AROMA INGREDIENTS MARKET ANALYSIS

Aroma ingredients are the basic substances used to make fragrance material for its anti-malodorous, smell enhancing, and blending properties. Aromatic ingredients can be obtained from physical operations of natural or synthetic/unnatural raw materials. On the basis of that it is segmented as synthetic and natural aroma ingredients. Aroma ingredients plays a predominant role developing additives or essence, which are used in food, cosmetic, and personal care industries, to improve quality of the products in terms of favor and essence.

Market Dynamics:-

• The major drivers for growth of the aroma ingredients market include growing global fragrance industry as aroma ingredients play primary role in the making of fragranced products such as perfumes, air fresheners, toiletries including deodorants, scented candles etc. For instance, according to International Fragrance Association, the global flavors and fragrance market was valued at US$ 29.0 billion in 2015, which is expected to reach US$ 70 billion by 2022, increasing at a CAGR of 6.2% during the forecast period.
• Aroma ingredients are an important constituent of perfume. Global perfume market is growing due to rising trend of personal grooming especially in youth, increasing disposable income, and improving standards of living, which in turn promote growth aroma ingredients market. For instance, according Organization of Personal Care Council, in 2016 global beauty and personal care market was valued at US$ 444 billion and it is expected to reach to US$ 716.6 billion by 2025.

Market Outlook:-

• On the basis of product type, cosmetic segment is expected to gain major traction in the aroma ingredients market due its significant use in the making of cosmetic products. Likewise floral, fruity, fantasy etc. fragrance work well on personal care categories such as lipstick, body lotion, face wash etc. For instance, according to European Commission, Directorate General for Enterprise and Industry 2007 report, EU is one of the region, which dominates the cosmetic market in the world, and was valued roughly at US$ 71.56 billion with five major countries (the U.K., Germany, Italy, France and Spain) valuing around 70% of the total market at retail sales prices. The economies with highest per capita spending on cosmetic products were Denmark and Sweden (US$ 194.38), Spain (US$ 192.11), France (US$ 188.70), thereby, increasing the market demand for aroma ingredients.

Key Players in the Global Aroma Ingredients Market:-

• Major players in the global aroma ingredients market are BASF SE, Mane SA, Givaudan SA, Fermenich International SA, and International Flavors & Fragrances Inc., Bell Flavors and Fragrances, Givaudan, Kao Corporation, S H Kelkar and Company Limited, Symrise, Takasago International Corporation etc.
• In January 2019, International Flavors & Fragrances Inc. entrenched an industry collaboration with Aryballe, a digital olfaction technology company based in France. This collaboration aims to develop the flavor and fragrance capabilities and portable applications from Aryballe.

Key Developments:-

• In September 2019, BASF SE partnered with Isobionics, manufacturer of flavour and fragrance ingredients based in Netherlands. The partnership aimed to expand business into natural flavor & fragrance business by BASF SE. The company expand its product portfolio into natural aroma ingredients.
• In June 2019, SammiChem, a division of Azelis group has partnered with BASF SE. The partnership aimed to distribute the BASF’s aroma ingredients products of for the flavor & fragrances market in South Korea
• In August 2018, Givaudan announced its partnership with Synthite Industries Private Ltd, an Indian oleoresin extraction firm who is engaged in supplying of fragrance, flavor and food ingredients. The partnership aimed for the development of natural ingredients therefore, expanding Givaudan’s product offerings to the consumer.

Market Taxonomy:-

On the basis of product type, the global aroma ingredients market is segmented into:

• Synthetic Ingredients
• Natural Ingredients

On the basis of application, the global aroma ingredients market is segmented into:

• Fine Fragrances
• Home care
• Personal Care
• Pet Care
• Food & Beverages
• Others

On the basis of region, the global aroma ingredients market is segmented into:

• Asia Pacific
  • China
  • India
  • Japan
  • ASEAN
  • Australia
  • South Korea
  • Rest of others
• North America
  • USA
  • Canada
  • Mexico
• Europe
  • U.K.
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Rest of the Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East
  • Israel
  • GCC
  • Rest of Middle East
• Africa