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Aroma Chemicals Market

Analysis by Type (Synthetic, and Natural); by Product (Benzoids, Terpenes, Musk Chemicals, and Others); by Application (Food & Beverages, Fine Chemicals, and Others); and by Form (Dry, and Liquid) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Report ID: 4604 | Published On: Feb 20, 2023
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Global Aroma Chemicals Market Size, Forecast, and Trend Highlights Over 2023 - 2033

The global aroma chemicals market is estimated to garner a revenue of USD 9 Billion by the end of 2033 by growing at a CAGR of ~5% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 6 Billion in the year 2022. 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.

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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.


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Global Aroma Chemicals Market: Key Insights
cscs

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

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)


Global Aroma Chemicals Market: Growth Drivers and Challenges

Growth Drivers

  • Rising Consumer Spending Across the World with Increasing Disposable Income – The global spending on aromatic products in any industry had declined during the pandemic, except the ones with medicinal properties. With consumer income increasing and spending returning to pre-pandemic levels, growth can be expected in the global aroma chemicals market as well. According to the World Bank, the gross net income per capita increased from USD 10,075 in 2005 to USD 18,508 in 2021 across the globe.

  • Rising Demand for the Creation of Sustainable Products with Increasing Awareness Among Individuals – It has been found in a survey that over 65% of people while shopping, think of sustainability around the world.

  • Increasing Use of Organic Products Among People to Minimize Environmental Harm –According to research, in the U.S., organic food products only sold for USD ~20 billion in 2010 and reached USD ~50 billion in 2020.

  • Growing Use of Cosmetics Among People with a Growing Preference to Look Good –According to a study, over 295.7 million Americans were using deodorant in 2020. By 2024, the number of deodorant users is expected to increase to ~305 million.

  • Use in Aromatherapy and Essential Oils Owing Rising Mental Illnesses – Essential oils and aromatherapy have been used for over a thousand years and are now growing in use and practice. Hence, it is expected to surge the market’s growth in the upcoming years. Over 32% of Americans believe in the benefits of aromatherapy.

Challenges

  • Health and Environmental Concerns Related to Manufacture and Usage – as aroma chemicals are organic compounds that volatilize, or vaporize into the air. The volatile organic chemicals (VOCs) emitted by aromatic products may contribute to poor indoor air quality (IAQ) and are associated with a variety of adverse health effects, including headaches, nausea, dizziness, dementia, and respiratory symptoms.
  • Strict Government Regulations Regarding the Use of Hazardous Chemicals
  • High Competition among Prominent Players and Wars Associated with Cost Differences


Global Aroma Chemicals Market Segmentation

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.

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. 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 aroma chemicals market includes the following segments:

                 By Type

  • Synthetic
  • Natural

                  By Product

  • Benzoids
  • Terpenes
  • Musk Chemicals
  • Others

                    By Application

  • Food & Beverages
  • Fine Chemicals
  • Cosmetics
  • Toiletries
  • Soaps
  • Detergents

                      By Form

  • Dry
  • Liquid


Global Aroma Chemicals Market Regional Synopsis

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.

Aroma-Chemicals-Market-Scope

Aroma-Chemicals-Market-Scope
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Top Featured Companies Dominating the Global Aroma Chemicals Market

    • BASF SE

      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • SH Kelkar and Company Private Limited
    • Givaudan
    • International Flavors & Fragrances Inc.
    • Takasago International Corporation
    • Solvay
    • Symrise AG
    • Robertet
    • Kao Chemicals Europe, S.L.U.
    • Destilaciones Bordas Chinchurreta S.A.

In The News

  • April 2022: IBSRELA the first and only NHE3 inhibitor for the treatment of irritable bowel syndrome with constipation (IBS-C) in adults, has been made available by the biopharmaceutical company Ardelyx. The first Ardelyx product to receive approval from the US Food and Drug Administration is IBSRELA.
  • March 2022: Indegene a provider of technology-driven healthcare solutions, & meta Me Health, a maker of Regulora and a Prescription Digital Therapeutics (PDT) business, teamed up to offer Regulora as a remedy for irritable bowel syndrome-related stomach pain (IBS).

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the aroma chemicals market?

Ans: Rising consumer income, demand for sustainability, increasing use of organic products, growing use of cosmetics, use in aromatherapy and essential oils are the major factors driving the growth of the aroma chemicals market.

2) What would be the CAGR of aroma chemicals market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023 – 2033.

3) What are the challenges affecting the aroma chemicals market growth?

Ans: Environmental concerns, health hazards, high competition and price wars are the challenges affecting the market growth.

4) Which region will provide more business opportunities for growth of aroma chemicals market in future?

Ans: The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

5) Who are the major players dominating the aroma chemicals market?

Ans: The major players in the market are BASF SE, SH Kelkar and Company Private Limited, Givaudan, International Flavors & Fragrances Inc., Takasago International Corporation, Solvay, Symrise AG, Robertet, Kao Chemicals Europe S.L.U., and Destilaciones Bordas Chinchurreta S.A.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the aroma chemicals market?

Ans: The market is segmented by type, application, product, form and by region.

8) Which segment captures the largest market size in the by type in the aroma chemicals market?

Ans: The synthetic aroma chemicals segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.

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