Aroma Chemicals Market: About the Report
It is important to understand that the global aroma chemicals market is highly competitive in nature. Fact.MR’s report talks about how manufacturers need to be aware of fast-paced changes in this space, and not only focus on high-quality, sustainable, and cost-effective products, but also cater to rising demand for natural flavors and products. Asia Pacific will see most of the demand for aroma chemicals, as a result of surging demand for household products and growing consumption of processed foods in the region.
Aroma Chemicals Market Overview
Aroma chemicals are used to prepare fragrance formulations for consumer goods, such as perfumes, cleaning products, and toiletries. As fragrance also affects the flavor of edible goods, aroma chemicals are also employed to improve taste in processed foods and beverages. Since aroma chemicals are widely used to manufacture cleaning products, growing awareness among consumers towards hygiene is driving the expansion of the aroma chemicals market size. Furthermore, under the perfumes segment, the use of fruits, chocolates, and sulfur-containing molecules in fragrances has created lucrative opportunities for players to manufacture new ranges of consumer products.
Besides, cleaning products and perfumes, rising demand for aroma chemicals from the food industry is forecast to augment market growth. Moreover, growing adoption of natural food products that have minimum or zero additives is compelling players to develop natural versions of synthetic flavoring agents. This will also help them gain a competitive edge in the aroma chemicals market space.
Aroma Chemicals Market Trends
Greener Perfumes Augmenting Market Growth: Allergic reactions caused by synthetic compounds in perfumes are leading consumers to adopt greener fragrances. This has created lucrative opportunities for players operating in the aroma chemicals market. Moreover, production of synthetic musk compounds has a negative impact on the environment and wildlife. This has led manufacturers to focus on the production of sustainable fragrances, and is projected to foster the growth of the aroma chemicals industry.
Health Problems Caused by Aroma Chemicals Limiting Growth: According to a study in the United States, the population reported health problems such as migraines and respiratory difficulties when they were exposed to fragranced products. Such health problems caused by aroma chemicals are posing a challenge for the market. Furthermore, aroma chemicals are also required to meet appropriate food, health, safety, and quality standards before being uses. These factors are hampering the growth of the aroma chemicals market.
Aroma Chemicals Market Insights by Chemical Type
Based on chemical type, the benzenoids segment is expected to surge significantly during the forecast period. Growth of the segment is attributable to their ease of availability and ability to mix with other aroma chemicals of benzenoids. Besides benzenoids, the terpenoids & terpenes (cyclic & acyclic) segment is projected to grow significantly during the forecast period. Owing to their effective medical properties, such as antiseptic, anti-carcinogen, and antimicrobial, this segment will further augment market growth.
Aroma Chemicals Market Insights by Application
The aroma chemicals market will continue gaining from rising demand from the food & beverages and personal care sectors. Growth witnessed in the food & beverages segment is attributable to rising popularity of authentic aromas in the food and hospitality sectors. Moreover, increasing demand for natural personal care products coupled with rising public awareness related to health and hygiene is anticipated to foster aroma chemicals market growth.
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Regional Outlook of Aroma Chemicals Market
Europe is identified as an attractive market for aroma chemicals. The presence of leading aroma chemical manufacturing companies and different aroma chemical end-user companies dealing in personal care and household care product manufacturing are pushing the growth of the aroma chemicals market in the region.
Asia Pacific accounts for a sizeable aroma chemicals market share. Growth of the region is attributable to increasing popularity of flavors and fragrances in the region. According to Fact.MR, a growing industrial sector due to supportive government initiatives will stimulate market growth.
Besides Europe and Asia Pacific, the aroma chemicals market in North America is anticipated to be firm in countries such as the U.S. and Canada. Market players are experiencing lucrative opportunities owing to growth in consumer purchasing power and expansion of food processing industries in North America. However, regulations by the government, taking into consideration the contamination caused during the manufacture of aroma chemicals, are forecast to hamper the growth of the market in the region.
COVID-19 Impact on Aroma Chemicals Market
The COVID-19 pandemic has had a major impact on the global economy, and has posed a similar effect on the aroma chemicals market. From the shortage of migrant labor to supply chain disruptions, the aroma chemicals market has faced a shutdown of all manufacturing activities. However, growth in the benzenoids segment is expected to have a positive impact on the market during this crisis. Furthermore, increasing investments by governments towards food security are projected to influence market developments in the post-pandemic period.
