Benzenoids Segment to Account for 32.55% Global Aroma Chemicals Market Share

 Aroma compounds, often known as scents and odorants, are used to mimic natural aromas. Aroma chemicals are made from natural fats and oils and are found in a wide range of lifestyle items. Aroma compounds create aroma formulations for consumer items including perfume, toiletries, and cleaning supplies. Aroma chemicals are used to enhance the flavor of processed foods and beverages since smell impacts the taste of edible goods. To achieve a competitive advantage in the market, aroma chemical companies concentrate on developing natural alternatives to synthetic flavoring ingredients.

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Data Bridge Market Research analyses that the aroma chemicals market is expected to grow at a CAGR of 7.7% in the forecast period of 2021 to 2028 and is expected to reach USD 9,835.95 million by 2028. The growing demand for natural perfumes and scents around the world is propelling the market forward. Consumers are increasingly willing to spend on luxury personal care, beauty, medications, and homecare items, which come in a range of fragrances, as their disposable incomes rise. Furthermore, rising consumer awareness regarding the importance of maintaining personal hygiene substantially impacted demand for cleaning goods and toiletries that use aroma compounds as a primary element.  

Rising use in the production of food and beverages additives is expected to drive the market's growth rate during the forecast period.

Manufacturers of aroma chemicals are focusing on developing natural goods that meet strict environmental criteria. Furthermore, as consumers grow more aware of the products' benefits, providers have been forced to maintain high-quality standards by integrating themselves into production. Aroma compounds improve the flavor of processed meals and beverages because taste is such a significant aspect in edible things. As a result of expanding demand for health and wellness goods, regulatory regulations, and a ban on the use of synthetic tastes, natural aroma compounds are becoming more popular. Natural flavors' appropriateness in a wider range of applications, added health benefits of specific natural flavors, and enhanced technological innovation are driving the market for aroma chemicals.

Report Scope and Market Segmentation

Segment Analysis:

The aroma chemicals market is segmented on the basis of chemical type, source, form type, product type, color type, aroma node, application and distribution channel.

• On the basis of chemical type, the aroma chemicals market is segmented into terpenes, benzenoids, musk chemicals, esters, ketones, and others. In 2021, the benzenoids segment dominated the global aroma chemicals market with a market share of 32.55% owing to increasing demand for processed food coupled with growing demand for toiletries products such as detergent, soaps and others because of increased awareness regarding clean and hygienic environment.
• On the basis of source type, the aroma chemicals market is segmented into synthetic and natural. In 2021, the synthetic segment dominated the global aroma chemicals market with a market share of 60.10% synthetic chemicals play a vital role for many fragrance manufacturers to produce a strong natural scent without compromising the chemical characteristics used in the fragrance formulation.
• On the basis of form type, the aroma chemicals market is segmented into liquid and dry. In 2021, the liquid segment dominated the global aroma chemicals market with a market share of 63.42% as they easily get dissolved in solutions and are required in almost half quantity compared to dry aroma chemicals.

In 2021, the liquid segment of form type segment is anticipated to dominate the aroma chemicals market

In 2021, the liquid segment of this market will dominate the aroma chemicals market as they easily get dissolved in solutions and are required in almost half quantity compared to dry aroma chemicals. The liquid segment is expected reach the highest CAGR of 5.7% in the forecast period of 2021-2028.

• On the basis of color type, the aroma chemicals market is segmented into colorless, yellowish, white and others. In 2021, the colorless segment dominated the global aroma chemicals market with a market share of 47.96% as they easily get dissolved without imparting any physical change in the product.
• On the basis of the aroma node, the aroma chemicals market is segmented into floral, woody, citrus, fruity, herbal, tropical, and others. In 2021, the floral segment dominated the global aroma chemicals market with a market share of 23.99% due to the rising demand for floral fragrances in the decoration of the house to have a pleasant smell in the home.
• On the basis of application, the aroma chemicals market is segmented into food, beverages, toiletries, fine fragrances, personal care, and others. In 2021, the toiletries segment dominated the global aroma chemicals market with a market share of 36.06% due to increasing usage of aroma chemicals in soaps, detergent, floor cleaner products, and others in order to enhance fragrance in the product.
• On the basis of distribution type, the aroma chemicals market is segmented into direct and indirect. In 2021, the indirect segment dominated the global aroma chemicals market with a market share of 73.54% because of low cost and simple process.

