Global Aroma Chemicals Market

Aroma Chemicals Market Size, Share, Growth Analysis, By Type(Synthetic Aroma Chemicals, and Natural Aroma Chemicals), By Application(Personal Care, and Food and Beverages), By Region - Industry Forecast 2024-2031


Report ID: SQMIG15E2144 | Region: Global | Published Date: April, 2024
Pages: 184 |Tables: 61 |Figures: 75

Aroma Chemicals Market Insights

Aroma Chemicals Market size was valued at USD 5.38 billion in 2022 and is poised to grow from USD 5.67 billion in 2023 to USD 8.64 billion by 2031, growing at a CAGR of 5.40% during the forecast period (2024-2031).

Aroma chemicals are synthetic or natural compounds used to add fragrance or flavor to various consumer products such as perfumes, cosmetics, soaps, detergents, and food items. They are used to mimic the aroma and flavor of natural ingredients or to create unique scents and tastes. Aroma chemicals can be either single molecules or complex mixtures, and they are often combined with other ingredients to create more complex fragrances or flavors. These chemicals are produced in large quantities by manufacturers and are used by various industries, making them an important component of the global economy. The report cites the presence of major aroma chemical manufacturers in the region, as well as the growing adoption of organic personal care products, as key drivers of market growth. The report also notes the increasing demand for natural aroma chemicals, particularly in the fragrance and flavor industry, as a major trend in the North American market.

Based on our in-depth analysis report, we found that, the Asia Pacific (APAC) market for aroma chemicals is expected to grow rapidly in the coming years, driven by factors such as population growth, rising disposable incomes, and increasing demand for fragrances and flavors in various industries. The report also highlights that the cosmetics and personal care industry is a major contributor to the growth of the aroma chemicals market in APAC.

US Aroma Chemicals Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 5.38 billion

Largest Segment

Synthetic Aroma Chemicals

Fastest Growth

Synthetic Aroma Chemicals

Growth Rate

5.40% CAGR

Global Aroma Chemicals Market 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)

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Aroma Chemicals Market Segmental Analysis

Global Aroma Chemicals market is segmented by source, type, and application. Based on type, the market can be segmented into synthetic aroma chemicals and natural aroma chemicals. Based on application, the market can be segmented into personal care, and food and beverages. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Analysis by Type

By type, the market can be segmented into synthetic aroma chemicals and natural aroma chemicals. Synthetic aroma chemicals dominate the market due to their cost-effectiveness and consistency in quality. They are widely used in the fragrance industry to produce various types of perfumes, colognes, and other scented products. The synthetic aroma chemicals segment is expected to maintain its dominance during the forecast period.

On the other hand, the natural aroma chemicals segment is expected to witness significant growth due to the increasing demand for organic and natural products. Natural aroma chemicals are extracted from plants, fruits, and vegetables, and are considered to be safer and healthier alternatives to synthetic aroma chemicals. The growing trend of eco-friendly and sustainable products is also driving the growth of the natural aroma chemicals segment.

Analysis by Application

By application, the market can be segmented into personal care, and food and beverages. The personal care segment dominates the aroma chemicals market due to the high demand for fragrances and other personal care products across the globe. Moreover, the growing trend of using natural aroma chemicals in personal care products is expected to further drive the growth of this segment.

On the other hand, the food and beverages segment is expected to witness the fastest growth in the aroma chemicals market during the forecast period. This growth is attributed to the rising demand for food and beverage products with improved taste and flavor, especially in emerging economies such as China and India.

Global Aroma Chemicals Market Size By Type, 2022 (%), 2023 (%)

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Aroma Chemicals Market Regional Insights

North America dominated the global aroma chemicals market owing to the growing demand for natural aroma chemicals in the food and beverages industry. The increasing adoption of organic personal care products has also positively impacted market growth. The presence of major manufacturers in the region and the development of advanced technologies are also contributing to the growth of the market. The market is projected to witness significant growth during the forecast period.

