The top four players in the global aroma chemicals
market held nearly 54% share in 2015, rendering its vendor landscape
consolidated. Givaudan, Symrise, IFF, and Firmenich SA constitute the
leading market players. Constant effort of these companies towards
technological innovations, has resulted in low processing cost and
high quality products, finds Transparency Market Research (TMR) in a
new study. Besides this, investment in research and development is
escalating, creating lucrative opportunities for the market’s
growth.
The global aroma chemicals market is forecast to
exhibit a CAGR of 6.2% between 2016 and 2024. At this pace, the
market’s valuation will reach US$6.57 bn by 2024, from US$3.85 bn
in 2015.
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comprehensive overview of the Aroma Chemicals market. Browse Market
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Europe to Remain Dominant Regional Market for
Aroma Chemicals
Among the key application segments, which include
personal care, household care, and others, the personal care segment
held the dominant share of 47.2% in the market in 2015. While its
dominance will remain unaffected through the forecast period, the
market is also expected to tread along a positive curve in the
household care segment.
Regionally, North America, Latin America, Europe,
Asia Pacific, and the Middle East and Africa constitute the key
market segments. Europe emerged as the region holding the largest
share of 33.3% in the global market in 2015. Besides this, Asia
Pacific is demonstrating lucrative opportunities for the market
players. During the forecast period, the CAGR witnessed by the market
in Asia Pacific is expected to remain higher than other regions.
Rising Uses across Diverse Industries to
Bolster Market Opportunities
While previously, the use of aroma chemicals was
limited to the personal and household care sector, its expansion to
the food and beverages and medical industries has spiked market
opportunities. With the rising urbanization and growth in per capita
income and spending, the demand for aroma chemicals is expected to
rise especially in emerging nations such as India, China, Brazil, and
Africa. “Rising income entails increasing willingness among
consumers to spend on personal care products, which will create
lucrative prospects for the aroma chemicals market,” said a lead
TMR analyst.
Also the demand for natural fragrances is at
all-time high as they are considered greener, safer, and more
sustainable. While not all perceptions may be accurate, but they
boost the demand for natural aroma chemicals derived from ingredients
harvested from sustainably grown plants. This also connotes that the
changing consumer lifestyle will have a positive influence on the
overall market.
Stringent Regulations to Emerge as Key
Challenge
On the downside, stringent regulation coercing
companies to follow certain compliance policies is inhibiting the
market’s trajectory. For instance, wastewater discharge during the
production of various synthetic aroma chemicals consists of several
biological oxygen compound. As regulations under the Toxic Substances
Control Act (TSCA) and Clean Air Act (CAA) impose various
restrictions on the emission of VOC under federal laws, the
production of aroma chemicals might get curtailed to an extent.
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Nevertheless, increasing market penetration and
investment towards product development, will help the aroma chemicals
market overcome the aforementioned difficulties and register strong
growth in the forthcoming years. Also with companies focusing on
product diversification, consumers will have wider options to choose
from. Spurred by these factors, the global aroma chemicals market
will continue treading along a positive trajectory through the
forecast period.
Information included in the review is obtained
from a TMR report, titled “Aroma Chemicals Market (Type - Natural
and Synthetic; Product - Terpenoids, Benzenoids, and Musk Chemicals;
Application - Personal Care, Household Care, Medical, and Food &
Beverages) - Global Industry Analysis, Size, Share, Growth, Trends,
and Forecast, 2016-2024.”
The report segments the global aroma chemicals
market as:
Aroma Chemicals Market – Type Analysis
- Natural
- Synthetic
Aroma Chemicals Market – Product Analysis
- Terpenoids
- Benzenoids
- Musk Chemicals
- Others (include Aldehydes, Ketones, Esters, etc.)
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