Aroma Chemicals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Aroma Chemicals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global aroma chemicals market size reached US$ 6.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 9.1 Billion by 2028, exhibiting a growth rate (CAGR) of 5.7% during 2023-2028.

Aroma chemicals are volatile chemical compounds made using synthetic or natural compounds, which are extracted from plants or animals. They act as essential raw materials in formulating a unique blend of flavors and perfumes. They are also utilized in the manufacturing of cosmetics, baked products, candies, and alcoholic and non-alcoholic beverages. They also find application in fast-moving consumer goods (FMCG), including cleaning and personal care products.

Global Aroma Chemicals Market Trends:
A significant rise in the demand for exotic fragrant intensifiers and odors supported by the growing global population and inflating income levels of individuals represents one of the key factors positively influencing the global aroma chemicals market share. In addition, the rising awareness among the masss about personal grooming and hygiene is increasing the adoption of cleaning, home, and personal care (HPC) products with appealing fragrances. Besides this, the burgeoning travel and tourism sector and the expansion of hotels, restaurants, cafes, and bars are catalyzing the need for toiletries with exotic fragrances. Apart from this, the growing inclination of consumers toward natural ingredients that are non-toxic, free from allergic reactions, and harmless to the skin is driving the demand for bio-based aroma chemicals worldwide. Furthermore, the rising usage of organic, natural, and soothing fragrances in aromatherapy as they influence the psychological and emotional well-being of individuals is propelling the market growth. Moreover, increasing investments by the leading players in research and development (R&D) activities to develop innovative products with smart pricing strategies are anticipated to strengthen the market growth.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global aroma chemicals market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on type, product and application.

Breakup by Type:

Natural
Synthetic

Synthetic aroma chemicals hold the largest market share as they are long lasting and enable perfumers to customize a variety of scents.

Breakup by Product:

Benzenoids
Musk Chemicals
Terpenoids
Others

Terpenoids account for the majority of the share due to its the medicinal and therapeutic properties.

Breakup by Application:

Soaps and Detergents
Cosmetics and Toiletries
Fine Fragrances
Others

Soaps and detergents exhibit a clear dominance in the market due to the escalating demand for toiletries and personal care products formulated with aromatic chemicals.

Breakup by Region:

Asia Pacific
Europe
North America
Middle East and Africa
Latin America

Asia Pacific holds the majority of the market share on account of the increasing population and the growing demand for personal care products in the region.

Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry.

IMARC Group’s latest report provides a deep insight into the global aroma chemicals market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the aroma chemicals industry in any manner.

Key Questions Answered in This Report

1. What is the expected growth rate of the global aroma chemicals market during 2023-2028?
2. What are the key factors driving the global aroma chemicals market?
3. What has been the impact of COVID-19 on the global aroma chemicals market?
4. What is the breakup of the global aroma chemicals market based on the type?
5. What is the breakup of the global aroma chemicals market based on the product?
6. What is the breakup of the global aroma chemicals market based on the application?
7. What are the key regions in the global aroma chemicals market?