Global Aroma Chemicals Market Demand to be influenced by Synthetic Chemicals, accruing nearly 70% Market Demand: Fact.MR Report
Global Aroma Chemicals Market Demand to be influenced by Synthetic Chemicals, accruing nearly 70% Market Demand: Fact.MR Report
A recently revamped study conducted by Fact.MR concludes that the global aroma chemicals market is poised to be valued at US$ 8,115.52 Million, growing at a 4.7% value CAGR across the 2022-2032 forecast period. As of 2022, the market is likely to be valued at US$ 5,110 Million. Growth is majorly attributed to extensive applications in the food & beverages and cosmetic industries respectively.
During the historical period 2015-2021, the global aroma chemicals market flourished at a CAGR of 3.4%, reaching a valuation of US$ 5,110 Million by the end of the said period. Aroma chemicals are key ingredients in various products such as baked items, perfumes, candies, alcoholic and non-alcoholic beverages, toiletries, and cleaning products. They are used to enhance taste in canned foods too. Growing demand for luxury and healthcare has increased demand for aroma chemicals in the market.
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Key Takeaways from the Market Study:
“Prominent manufacturers of aroma chemicals are diversifying their product offerings, incorporating more natural ingredients amid apprehensions regarding the adverse impact synthetically sourced aroma chemicals have on the environment, generating new revenue streams,” comments an analyst at Fact.MR.
Leading Players Driving Innovation in the Aroma Chemicals Market
Kelkar Group; BASF SE; Hindustan Mint and Agro Products; Solvay; Symrise AG; Robertet; Kao Corporation,; Privi Organics Ltd.; Kalpa Sutra Chemicals,; Bell Flavors & Fragrances
Competitive Landscape
The majority of the industry's major players have been around for a long time and have large production capacities. As a result, to meet the growing demand from end-use markets, they are focusing on product launches, expansion, and acquisitions.
BASF acquired Isobionics, a biotech company, in June 2020 to set up its distillation plant for the production of new flavors and fragrances. The plant is expected to be built at the Brightlands Chemelot Campus in Geleen, Limburg, the Dutch province. This strategy entails establishing its own production unit for the manufacture and development of new fragrances, which is expected to create market growth opportunities.
New fragrance technology in all perfume categories, including personal, fabric, fine fragrance, home, and oral care flavors. This technology will assist consumers in improving their overall sense of well-being.
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Aroma Chemicals Industry News:
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global aroma chemicals market, presenting historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of application (soaps & detergents, cosmetics & toiletries and food & beverages ingredients), compound (alcohols, acids, esters, aldehydes, ketones and hydrocarbons), source (natural and synthetic) and type (benzenoids, musk chemicals and terpenoids) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
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The aroma chemicals market involves the production and sale of chemical compounds used to create fragrances and flavors in various products, including food, beverages, cosmetics, and cleaning products.
Synthetic aroma chemicals are artificially created compounds used to replicate natural scents and flavors. They dominate the aroma chemicals market due to their cost-effectiveness and versatility.
CAGR stands for Compound Annual Growth Rate, which measures the mean annual growth rate of an investment over a specified time period, expressed as a percentage.
Terpenoid aroma chemicals are a class of organic compounds that are derived from terpenes. They are commonly used in fragrances and flavorings due to their pleasant scents.
The North American aroma chemicals market is significant due to its projected growth rate of 5.6% until 2032, indicating strong demand and opportunities for manufacturers in the region.
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