The aroma chemicals market was valued at US$ 4.22 billion in 2016 and is projected to reach US$ 7.03 billion by 2025, exhibiting a CAGR of 6.21% during the forecast period, according to Aroma Chemicals Market Report, by Composition (Esters, Amines, Linear Terpenes, Cyclic Terpenes, and Aromatic), by application (Cosmetic and toiletries, Food and beverages, home care products, Fragrances, soap and detergents, and others). Growing personal disposable income in emerging economies such as India, China, and ASEAN coupled with increasing demand for cosmetics and homecare products resulted in the growth of aroma chemicals market.
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Browse 500 market data tables* and 470 figures* on "Aroma Chemicals Market” - Global forecast to 2025.
Key Trends and Analysis of the Global aroma chemicals Market:
- Among application, the cosmetic and toiletries segment accounted for major share in 2016 and is expected to retain this trend over the forecast period. This segment was valued at US$ 1.35 billion in 2016, accounting for a market share of around 32% and is expected to reach US$ 2.17 billion by 2025, with a CAGR of 5.80% and market share of 30.92%.
Key Takeaways of the Market:
- According to study, Europe accounted for the largest market share in terms of revenue and volume in the global aroma chemicals market in 2016. The region is expected to retain its dominance throughout the forecast period, due to growing use of cosmetic and personal care products in Western European economies such as France, Germany, U.K, and Italy. In terms of revenue, Europe had a market share of 33.47% in 2016. According to the European Trade Association, the cosmetic and personal care market was valued at US$ 90.4 billion at retail sale price in 2016 with Germany (US$ 15.26 billion), U.K (US$ 13.50 billion), France (US$ 13.38), and Italy (US$ 11.62 billion).
- Europe is followed by, North America and Asia Pacific in the market of aroma chemicals. The North American market is valued at a CAGR of 5.80% with Asia Pacific market with a CAGR of 7.15%. Asia Pacific is the fastest growing market and is expected to retain its dominance during the forecast period. Growing population coupled with the increasing disposable income in economies such as India and china has fuelled the growth of cosmetics, personal care, and home care products, in turn increasing the demand for aroma chemicals market. Moreover, the growing retail sector in emerging economies of the region has made the easier availability of products, such as cosmetics, fragrance, soap, and detergents, which is further surging the market growth. According to the United States Department of Commerce, the retail size of Indian cosmetics and beauty market was anticipated to be around US$ 3.33 billion and is expected to grow much faster than European market and the American market.
- Major players operating in the global aroma chemicals market include Agilex flavors and fragrances INC, BASF, Aromatech flavorings INC, Bell Flavors & Fragrances Company, Flavorchem Corporation, and Vigon International INC.