North America Aroma Ingredients Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Synthetic and Natural) and Application (Air Care, Cleaning and Sanitization, Personal Care and Cosmetics, Fine Fragrances and Perfumes, and Others)
The aroma ingredients market in North America is expected to grow from US$ 1,401.25 million in 2021 to US$ 1,976.84 million by 2028; it is estimated to grow at a CAGR of 5.0% from 2021 to 2028.
A change has been witnessed in consumers' perception of fragrances as a necessity for cosmetic & personal care products. Moreover, an increase in consciousness regarding personal appearance in recent years has propelled the demand for cosmetic products, resulting in the growth of the cosmetics business. The growing cosmetic industry in North America is expected to increase the demand for aroma ingredients used in various cosmetic & personal care products. Aroma ingredients are the isolates of naturally sourced or chemically synthesized ingredients, which are used to add aroma or fragrance to different cosmetic & personal care products, such as creams, lotions, hair oils, soaps, and shampoos. The International Fragrance Association (IFRA) stated that smell is an essential part of peoples' lives and fragrance plays a vital role in consumers' purchase decisions. For instance, a recent report published by Pricewaterhouse Coopers (Pw C) for IRFA in 2019 stated that consumers were willing to pay ~88% of the additional price of a product for the fragrance. Thus, the growing cosmetic & personal care industry and the change in consumers' perception of the use of fragrances in cosmetic & personal care products are driving the growth of the aroma ingredients market across the region.
With these new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America aroma ingredients market at a substantial CAGR during the forecast period.
North America Aroma Ingredients Market Revenue and Forecast to 2028 (US$ Million)
North America Aroma Ingredients Market Segmentation
The North America aroma ingredients market is segmented on the basis of type, application, and country. Based on type, the market is segmented into synthetic and natural. In 2020, synthetic segment held the largest share in the market, natural is expected to be the fastest growing segment during the forecast period. Based on application, the market is segmented into air care, cleaning and sanitization, personal care and cosmetics, fine fragrances and perfumes, and others. In 2020, personal care and cosmetics segment held the largest share in the market, it is also expected to be the fastest growing segment during the forecast period. Similarly, based on country the market is segmented into the US, Canada, and Mexico. In 2020, the US held the largest share in the market, and Mexico is expected to be the fastest growing country during the forecast period.
Takasago International Corporation; BASF SE; FIRMENICH SA; Givaudan; International Flavors & Fragrances Inc.; Robertet Group; Symrise; MANE; and Phoenix Aromas & Essential Oils, LLC are among the leading companies in the North America aroma ingredients market.
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