Global Aroma Chemicals Market - Segmented by Type, by Application, and Geography - Growth, Trends, and Forecasts (2018 - 2023)
The global aroma chemicals market is expected to register moderate growth during the forecast period of 2018 - 2023. Asia-Pacific is expected to experience the highest growth rate due to the projected economic growth in the region, during the forecast period.
Booming Use in the Fragrance Industry
Formulations of fragrance from aroma chemicals are used worldwide, to impart attractive aroma and pleasing scents to perfumes, toiletries, and detergents. The growth of the fragrance industry is primarily driven by the increasing demand for natural fragrances from developing nations and significant technological advancements to meet the changing consumer demands. Additionally, the increasing consumer preference toward signature scents is boosting the demand for personalized fragrances. Further, the rising importance of organic and natural fragrances in aromatherapy is expected to drive the market during the forecast period.
Benzenoids Poised to Record the Fastest Growth
Benzenoids contain benzene as an aromatic ring, with additional functional groups, such as ketones, alcohols, acetates, aldehydes, and esters. It is generally used in hairsprays, perfumes, detergents, laundry bleaches, and personal care products, such as shaving creams, shampoos, body lotions, and other products. They have a sweet and balsamic odor, which makes them suitable for use in floral fragrances, such as carnation, wallflower, lilac, and others. Such applications of benzenoids are expected to boost the demand for aroma chemicals during the forecast period.
Asia-Pacific to Dominate the Market
Owing to the growing applications in various applications, such as cosmetics, personal care, soaps & detergents etc., Asia-Pacific is expected to experience the fastest growth in the aroma chemicals market in 2017. Additionally, the increasing demand for fragrances from the developing countries in the region, such as China, India, and Japan, among others, has also been boosting the demand in the recent years. China has the largest personal care market in Asia-Pacific. Further, the growing population of the age group between 20 and 30 years is one of the major factors contributing the rising demand for cosmetics in the region, thus augmenting the aroma chemicals market during the forecast period.
Major Players: Kao Corporation, Solvay, Aromatech, and Bell Flavors & Fragrances, among others.
Reason to purchase this Report
Analyzing various perspectives of the market, with the help of Porter’s five forces analysis
The application that is expected to dominate the market.
The regions that are expected to witness the fastest growth during the forecast period.
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