Aroma Ingredients Market senses its collective fragrance amidst growing demand from the cosmetic & personal care industry and shifting consumer preferences

Overview

Organic aroma ingredients have their own advantages as well as disadvantages, and their high price and scarcity is seen as advantageous in modern markets where it is useful for goods to be considered as exclusive, but for certain uses, artificial fragrance chemicals just are not enough. However, for certain uses, synthetic aroma ingredients are just the only viable option, and for those, creating new organic molecules, is a lot more efficient than creating new molecules from scratch. These ingredients are efficient antibacterial, antifungal, and antiviral agents. These compounds are mainly synthesized from plant sources and are widely used in the development of antiviral, anti-bacterial, and anti-inflammatory drugs.

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Competitive Landscape

Key companies contributing to the global aroma ingredients market include International Flavors & Fragrances Inc., Kao Corporation, Fermenich International SA, Givaudan SA, BASF SE, Mane SA, Takasago International Corporation, Symrise, Givaudan, S H Kelkar and Company Limited, and Bell Flavors & Fragrances.

Drivers

Growing demand from the cosmetic & personal care industry amidst changing consumer preference towards natural ingredients is expected to augment growth of the aroma ingredients market throughout the forecast period.

In addition to this, increasing consumer expenditure on the personal care products in parallel to the premiumization of beauty products coupled with the rising applications in the food and beverage (F&B) industry is expected to aid growth of the aroma ingredients market during the forecast period.

The Epitome of the COVID-19 Debacle

The global aroma ingredients market has experienced a sharp fall in the growth graph at the juncture of the pandemic. The crisis-triggered prohibitions on travel, social gatherings and public events have resulted in an evident decline of sales. On the brighter side, expanding F&B industry and the pandemic-driven e-commerce boom are bolstering the market’s future prospects.

Key Takeaways

• The aroma ingredients market is anticipated to grow at a CAGR of XX % during the forecast period owing to the increased demand from the cosmetic & personal care industry and flourishing F&B industry. For instance, in July 2020, the Associated Chambers of Commerce and Industry of India (ASSOCHAM) reported that the Indian cosmetic and personal care industry is poised to reach US$ 20 billion by 2025.
• By expanding the horizon, the Asia Pacific region is projected to dominate the global aroma ingredients market on the heels of growing consumption of personal care products among millennial population in tier II and tier III cities combined with the booming e-commerce market.
• In line with this, sales graph in the European region is projected to exceed the expectations as a result of a large consumer base along with the increased social media marketing of beauty products.

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