AROMA CHEMICALS MARKET ANALYSIS

The global aromatic chemicals market size is valued at USD 5.8 billion in 2022 and is predicted to grow at a compound annual growth rate (CAGR) of 6.36% from 2023 to 2030. This growth is due to increased consumption of fragrances in cosmetics and toiletries, soaps and detergents, and food and beverage industries. Aromatic chemicals are seeing an increase in demand due to an increasing range of applications in key end-use industries such as dairy products, cosmetics and toiletries, soaps and chemicals. detergents, purified luxury perfumes, ready meals, bakery and confectionery foods. In addition, the growing demand for low-calorie beverages and the growing beverage market are the main growth drivers for the industry.

Global Aroma chemicals market: Regional insights

The aroma chemicals market is dominated by the Asia-Pacific region. In 2021, it captured the largest revenue share of approximately 30.4%. The market is expected to grow by 5.4% by 2030. The Asia-Pacific aroma chemicals market is growing due to increasing demand for various flavors and fragrances in countries such as China, Japan, and India.

The product market is also expected to grow moderately in the United States and Canada, driven by demand for low-carbohydrate, low-fat foods and beverages. The use of air fresheners in the food industry is also expected to increase during the forecast period, and growing consumer awareness of healthy lifestyles is boosting the demand for health foods and organic cosmetics in the North American region. Demand for aroma chemicals is expected to increase in the future due to the expansion of their use in organic cosmetics. The European market is constantly growing due to the use of air fresheners in various cosmetic and personal care products. Increasing demand for soap, beverage and detergent applications will also lead to growth in Europe. Demand for cosmetics and personal care products, along with consumer awareness of hygiene habits and beauty, is expected to contribute to the growth of the Middle East and Africa market.

 Figure 1. Global Aroma Chemicals Market Share (%), By Region, 2022

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Global Aroma Chemicals Market-  Growth drivers:

• Growing demand for food beverages:
  Growingdemand for beverages because of its ability to maintain body water and energy levels, especially in dry and humid weather, coupled with daily needs. Increasing popularity of protein drinks due to increasing awareness of self-care and lifestyle changes.
• Cosmetic and personal care industry penetration:
  Consumption of cosmetic products is increasing due to increasing consumer awareness about personal care. Factors such as growth in per capita income, changing lifestyles, and fluctuating sleep cycles have boosted the demand for cosmetic
• Increasedconsumption of toiletries:
  Consumers' growing awareness of maintaining a healthy and hygienic environment around them, is expected to boost demand for toiletries such as soaps, detergents, disinfectants, disinfectant floor cleaners, and toilet cleaners, among others, which in turn is expected to drive demand for chemicals fragrant in the forecast year.

Global Aroma Chemicals Market- Restraints:

Synthetic Chemicals in perfumes and their potential health effects may affect the industry

About 95% of synthetic chemicals in fragrances are derived from petroleum based chemicals such as benzene derivatives, phthalates, aldehydes and others which are considered harmful and toxic to human health. These chemicals cause defects, cancer, allergies, ashtama, and nervous system disorders among adults and children. Also, some of these synthetic chemicals are cited as dangerous on the EPA’s hazardous waste list.

According to the environmental working group(EWG) researchers, about 75% of the fragrances product contain pthalates with have resulted in breast cancer, diabetes, reduction in sperm count, reproductive malformation and disruptive hormonal activities. These factors may hamper the overall market growth.

Figure 2. Global Aroma Chemicals Market Share (%), By Segment Type, 2022

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Global Power Leasing Market, By Fuel Type
The diesel engine segment held a major share of the power leasing market in 2020 as diesel power plants achieved steady deployment with the ability to offer weatherproof, scalable and flexible operations. Additionally, 24-hour power supply and lower upfront costs are expected to drive the demand for diesel-powered rental equipment. Additionally, diesel fuel improves engine performance and provides higher operating efficiency, which are key parameters giving a significant boost to the power rental market.

Recent Developments:

In July 2021, P2 Science, Inc. (P2), a green chemistry company, launched a new herbal aroma chemical, Herbenone. This  product imparts fresh basil, slight jasmine, herbal, and anise notes to all types of personal care and cosmetics products.

In June 2021, Synarome, company that manufactures and creates over 200 aroma chemicals and specialties for the global flavors and fragrances industry, acquired Chartres-based Synarome  in order to achieve 2021 sales of USD 7.09 million.

In May 2021, Azelis, acquired 100% of the outstanding shares of  Vigon International, Inc, an U.S.-based specialty manufacturer and distributor of ingredients for the flavors, fragrances and cosmetics market segments. This  acquisitions will enable Azelis to gain a strong position in the flavors and fragrances market in America.

Major Players in the Global Aroma Chemicals 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.