The global aroma ingredients market is anticipated to be valued at US$ 5,418.4 million in 2023, forecast to grow at a CAGR of 6.1%. The market is to be valued at US$ 9,794.2 million by 2033. Growth is attributed to the increasing use of lactic acid in end-user industries. From 2018 to 2022, a CAGR of 2.4% was registered for the lactic acid market.
Aroma chemical is a complex fusion of natural and/or synthetic ingredients that are added to various products in order to incorporate desired odour. These ingredients are widely used in consumer care and personal care products. Personal care industry is one of the major application industry for aroma ingredients market.
The global aroma ingredients market has witnessed steady growth over the recent past owing to increasing demand for natural aroma ingredients. Soaps and detergent is estimated to account for a significant share in the global aroma ingredients market followed by cosmetics and toiletries applications. The global aroma ingredients market is expected to register a steady growth during forecast period.
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Global Aroma Ingredients Market: Drivers
Introduction of innovative and novel products especially in cosmetics, toiletries, and skin care and hair care products has driven the overall growth of the global aroma ingredients market. The increasing demand for natural ingredients coupled with change in consumer preferences are considered to be the important driver for global aroma ingredients market. Furthermore, significant technological advancements have also fuelled the growth of the market.
Moreover, the increase in demand from the emerging and developing nations for natural fragrance due to health concerns related to synthetic chemicals is likely to act as an opportunity for the growth of the global aroma ingredients market. These factors are likely to drive the global aroma ingredients market during the forecast period.
A key trend witnessed in global aroma chemicals market is that the key aroma chemical producers are responding to growing opportunities by expanding their global presence. One of the major factor that is likely to restrict growth in demand for natural aroma ingredients is high costs associated with switching from synthetic chemical to natural ingredients.
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Global Aroma Ingredients Market: Region Wise Outlook
On the basis of regions, Europe is expected to be a promising revenue generating region for the global aroma ingredients market and is expected to grow at steady growth rate during forecast period. Latin America and Asia Pacific are anticipated to witness relatively faster growth both in terms of value and in terms of volume.
Potential opportunities in Asia Pacific and Latin America due to availability of labor and low cost of raw materials are expected to drive growth in these regions over the forecast period. North America and Middle East & Africa are also expected to show positive growth in the near future.
Global Aroma Ingredients Market: Key Players
Some of the key players identified in the global aroma ingredients market are as follows:
- BASF SE
- Mane SA
- International Flavors and Fragrances Inc.
- Givaudan SA
- Fermenich International SA
- Frutarom Industries Ltd.
- Symrise AG
- Agilex Flavors and Fragrances, Inc.
- Hindustan Mint & Agro Products Pvt. Ltd.
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain, Nordic countries, Belgium, Netherlands, Luxembourg)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
- Middle East and Africa (GCC, S. Africa, N. Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Global Aroma Ingredients Market: Segmentation
The global aroma ingredients market can be segmented on the basis of type, application and region.
On the basis of type, the global aroma ingredients market can be segmented into
- essential oils
- aroma chemicals
- menthe arvensis
- cedar wood
- orange
- eucalyptus
- citronella
- others (basil, clove, jamrosa, litsea cubica, sassafras, coriander, patchouli, camphor and lemon grass)
- turpenes
- musk chemical
- benzenoids
- others (alicyclic, heterocyclic and aliphatic compounds)
On the basis of application, the global aroma ingredients markets can be segmented into
- cosmetic and toiletries
- soap and detergents
- fine fragrance
- Others (household products, aroma therapy and pesticides).
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