3/27/24, 5:07 PM Aroma Chemicals Market Size To Increase USD 8.

19 Bn By 2032

Aroma Chemicals Market Size To Increase USD 8.19 Bn By 2032

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Aroma Chemicals Market (By Source: Synthetic, Natural; By Product: Benzoids, Terpenes,
Musk Chemicals others; By Application: Flavors, Fragrances; By Aroma Node: Floral, Woody,
Citrus, Fruity, Herbal, Tropical, Others; By Color: Colorless, White, Yellowish, Others; By
Form: Liquid, Dry; By Distribution Channel: Indirect, Direct; By Product Type) - Global
Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032

Report Description Table of Content Request Customization

The global aroma chemicals market size was reached at USD 5.1 billion
in 2022 and it is expected to increase around USD 8.19 billion by 2032,
expanding at a CAGR of 4.9% during the forecast period from 2023 to
2032.

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Key Takeaways
Aroma Chemicals Market Size To Increase USD 8.19 Bn By 2032
The natural source segment is growing at a CAGR of 3.8% over the
forecast period.
The terpenes & terpenoids segment is growing at a CAGR of 4.7%
from 2023 to 2032.
The natural aroma chemicals market is expected to witness a CAGR
of 6.8% from 2023 to 2032.

The aroma chemical manufacturers are increasing their focus on

developing products that are natural and comply with environmental
norms. Aroma chemicals are used in the production of additives for the
food and beverages industry, for health care and for personal care
products. In order to gain a competitive advantage manufacturers are
trying to produce natural flavors similar to the synthetic flavoring agents.
Pharma chemicals are used as the basic ingredient in manufacturing quality
flavors and fragrances.

Growth Factors

The demand for the global aroma chemicals is expected to grow due to the
increased consumption of these products in the cosmetics, toiletries,
soaps, food and beverages industries. There's an increased use of flavors
and fragrances in all of these industries. Excellent technical innovations
for the extraction of the aroma chemicals and an increase in the research
and developmental activities have attributed to the growth of the
customized aroma chemicals in various applications.

The demand for the aroma chemicals has increased as the manufacturers
are also focusing on meeting interrupted raw material supply. As the
consumers are increasingly becoming aware of the product benefits the
suppliers are also maintaining high-quality standards. Another major factor
driving the growth of this market is the taste. Aroma chemicals are used to
enhance the taste in edible items. Also, the government regulations on the
use of various synthetic flavors will help in increasing the growth of natural
aroma chemicals.

Aroma Chemicals Market Scope

Report Coverage Details

Market Size in 2023 USD 5.32 Billion
Market Size by 2032 USD 8.19 Billion
Growth Rate from 2023 to 2032 CAGR of 4.9%
Largest Market Asia Pacific
Fastest Growing Market North America
Base Year 2022

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Forecast Period 2023 to 2032

Aroma Chemicals Market SizeSource, Products, Application,

To Increase USD 8.19 Bn By 2032
Aroma Node, Color, Form,
Segments Covered
Distribution Channel, Product Type,
and Geography
Takasgo International Corporation,
Givaudan, Bell Flowers &
Companies Mentioned Fragrances, Symrise, S H Kelkar and
Company, Privi Organics India
Limited, BASF SE, Kao Corporation

Source Insights

The synthetic source of aroma chemicals has dominated the market

with a 68.2% revenue share in 2022. Synthetically produced aroma
chemicals are used in foods and beverages, cosmetics and personal care.
All of these industries have a good demand for synthetic aroma chemicals.
Synthetic aroma chemicals are obtained by using the most updated
technologies. They happen to be the highest source to obtain the product.
Synthetic aroma chemicals help in reproducing the natural sense of various
flavors that could be used in the industries.

Apart from the synthetically revived aroma chemicals, the naturally

derived aroma chemicals are also a prominent source for flavors. These
aroma chemicals are extracted naturally from pine trees. Increased
awareness amongst the consumers regarding the effects of the artificial
additives and ingredients in the food products is affecting the market. The
cost of manufacturing natural favors restrains the growth of the market
sometimes it poses a challenge as the blending of these chemicals into the
natural fragrances becomes a task.

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Application Insights
Aroma Chemicals
The fragrance applicationMarket Sizehad
segment To the
Increase USD
largest 8.19 Bn
revenue tillBy2022,
2032
which accounted to 68.7%. The availability of unique ingredients to
manufacture Fine Fragrances led to an increase in the demand for these
aroma chemicals. The aroma chemicals market is expected to grow during
the forecast. Product manufacturers are also focusing on natural flavoring
products. The aroma chemicals market is expected to have a great growth
in developing economies. Increasing demand for the beverages and
processed foods, liking for exotic flavors and increased disposable income
are the factors that are helping in the growth of the market.

Aroma chemicals are also seeing applications in confectionery,

convenience foods, dairy and bakery items. The demand for unique
fragrances and organic perfumes is on high. The trend for the organic
perfumes that are completely vegan is in great demand. These perfumes
have certifications from the USDA and they are also certified by PETA.

