Global Aroma Chemicals Market Demand to be influenced by Synthetic Chemicals, accruing nearly 70% Market Demand: Fact.MR Report

A recently revamped study conducted by Fact.MR concludes that the global aroma chemicals market is poised to be valued at US$ 8,115.52 Million, growing at a 4.7% value CAGR across the 2022-2032 forecast period. As of 2022, the market is likely to be valued at US$ 5,110 Million. Growth is majorly attributed to extensive applications in the food & beverages and cosmetic industries respectively.

During the historical period 2015-2021, the global aroma chemicals market flourished at a CAGR of 3.4%, reaching a valuation of US$ 5,110 Million by the end of the said period. Aroma chemicals are key ingredients in various products such as baked items, perfumes, candies, alcoholic and non-alcoholic beverages, toiletries, and cleaning products. They are used to enhance taste in canned foods too. Growing demand for luxury and healthcare has increased demand for aroma chemicals in the market.

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Key Takeaways from the Market Study:

• The global market for aroma chemicals is likely to expand 1.6x from 2022 to 2032
• By source, sales of synthetic aroma chemicals are expected to remain dominant, yielding 69% revenue in 2022
• Terpenoid aroma chemicals to account for a significant value share in the global market
• North America is likely to be an opportunistic market, expanding at a CAGR of 5.6% until 2032
• Asia Pacific to be another significant market, poised to register a growth rate of 6.1%
• Europe is likely to be the kingpin of the global aroma chemicals market, holding a value of US$ 1.8 billion in 2021

“Prominent manufacturers of aroma chemicals are diversifying their product offerings, incorporating more natural ingredients amid apprehensions regarding the adverse impact synthetically sourced aroma chemicals have on the environment, generating new revenue streams,” comments an analyst at Fact.MR.

Leading Players Driving Innovation in the Aroma Chemicals Market

Kelkar Group; BASF SE; Hindustan Mint and Agro Products; Solvay; Symrise AG; Robertet; Kao Corporation,; Privi Organics Ltd.; Kalpa Sutra Chemicals,; Bell Flavors & Fragrances

Competitive Landscape

The majority of the industry's major players have been around for a long time and have large production capacities. As a result, to meet the growing demand from end-use markets, they are focusing on product launches, expansion, and acquisitions.

BASF acquired Isobionics, a biotech company, in June 2020 to set up its distillation plant for the production of new flavors and fragrances. The plant is expected to be built at the Brightlands Chemelot Campus in Geleen, Limburg, the Dutch province. This strategy entails establishing its own production unit for the manufacture and development of new fragrances, which is expected to create market growth opportunities.

New fragrance technology in all perfume categories, including personal, fabric, fine fragrance, home, and oral care flavors. This technology will assist consumers in improving their overall sense of well-being.

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Aroma Chemicals Industry News:

1. In December 2021, Firmenich SA reported the opening of a new production unit for renewable ingredients at its plant in Castets, France. The new production facility was set to be operational from January 2022.
2. In June 2020, Givaudan introduced VivaScentz™, a cutting-edge fragrance innovation to deliver consumer well-being with benefits across all perfume categories such as fine fragrance, personal, home, and fabric care and oral care flavours. The new technology, which is at the forefront of the fragrance industry, is intended to enable consumers to experience a complete sense of wellbeing.
3. In June 2020, BASF has acquired Isobionics, a biotechnology firm, to establish its own distillation facility for the production of new fragrances & flavors. The facility is to be constructed at Brightlands Chemelot Campus in Geleen in the Limburg Province of the Netherlands. This move is to establish its own manufacturing unit for production and innovation of new fragrances which is expected to generate opportunities for market expansion.

More Insights Available

Fact.MR, in its new offering, presents an unbiased analysis of the global aroma chemicals market, presenting historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of application (soaps & detergents, cosmetics & toiletries and food & beverages ingredients), compound (alcohols, acids, esters, aldehydes, ketones and hydrocarbons), source (natural and synthetic) and type (benzenoids, musk chemicals and terpenoids) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).

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