Aroma Chemicals Market Size & Share, by Type (Synthetic, Natural); Product (Benzoids, Terpenes, Musk Chemicals); Application (Food & Beverages, Fine Chemicals); Form (Dry, Liquid) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 4604
  • Published Date: Feb 20, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

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.


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Aroma Chemicals Sector: 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

Aroma Chemicals Market: Key Insights

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)
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Aroma Chemicals Segmentation

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

  • Synthetic
  • Natural

              By Product

  • Benzoids
  • Terpenes
  • Musk Chemicals
  • Others

                By Application

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

                 By Form

  • Dry
  • Liquid

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Aroma Chemicals Industry - Regional Synopsis

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.

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Companies Dominating the Aroma Chemicals Landscape

top-features-companies
    • ·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

In The News

  •  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:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 4604
  • Published Date: Feb 20, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

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.

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

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

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.

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.

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.

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

The synthetic aroma chemicals segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Aroma Chemicals Market Report Scope
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