
Regional Scope |
|
Type (Synthetic, Natural)
The global aroma chemicals market is segmented and analyzed for demand and supply by type into synthetic, and natural. Out of them, the synthetic segment is expected to capture the largest market share in 2033. This is owing to their huge existence along with their widespread use in a variety of industries. This is attributed to the fact that about 500 natural raw ingredients exist, whereas there are over 2000 synthetic elements to choose from, as per the reported data. The aroma products are made from synthetic chemicals that imitate the natural odors of fruits and flowers to give them in sweet and subtle smell. Synthetic chemicals are mostly prepared from petrochemicals, and these types of chemicals are used in manufacturing industries, where they produce perfumes and scented products such as soaps, deodorants, toilet cleaners, etc. Synthetic chemicals are cheaper than natural chemicals as they are made artificially. These chemicals can be harmful to humans as they are made from by-products of petroleum-based substances.
Form (Dry, Liquid)
The global aroma chemicals market is also segmented and analyzed for demand and supply by form into dry and liquid. Amongst these two segments, the liquid segment is expected to garner a significant share. Liquids are used in various forms such as perfumes, oils, scents, and sprays. The increasing concern of people to mask their body order costs from sweat tap is also increasing the demand for liquid aroma chemicals market. Liquids are the main component of aromatherapy. Moreover, aromatherapy is a popular treatment to reduce stress, headaches, and migraines and can help to recover from depression or anxiety. Also, disorders of pain, heart disease, digestion problems, cold, cough, or any other respiratory disorder can be cured with aromatherapy. The sales of essential oils, resinoids, perfumery, and toilet preparations in China in the year 2021 were USD 160,400,900 up from the base of USD 140,330,300 in the year 2020 as per the estimations. Various plant parts are used to extract essential oils, and are dissolved in bathing water, and used for massage during aromatherapy. Also, solid perfumes are very expensive, and they consume more raw materials. Liquid perfumes stay longer than solid perfumes and are cheaper in price.
Our in-depth analysis of the global market includes the following segments:
|
By Type |
|
|
By Product |
|
|
By Application |
|
|
By Form |
|
North American Market Forecast
The North America aroma chemicals market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the growing demand for different types of chemical products amongst the different end-users, along with the growing demand for aroma chemicals. For instance, in 2021, over 990 million tons of chemical products were shipped across the United States. The aroma chemicals are used in the manufacturing of perfumes or scents. These chemicals are extracted from natural sources from the distillation process. Also, many synthetic chemicals are used for the preparation of aroma chemicals with natural scents or flavors. Air fresheners, room fresheners, cosmetic products such as hair care, skincare, and personal care products, soaps, lotions, and shampoos contain aroma chemicals. All these products have huge demand in the region as people’s spending capacity is growing going to high disposable income.
International Flavors and Fragrances Inc. and Evolva, a Swiss biotech firm, have entered into a new partnership agreement to further develop and commercialize vanillin.
BASF SE joins the market for natural F&F components by purchasing Isobionics, and through a collaboration agreement with Conagen, a biotechnology research leader.
Author Credits: Rajrani Baghel
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?