Aroma Chemicals Market Will Reach $47 Billion by 2023

  • Aroma chemicals find application in food, spices, wine, perfumes, essential oils, and fragrance oils.
  • Increasing demand from manufacturing companies related to food, cosmetics, detergents and soap toiletries, and other household products is expected to augment overall market growth.
  • Market in Asia Pacific is expected to register the fastest growth in terms of revenue in the global aroma chemicals market.

The global aroma chemicals market is estimated to grow in value from $8 billion in 2019 to $47 Billion by 2023 (a CAGR of 8.5%), increasing significantly over the next five-years.

Aroma Chemicals are chemical compounds that are synthesized chemically by using techniques such as fractional distillation. Aroma chemicals are also referred to as chemical compounds consisting of specific smell or odor. These compounds have high volatility and can travel through the olfactory system of the nose and cause sensation of odor and doesn’t affect smell and taste unlike flavors. The nature of fragrances tends to be synthetic. Aroma chemicals find application in food, spices, wine, perfumes, essential oils, and fragrance oils.

The global aroma chemicals market is expected to register a moderate growth rate over the forecast period, owing to the promising economic conditions and increasing disposable income among the middle class population, combined with enhanced end user awareness of hygiene and personal grooming. Moreover, increasing demand from manufacturing companies related to food, cosmetics, detergents and soap toiletries, and other household products is expected to augment overall market growth over the forecast period. In addition, rising demand from developing economies, along with major technological advancements has also facilitated growth of the global market in recent years and is expected to continue the same over the forecast period.

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The global aroma chemicals market report has been segmented on the basis of product type, application, and region/country. Among the product type segments, currently, the synthetic aroma chemicals segment is expected to dominate in the global market in terms of revenue, and is expected to maintain its dominance over the forecast period, owing to increasing application of synthetic aroma chemicals in a wide variety of products. Natural aroma chemicals segment is estimated to register fastest growth over the forecast period, owing to increasing awareness of natural aroma chemicals and increasing adoption of natural aroma chemicals across the world.

Among the application segments, the food & beverages segment is expected to account for maximum revenue share, and is expected to continue dominating by account for highest revenue share over the forecast period. Aroma chemicals are used as an essence or flavor ingredient in the food & beverages industry. Increasing growth of food & beverages industry is expected to create demand for aroma chemicals over the forecast period.

Increasing scope of applications of aroma chemicals in manufacturing of various products such as personal care, cosmetics, detergents and soap etc. is expected to drive growth of the global market. Market in Asia Pacific is expected to register the fastest growth in terms of revenue in the global aroma chemicals market. In addition, increasing demand for fragrances in the developing economies in the region, such as India, China, and Japan is expected to augment growth of the global aroma chemicals market in the coming years. China being the largest market for personal care products in Asia Pacific is expected to contribute majorly to the revenue growth of the Asia Pacific aroma chemicals market.

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The research report on the global aroma chemicals market include profiles of some of major companies such BASF SE, Agilex Flavors and Fragrances, Inc., Aromatech Flavorings, Inc., Bell Flavors & Fragrances GmbH company, Flavorchem Corporation, Vigon International, Inc., Silverline Chemicals Ltd, Hindustan Mint and Agro Products Private Limited, S. Chemicals, LLC, Takasago International Corporation.

Krutika Bhoot

I have been into market research industry for last 2 years. I have a keen interest and deep knowledge of research industry. My goals in life are simple - to stay happy, healthy and to keep writing as long as I possibly can.
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