Chemical Used Insights

The terpenes chemical segment is expected to have the largest market

share of around 38.7% in 2022. These products are naturally available
and has maximum application in pressure sensitive tapes, paints and
printing games, chewing gums and rubber adhesives. They also play an
important role in flavoring agents and fragrances for various industries.

Terpenes has the largest consumption in food and beverages and the
rubber industries. Less availability of terpenes leads to a high cost of
extraction and this happens to hamper the market growth. As there's an
increased commercial importance of the benefits, this chemical segment is
expected to grow. They see applications in cosmetics and personal care
products, soaps, detergents, household products and foods and beverages,
increasing utility of the business segment is expected to see a growth
during the forecast period.
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Aroma Chemicals Market Share, By Region, 2022 (%)

Aroma Chemicals Market Size To Increase USD 8.19 Bn By 2032

Regions Revenue Share in 2022 (%)
North America 23.5%
Asia Pacific 30.4%
Europe 27.6%
Latin America 11%
MEA 7.5%

Regional Insights

The aroma chemicals market was dominated by the Asia Pacific region.
It had the largest revenue share of about 30.4% in the year 2022. The
market is expected to grow at of 5.4% till the year 2032. There is an
increase in the aroma chemicals market in the Asia Pacific region due to
increased demand for various flavors and fragrances in countries like
China, Japan and India.

Due to the demand for low-carbohydrate and low-fat foods and beverages
the product market in US and Canada is also expected to grow moderately.
The use of aroma chemicals in the food processing industry is also
expected to grow during the forecast period and increasing awareness in
consumers regarding the healthy lifestyle has led to a demand for healthy
foods and organic cosmetics in the North American region. The demand for
aroma chemicals is expected to grow in the future due to increased use in
organic cosmetics. There's steady growth in the European market due to
the use of aroma chemicals in various cosmetics and personal care
products. Increased demand for applications in soaps, beverages and
detergents will also lead to growth in the European region. The demand for
cosmetics and personal care products, along with consumer awareness
regarding hygiene practices and beauty, is expected to help the growth of
the market in the Middle East and Africa.

Key Market Developments

BASF acquired Isobionics in June 2020 which is a biotech company.

This acquisition help in setting up a distillation plant for the
manufacturing of new fragrances and flavors in order to create the
opportunities for growth in the market. The strategy is used for
owning a product unit in manufacturing and development of new
fragrances.
A new herbal aroma chemical herb known was launched by the Green
Chemistry company P2 Science in July 2021. This product is used in
imparting an aroma to the personal care and cosmetic products. This
new herbal aroma chemical helps in imparting slight Jasmine,
herbal, fresh basil and anise to all its products.
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Takasago International Corporation, which is a manufacturer of

flavors and fragrances industry, entered into a partnership with
Aroma Chemicals Market Size To Increase USD 8.19 Bn By 2032
Harem, a chemicals group, in March 2020.

Segments Covered in the Report

By Source

Synthetic
Natural

By Products

Benzoids
Terpenes
Musk Chemicals
others

By Application

Flavors
Confectionery
Convenience Food
Bakery Food
Dairy Products
Beverages
Others
Fragrances
Fine Fragrance
Cosmetics and Toiletries
Soaps and Detergents
Others

By Aroma Node

Floral
Woody
Citrus
Fruity
Herbal
Tropical
Others

By Color

Colorless
White
Yellowish
Others

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By Form

Aroma Chemicals Market Size To Increase USD 8.19 Bn By 2032

Liquid
Dry

By Distribution Channel

Indirect
Direct

By Product Type

Vainilla Vainas Madagascar

Tixosil 38 x
Vainillin
Carvacrol
Propilenglicol USP
Dipropilenglicol
Dipropilenglicol Metil Eter
Dihidromircenol
Cis-3-Hexenol
Aldehide c-18
Linalool
Lysmeral
Cinnamic Aldehyde
Citronelol
Galaxolide
Iso E Super
Geraniol
Others

By Geography

North America
Europe
Asia-Pacific
Latin America
Middle East & Africa (MEA)
Frequently Asked Questions

What is the current size of aroma chemicals market?

The global aroma chemicals market size was accounted at USD 5.1 billion in 2022 and it is expected to
reach around USD 8.19 billion by 2032.

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3/27/24, 5:07 PM Aroma Chemicals Market Size To Increase USD 8.19 Bn By 2032

What will be the CAGR of global aroma chemicals market?

Aroma Chemicals Market Size To Increase USD 8.19 Bn By 2032
Who are the prominent players operating in the aroma chemicals market?

Which are the driving factors of the aroma chemicals market?

Which region will lead the global aroma chemicals market?

Report Code: 2287

Category: Chemical and Material

No. of Pages: 150+

Format: PDF/PPT/Excel

Published: August 2023

Historical Year: 2021-2022

Base Year: 2023

Estimated Years: 2024-2033

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