Asia Pacific is the fastest-growing region in the global aroma chemicals market, owing to the increasing population, urbanization, and rising disposable income of consumers. The growing demand for natural aroma chemicals in the food and beverages industry, as well as the rising awareness about personal grooming and hygiene, are driving the market growth in the region. The increasing demand for natural fragrance ingredients in the cosmetics and personal care industries is also propelling the growth of the market in the region.

Global Aroma Chemicals Market By Geography, 2022-2030, 2024-2031
  • Largest
  • Fastest

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Aroma Chemicals Market Dynamics

Drivers

Growing demand for natural and organic fragrance ingredients

  • One major driver of the global aroma chemicals market is the growing demand for natural and organic fragrance ingredients in various end-use industries, including food and beverages, personal care, and cosmetics. With increasing health concerns and a shift towards eco-friendly and sustainable products, consumers are increasingly opting for products made from natural ingredients. This has led to an increased demand for aroma chemicals derived from natural sources such as flowers, fruits, and plants. The trend towards natural ingredients is expected to continue to drive the growth of the aroma chemicals market in the coming years.

Restraints

High cost of natural chemicals

  • One restraint for the global aroma chemicals market is the high cost associated with the production of natural aroma chemicals. The complex and time-consuming extraction process required to obtain natural aroma chemicals makes them more expensive compared to their synthetic counterparts. Additionally, stringent regulations on the use of certain aroma chemicals in various industries may also hinder market growth. The increasing focus on sustainability and environmental concerns is also driving the demand for natural and eco-friendly aroma chemicals, which may pose a challenge to manufacturers who rely heavily on synthetic aroma chemicals.

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Aroma Chemicals Market Competitive Landscape

The global aroma chemicals market is highly competitive and fragmented, with several small and large players operating in the market. The key players in the market focus on product innovation, mergers and acquisitions, and partnerships to strengthen their market position. The competitive landscape of the market is driven by factors such as quality, price, product portfolio, and distribution network.

Top Player’s Company Profiles

  • BASF SE
  • Givaudan SA
  • Symrise AG
  • International Flavors & Fragrances Inc.
  • Firmenich SA
  • Takasago International Corporation
  • Robertet SA
  • Sensient Technologies Corporation
  • Mane SA
  • Bell Flavors & Fragrances Inc.
  • V. MANE FILS SA
  • Kao Corporation
  • Bedoukian Research Inc.
  • T.Hasegawa Co. Ltd.
  • Wild Flavors GmbH
  • Frutarom Industries Ltd.
  • Flavorchem Corporation
  • Huabao International Holdings Limited
  • Aromatech SAS
  • YingYang (China) Aroma Chemical Group

Recent Developments

  • In March 2023, International Flavors & Fragrances Inc. (IFF) announced a strategic partnership with Nandi Proteins, a UK-based biotech company, to develop protein-based flavor solutions for plant-based products, catering to the growing demand for sustainable and plant-based food options.
  • In January 2022, Givaudan announced the acquisition of Alderys, a French cosmetic ingredients company, to expand its offerings in the cosmetic ingredient market.
  • In September 2021, Symrise AG announced the acquisition of Sensient's aroma and fragrance business, strengthening its position in the fragrance market and expanding its product portfolio.

Aroma Chemicals Key Market Trends

  • One of the key market trends in the aroma chemicals market is the growing demand for natural and organic aroma chemicals. Consumers are increasingly becoming aware of the harmful effects of synthetic chemicals, and are therefore opting for natural and organic products. This trend is particularly strong in the personal care and cosmetics industry, where consumers are looking for natural and sustainable ingredients. As a result, many companies in the aroma chemicals market are investing in research and development to develop natural and organic aroma chemicals to meet the growing demand.

