Aroma Chemicals MarketSize and Trends

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

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.