The Analyst’s Viewpoint
"Employment of artificial intelligence by leading market players to develop winning fragrances will support the growth of the aroma chemicals market. In APAC, the growing industrial sector, owing to supportive government initiatives, will drive market growth."
Aroma Chemicals Market: Competitive Landscape
The global aroma chemicals market is extremely competitive. Owing to increased product demand, key players are focusing on mergers and acquisitions, expansion, and investment strategies to improve their product portfolios. They are also adopting artificial intelligence to develop winning fragrances for consumers. New players are trying to establish themselves in the aroma chemicals market to compete with these established players.
Consumers are becoming more aware of product benefits, which has compelled producers to develop high-quality, sustainable, and cost-effective products. Furthermore, demand for natural aroma chemicals is growing exponentially. This has led leading market players engaging in initiating strategic alliances and capacity expansions to cater to a more extended consumer base. For instance, in September 2019, BASF acquired Isobionics, a leader in biotechnology catering to the aroma chemicals market with natural flavors and fragrances, by a cooperation agreement with Conagen, a leader in biotechnology research. With this step, BASF can enhance its natural fragrance ingredients portfolio and achieve a stronger market position.
Aroma Chemicals Market - Scope of Report
A recent study by Fact.MR on the aroma chemicals market offers a 10-year forecast for 2020 and 2030. The study analyzes crucial trends that are currently determining the growth of the aroma chemicals market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders. The study also provides the dynamics that are responsible for influencing the future status of the aroma chemicals market over the forecast period.
A detailed assessment of aroma chemicals value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the aroma chemicals market along with their product portfolios enhances the reliability of this comprehensive research study.
Aroma Chemicals Market: Report Summary
The study offers a comprehensive analysis on diverse features, including demand, product developments, revenue generation, and sales in the aroma chemicals market across the globe.
A comprehensive estimate on the aroma chemicals market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the sales of aroma chemicals during the forecast period. Price point comparison by region with global average price is also considered in the study.
Aroma Chemicals Market: Segmentation
Fact.MR has studied the aroma chemicals market with detailed segmentation on the basis of by chemical type, application, and key region.
Key Questions Answered in Fact.MR’s Aroma Chemicals Market Report
- Which regions will continue to remain the most profitable regional markets for aroma chemicals market players?
- Which factors will induce a change in the demand for aroma chemicals during the assessment period?
- How will changing trends impact the aroma chemicals market?
- How can market players capture the low-hanging opportunities in the aroma chemicals market in developed regions?
- Which companies are leading the aroma chemicals market?
- What are the winning strategies of stakeholders in the aroma chemicals market to upscale their position in this landscape?
Aroma Chemicals Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the aroma chemicals market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.
Secondary resources referred to by analysts during the preparation of aroma chemicals market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the aroma chemicals market report as a primary resource.
Aroma Chemicals Market: Analysis on Market Size Evaluation
The aroma chemicals market has been analyzed for each market segment in terms of value (US$ Mn).
Market estimates at global and regional levels for aroma chemicals are available in terms of “US$ Mn” for value. A Y-o-Y growth contrast on prominent aroma chemicals market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global aroma chemicals market.
Aroma Chemicals Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the aroma chemicals market report, which have helped deliver projections on regional markets. These chapters include regional macros (political economic and business environment outlook), which are expected to have a momentous influence on the growth of the aroma chemicals market during the forecast period.
Country-specific valuation on demand for aroma chemicals has been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value and volume for emerging countries has also been included in the report.
Aroma Chemicals Market: In-depth Analysis on Competitive Landscape
The report sheds light on the leading manufacturers of aroma chemicals, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in the production of aroma chemicals has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which include essentials such as product portfolio and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status and predicting the competition level in aroma chemicals market. Prominent companies operating in the global aroma chemicals market include AromaTech, Inc., Bell Flavors & Fragrances, Inc., Bedoukian Research, Inc., Fairchem Speciality Limited, Firmenich SA, Givaudan SA, Hindustan Mint & Agro Products Pvt. Ltd., Kao Corporation, Robertet SA, Sensient Technologies Corporation, Solvay SA, Symrise AG, T. Hasegawa Co., Ltd., Takasago International Corporation, Treatt Plc, Ungerer & Company, Wild Flavors & Specialty Ingredients (USA), Inc., and Zhejiang Newfine Industry Co., Ltd, among others.
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