Aroma Chemicals Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our global aroma chemicals market analysis, the market is witnessing significant growth due to the increasing demand for fragrances and flavors in various industries, such as personal care, food and beverages, and household products. The market is highly competitive with several large and small players operating in it, and the key players are focusing on product innovation and strategic partnerships to strengthen their market position. One of the significant trends in the aroma chemicals market is the growing demand for natural and organic aroma chemicals, particularly in the personal care and cosmetics industry. The North America region dominated the market due to the presence of a large number of fragrance and flavor manufacturers.

Report Metric Details
Market size value in 2023 USD 5.38 billion
Market size value in 2031 USD 8.64 billion
Growth Rate 5.40%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Synthetic Aroma Chemicals, and Natural Aroma Chemicals
  • Application
    • Personal Care, and Food and Beverages
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • BASF SE
  • Givaudan SA
  • Symrise AG
  • International Flavors & Fragrances Inc.
  • Firmenich SA
  • Takasago International Corporation
  • Robertet SA
  • Sensient Technologies Corporation
  • Mane SA
  • Bell Flavors & Fragrances Inc.
  • V. MANE FILS SA
  • Kao Corporation
  • Bedoukian Research Inc.
  • T.Hasegawa Co. Ltd.
  • Wild Flavors GmbH
  • Frutarom Industries Ltd.
  • Flavorchem Corporation
  • Huabao International Holdings Limited
  • Aromatech SAS
  • YingYang (China) Aroma Chemical Group
Customization scope

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  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Aroma Chemicals Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Aroma Chemicals Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Aroma Chemicals Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Aroma Chemicals Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Aroma Chemicals Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Aroma Chemicals Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Aroma Chemicals Market size was valued at USD 5.38 billion in 2022 and is poised to grow from USD 5.67 billion in 2023 to USD 8.64 billion by 2031, growing at a CAGR of 5.40% during the forecast period (2024-2031).

The aroma chemicals market is highly competitive and fragmented, with several small and large players operating in the market. The key players in the market focus on product innovation, mergers and acquisitions, and partnerships to strengthen their market position. The competitive landscape of the market is driven by factors such as quality, price, product portfolio, and distribution network. 'BASF SE', 'Givaudan SA', 'Symrise AG', 'International Flavors & Fragrances Inc.', 'Firmenich SA', 'Takasago International Corporation', 'Robertet SA', 'Sensient Technologies Corporation', 'Mane SA', 'Bell Flavors & Fragrances Inc.', 'V. MANE FILS SA', 'Kao Corporation', 'Bedoukian Research Inc.', 'T.Hasegawa Co. Ltd.', 'Wild Flavors GmbH', 'Frutarom Industries Ltd.', 'Flavorchem Corporation', 'Huabao International Holdings Limited', 'Aromatech SAS', 'YingYang (China) Aroma Chemical Group'

One major driver of the aroma chemicals market is the growing demand for natural and organic fragrance ingredients in various end-use industries, including food and beverages, personal care, and cosmetics. With increasing health concerns and a shift towards eco-friendly and sustainable products, consumers are increasingly opting for products made from natural ingredients. This has led to an increased demand for aroma chemicals derived from natural sources such as flowers, fruits, and plants. The trend towards natural ingredients is expected to continue to drive the growth of the aroma chemicals market in the coming years.

One of the key market trends in the aroma chemicals market is the growing demand for natural and organic aroma chemicals. Consumers are increasingly becoming aware of the harmful effects of synthetic chemicals, and are therefore opting for natural and organic products. This trend is particularly strong in the personal care and cosmetics industry, where consumers are looking for natural and sustainable ingredients. As a result, many companies in the aroma chemicals market are investing in research and development to develop natural and organic aroma chemicals to meet the growing demand.

North America dominated the aroma chemicals market owing to the growing demand for natural aroma chemicals in the food and beverages industry. The increasing adoption of organic personal care products has also positively impacted market growth. The presence of major manufacturers in the region and the development of advanced technologies are also contributing to the growth of the market. The market is projected to witness significant growth during the forecast period.

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Global Aroma Chemicals Market

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