The global aroma chemicals market exhibited moderate growth during 2015-2020. Looking forward, the market is expected to grow at a CAGR of around 5% during the forecast period (2021-2026), according to the latest report by IMARC Group.
Base Year: 2020
Forecast Year: 2021-2026
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Industry Definition and Application:
Aroma chemicals are defined as active odor chemicals that can occur naturally or be produced as – synthesized or isolated compounds. These act as an essential raw material in the formulation of unique perfumes and flavors. The flavors produced with aroma chemicals are further used for manufacturing baked goods, candies, and alcoholic and non-alcoholic beverages. These compounds can range from extremely strong to very light and soft notes. Aroma chemicals activate specific receptors in the nose, which, in turn, alerts the brain about the presence of an aroma. When a set of aroma chemicals triggers several receptors, it leads to the detection of a complex aroma. Flavor chemists, or flavorists, use this phenomenon as the basic principle for creating a complex odor in a flavor that uses a limited number of aroma chemicals.
A significant rise in the demand for fragrant intensifiers and odorants in the recent years is one of the key factors driving the market growth. Besides this, with intense competition in the industry, key players are currently adopting highly profitable strategies, such as innovative product development, smart pricing and product differentiation, along with extensive R&D activities. They have also been establishing partnerships with other businesses, which is leading to market consolidation while reducing the overall competition in the aroma chemicals industry. Owing to this, new companies are being attracted to invest in the market, thus driving market growth.
Moreover, recent studies suggest some of the aromatic chemicals in the formulation of perfumes exhibited either endocrine-disrupting properties or allergic reactions in the users. Due to such results, manufacturers have started utilizing natural aroma chemicals during the composition of perfumes. Several authoritative bodies across the globe are also implementing strict regulations in favor of green fragrances. For instance, the new rules introduced by the European Union (EU) require producers to indicate if the perfume contains any of the potential fragrance allergens.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Aroma Chemicals Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
The report has segmented the market on the basis of Type, Product, Application and Region.
Market Breakup by Type:
Market Breakup by Product:
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Market Breakup by Application:
Soaps and Detergents
Cosmetics and Toiletries
Market Breakup by Region:
Middle East and Africa
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