In 2021, the indirect segment is projected to hold the largest share of distribution type segment in the aroma chemicals market

In 2021, the indirect segment is anticipated to hold the largest share of global aroma chemicals market because of low cost and simple process. The indirect segment is growing with a CAGR of 5.7% in the forecast period of 2021 to 2028.

Major Players

Data Bridge Market Research recognizes the following companies as the major aroma chemicals market players in aroma chemicals market are Cedarome (Canada), INOUE PERFUMERY MFG. CO., LTD. (Japan), MANE (France), De Monchy Aromatics (U.K.), Givaudan (Switzerland), Kao Corporation (Japan), BASF SE (Germany), DSM (Netherlands).

Market Development

• In December 2020, BASF SE announced an expansion of a new facility for PU system products dealing with a range of appliance, furniture, and construction applications with pre-polymer reactor technology that boosts production capacity. This will result in rising value of sales as well as revenue of BASF SE
• In February 2021, Eternis announced the acquisition of UK-based aroma chemicals manufacturer. Eternis and Tennants Fine Chemicals will be able to complement each other's offers and exploit factors like their multi-location manufacturing and distribution infrastructure.
• In August 2021, LANXESS had announced the expansion its portfolio of aroma chemicals, preservatives and industrial additives. Flavors & Fragrances (F&F) is a new business unit dedicated to fragrance and aroma compounds at LANXESS. Furthermore, the company's portfolio of fragrance chemicals and preservatives for food, household, cosmetics, and personal care applications has been significantly expanded, as has its portfolio of specialty chemicals for industrial uses. LANXESS also has a stronger global footprint and a deeper level of value creation, and it continues to be a trustworthy partner to its clients with a stable supply chain.

Regional Analysis

Geographically, the countries covered in the aroma chemicals market report are U.S., Canada, Mexico Japan, China, South Korea, India, Singapore, Thailand, Indonesia, Malaysia, Philippines, Australia & New Zealand and Rest of Asia-Pacific, Germany, U.K., Italy, France, Spain, Russia, Switzerland, Turkey, Belgium, Netherlands, Luxemburg, and Rest of Europe, Brazil, Argentina, and Rest of South America, South Africa, Egypt, Saudi Arabia, United Arab Emirates, Israel, and Rest of Middle East and Africa.

As per Data Bridge Market Research analysis:

Europe is the dominant region in aroma chemicals market during the forecast period 2021 - 2028

Europe will continue to dominate the aroma chemicals market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period due to the swift growth of the personal care and cosmetics market in this region. Additionally, the growing adoption rate of natural aroma chemicals in various applications, including soaps and detergents and beverage industries, will propel the market's growth rate.

Asia-Pacific is estimated to be the fastest growing region in aroma chemicals market the forecast period 2021 - 2028

Asia-Pacific region is anticipated to grow at the highest rate during the forecast period of 2021-2028 due to the increasing demand for flavors and fragrances from countries such as China, India, and Japan. in the region. China's economy is the world's second-largest in terms of growth, and the country's population's rising income levels are propelling the economy even higher. Though the economy has grown steadily in recent years, it is expected to rebound and expand at a rapid pace.

COVID-19 Impact Analysis

Over the last 18 months, almost every industry on the planet has suffered a setback. This can be ascribed to severe disruptions in their respective manufacturing and supply-chain operations, resulting from multiple precautionary lockdowns and other limitations imposed by governments all over the world. The aroma chemicals market is no exception. Furthermore, consumer preferences has decreased as people are now much more concentrated on removing non-essential expenses from their budgets as the wider economic situation of most people has been adversely impacted by this outbreak. Over the forecast period, the aforementioned factors are likely to have a negative impact on the aroma chemicals market's revenue trajectory.

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