Aroma Chemicals Market Size, Share & Trends Analysis Report By Source (Natural, Synthetic), By Chemical, By Application (Flavors, Fragrances), By Region, And Segment Forecasts, 2021 - 2028
New York, Jan. 03, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Aroma Chemicals Market Size, Share & Trends Analysis Report By Source, By Chemical, By Application, By Region And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p06191039/?utm_source=GNW
Aroma Chemicals Market Growth & Trends
The global aroma chemicals market size is expected to reach USD 6.9 billion by 2028. The market is expected to expand at a CAGR of 3.5% from 2021 to 2028. The growth is majorly driven by increasing utilization of the product in the formulation of numerous food and beverages, soaps and detergents, cosmetics and toiletries, and other products, especially in emerging economies of the Asia Pacific region.
The basic raw materials required for producing the product are petrochemicals, pine trees, and musk.The majority of natural aroma chemicals are manufactured from pine trees.
The process comprises pine tree plantation, paper mill craft pulping, and fractionation by using proprietary equipment. IFF, Privi Organics India Limited, Symrise, and Synthite Industries Ltd., are some of the prominent raw material suppliers.
Synthetic aromas are one of the essential ingredients for the production of custom and fine fragrances.These products are widely used in cosmetics for all users such as women, men, and also for children.
Owing to the low cost of production and easy availability, the demand for synthetic aroma chemicals is anticipated to grow rapidly.At present, the majority of fragrances and flavors are produced chemically.
However, consumers demand from the food industries is impacted severely owing to the environmentally unfriendly production process. This may result in a consumer shift from synthetically processed products to naturally extracted aromatic substances.
Chinese manufacturers are focusing more on the production of synthetic ingredients to meet the growing demands.Even though the quality of aroma chemicals provided by Chinese players is average, tightening environmental norms and continuity of supply is of great concern to the end-users.
Also, as the market is majorly concentrated in key European countries, China and the U.S., these countries are likely to generate more demand, resulting in a surge in the imports of the product.
New entrants are looking for opportunities to enter the market. Upcoming companies attempting to establish themselves in the market have to compete with existing multinationals, such as Symrise, Takasago International Corporation, MANE, Robertet, Firmenich SA, Takasago International Corporation, and Givaudan.
Aroma Chemicals Market Report Highlights
• In terms of revenue, the synthetic source segment accounted for nearly 75.5% of revenue share in 2020 as it is considered to be one of the highest sources to obtain aroma chemicals
• The fragrance segment emerged as the largest application segment and is expected to account for a CAGR of 3.2% over the forecast period owing to the rising consumption of fragrance products across various end-use applications such as fine fragrances, cosmetic toiletries, and soaps & detergents
• The terpenes and terpenoids segment dominated the chemical segment and accounted for the highest revenue share of approximately 37.4% in 2020 owing to its natural availability and its antiseptic, anti-carcinogenic, and antimicrobial effects
• In terms of revenue, Asia Pacific emerged as one of the prominent regions and accounted for 30.1% revenue share in 2020 and constituted a major market share owing to high domestic consumption in countries such as China and India
• Robertet, Takasago International Corporation, and MANE are among other prominent players with a broad product portfolio and high segmental share. Other players holding less than 1% market share each are categorized as niche players that have low to medium aroma chemical product offerings or have limited regional operations
Read the full report: https://www.reportlinker.com/p06191039/?utm_source=GNW
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