The aroma chemicals market is expected to register a CAGR of over 5% during the forecast period. The major factors driving the market studied include the blooming use in the fragrance industry.
- High cost for R&D is expected to significantly hinder the growth of the market studied.
- Europe is expected to dominate the global market during the forecast period.
- Advancements in technology is likely to act as an opportunity in the future.
Key Market Trends
Growing Demand from Fine Fragrances Application
- Aroma chemicals are an important group of organic molecules used as ingredients in flavors and fragrances.
- Formulations of fragrance from aroma chemicals are used globally, for imparting attractive aroma and pleasing scents to perfumes, toiletries, and detergents.
- The growth of the fragrance industry is primarily driven by the increase in demand for natural fragrances from developing nations and significant technological advancements to meet the changing consumer demands.
- Additionally, the increasing demand for customizable and niche fragrances is driving the consumption of aroma chemicals, since consumers are looking for personalized fragrance experiences and exotic scents.
- Further, the rising importance of organic and natural fragrances in aromatherapy, which influences the emotional and psychological wellbeing, is expected to drive the demand for the market studied.
China to Dominate the Asia-Pacific Market
- China is the world’s second-largest economy in terms of growth and the increasing level of income of the country’s population is further driving the economy. Though the economy witnessed a steady growth in the past years, it is likely to recover and expand at a significant rate.
- In China, the largest fragrance markets are predictably located in the most developed cities, such as Beijing and Shanghai.
- The demand for fragrance in soaps and detergents was one of the market drivers, and this segment is estimated to continue to grow during the forecast period, primarily due to the increasing household applications.
- China has the largest personal care market in Asia-Pacific, which is estimated to grow around 7-10% annually, throughout the forecast period.
- Furthermore, countries, such as India and Japan have also been contributing to the growth of the market studied. This is expected to further drive the demand for the aroma chemicals market over the forecast period.
The aroma chemicals market is fragmented in nature. Some of the major players of the market studied include Takasago International Corporation, Solvay, Kao Corporation, HINDUSTAN MINT & AGRO PRODUCTS PVT. LTD., and BASF SE, among others.
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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1.2 Scope of the Study
4.1.1 Blooming Use in Fragrance Industry
4.1.2 Increasing Demand from Asia-Pacific and South America
4.2.1 High R&D Costs
4.2.2 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5.1.3 Musk Chemicals
5.1.4 Other Types
5.2.1 Soap and Detergents
5.2.2 Cosmetics and Toiletries
5.2.3 Fine Fragrances
5.2.4 Household Products
5.2.5 Food and Beverage
5.2.6 Other Applications
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.3.2 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
5.3.4 South America
220.127.116.11 Rest of South America
5.3.5 Middle-East and Africa
18.104.22.168 Saudi Arabia
22.214.171.124 South Africa
126.96.36.199 Rest of Middle-East and Africa
6.2 Market Share Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.2 BASF SE
6.4.3 Fairchem Speciality Ltd
6.4.4 HINDUSTAN MINT & AGRO PRODUCTS PVT. LTD.
6.4.5 Kalpsutra Chemicals Pvt. Ltd
6.4.6 Kao Corporation
6.4.7 PFW Aroma Chemicals (Kelkar Group)
6.4.9 S H Kelkar And Company
6.4.10 Sensient Technologies
6.4.11 Silverline Chemicals
6.4.14 Takasago International Corporation
6.4.15 Treatt Plc
7.2 Other Opportunities