Aroma Ingredients Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DM2009 | Last Updated On: Dec 16 2022 | Available Formats

>Aroma Ingredients Market Expected to reach a high CAGR 4.4% during the forecast period 2022 to 2029:

The aroma Ingredients Market is segmented By Application (Cosmetics, Fine Fragrances, Home Care Products, Food Industry), By Type (Natural Ingredients, Synthetic Ingredients), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029.

Aroma Ingredients Market Share, Size, Demand Insights

Aroma Ingredients Market is predicted to reach a high CAGR 4.4%  during the forecast period (2022-2029).

The components aroma is a chemical product created to manufacture a fragrance substance that improves its aromatic, anti-malodorous, and mixing qualities. They may be derived from natural, synthetic raw material physical processes.  

Aroma Ingredients Market Scope and Summary

Metrics

Details

Market CAGR

4.4%

Segments Covered

By Load, By Distribution Channel, By Vehicle, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Aroma Ingredients Market Dynamics and Trends

One of the main reasons driving the growth of the aroma components market is the rising consumer health awareness in the world. The rise in demand for natural components, as well as the increasing focus on preventative care and the impact of chronic illness on consumers, is accelerating the market expansion of aroma ingredients. The increased demand for essential oil or aroma oil due to its therapeutics and its widespread usage in the manufacturing of many personal care products, including deodorants, perfumes, and colognes, further impacts the market for aroma components. 41% of the female population in the US use perfumes every day and 39% of the male population in the US use perfumes every day.

Increasing manufacturing costs as a result of high quality, significant expenditures connected with fragrance ingredient research and development, and strict laws governing the use of scent compounds are some reasons that limit the market growth.

COVID-19 Impact on Aroma Ingredients Market Growth

The dynamics, competitiveness, and worldwide supply chains have been affected due to Covid-19. Revenues decreased in 2020 and might progressively restart in 2021. Companies that optimize their operations and statistics will support the competition and overcome the competition. This happened mostly because movement among the people was reduced by placing multiple lockdowns over months to minimize the spread of Covid-19. Due to the low purchasing, and disruption in the supply chain, there has been a negative impact on the aroma ingredients market.

Aroma Ingredients Market Segmentation and Shares Analysis

By application, the aroma ingredients market is segmented into cosmetics, fine fragrances, home care products, and the food industry. Due to its extensive applicability in perfumes, body seals, cologne, and deodorants, the Fine Fragrances sector is expected to have the greatest CAGR in the projection period. The elements of aroma are critical ingredients of excellent scent compositions. These are used in exquisite fragrance compositions in the greatest proportions as any other request. According to Statista, in 2018, about 74% and 55% of the female and male population of the US bought candles as their scented products for their homes respectively. Deodorants, perfumes, body mists, and colognes are the major applications of fine fragrances for the aroma ingredients market. By type, the aroma ingredients market is segmented into synthetic ingredients and natural ingredients. The greatest proportion of revenues for synthetic aroma chemicals in 2019 was 73% and its leadership in the projection period is expected to remain. Increased demand from the personnel, cosmetics, food, and beverage sectors is reflected in synthetic aromas.

Aroma Ingredients Market Geographical Penetration

By Geography, the Aroma Ingredients market is segmented into North America, Asia-Pacific, Europe, South America, the Middle East, and Africa. With a 30% revenue share in 2019 and projected during the period forecast to dominate the market, Asia Pacific was the largest regional market for aroma chemicals. In big regions like North America and Europe Asian flavors and scents have also grown in appeal. In the area of Asia-Pacific, China, India, Indonesia, and Vietnam are among the major food flavors. India is one of Asia-major Pacific's developing economies. In India, the demand for fragrance chemicals is projected to rise because of the increased demand for soap, detergents, and home care products from manufacturing firms. For instance, ASCC Enterprises Pte Limited has announced the successful purchase of 80% shares in Singapore-based Taytonn Pte Ltd. The company is a supplier to Flavour & Fragrance customers in 18 Asia Pacific markets, stocking and distributing a comprehensive range of aroma chemicals, essential oils, isolates, and extracts.

Aroma Ingredients Companies and Competitive Landscape

The Aroma Ingredients market is highly competitive with existing players in the market. Some of the major players include BASF SE, International Flavors & Fragrances Inc., Robertet SA, Takasago International Corporation, Yingyang Aroma Chemical Group, Firmenich SA, Symrise, Bel Flavors & Fragrances, Kao Corporation, and Givaudan. Companies are focusing to extend their market shares worldwide by acquiring the companies.

  • In April 2019, PLZ Aeroscience Corporation has acquired Precise packaging from Thrive Capital. Precise Packaging is a leading manufacturer of fine fragrances, hair care products, linen sprays, anti-itch sprays, etc.
  • For instance, ASCC Enterprises Pte Limited has announced the successful purchase of 80% shares in Singapore-based Taytonn Pte Ltd. The company is a supplier to Flavour & Fragrance customers in 18 Asia Pacific markets, stocking and distributing a comprehensive range of Aroma Chemicals, Essential Oils, Isolates, and Extracts.
  • Givaudan, a prominent flavor and fragrance business, bought a Vietnamese flavor firm in May 2019. This purchase adds to the company's natural taste, extract, and essential oil product range.

Givaudan:

Overview:

Givaudan is a Swiss company that produces fragrances, personal care, and cosmetic products. Givaudan was founded as a perfumery company in 1895 in Lyon France by Leon and Xavier Givaudan, although some parts of the modern company date back as far as 1796. In 1898 Givaudan moved to Geneva, Switzerland, and constructed a factory in Vernier.

Product portfolio:

  •   Beverages
  •   Savoury
  •   Sweets
  •   Axolight (Skin lightener)
  •   B-Lightly (Dark spots eraser)

Key Developments:

  •   Givaudan Group 2020 full-year sales were CHF 6,322 million, an increase of 4.0% on a like-for-like basis
  •   In April 2021, Givaudan announced that it is to acquire Myrissi as part of its long-term strategy to expand its capabilities in Artificial Intelligence (AI)

 

Frequently Asked Questions

What is the Projected CAGR value of the Aroma Ingredients Market?

The aroma Ingredients Market is expected to grow at a CAGR of 4.4% during the forecasting period 2022-2029.

Which region controlled the global market during 2022-2029?

North America region Controls the Aroma Ingredients Market during 2022-2029

Which is the fastest-growing region in the Aroma Ingredients Market?

Among all regions, Asia Pacific is the fastest growing market share during the forecast period 

 

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