AROMA INGREDIENTS MARKET ANALYSIS

Market Challenges And Opportunities

• 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.