Aroma Chemicals Market: Key Highlights
· In termsof value, the global aroma chemicals market isanticipated to expand at a CAGR of ~6% from 2019 to 2027.
· Thepersonal care segment accounted for a major share of the global aroma chemicalsmarket in 2018, owing to the rise in the consumption of aromachemicals in fine fragrances and cosmetics & toiletries, and growth in thefast moving consumer goods (FMCG) industry across the globe.
· In termsof source, the synthetic segment dominated the global aroma chemicals marketin 2018, due to easy availability and better mixing properties withother chemicals.
· The aromachemicals market in Asia Pacific is estimated to expand at a CAGR of morethan 6% during the forecast period, owing to the rise in thedemand for aroma chemicals in personal care and household care products.
Benzenoids Aroma Chemicals Dominate Aroma ChemicalsMarket
· In termsof product, the benzenoids segment led the global aroma chemicals marketin 2018, due to their excellent properties to replicate the naturalaroma and superior mixing properties with other chemicals. Ease of availabilityis another factor that is driving this segment. However, the terpenoids segmentis projected to expand at a rapid pace during the forecast period. Terpenoidscan be derived from natural sources such as plants and flowers. Thus, rise inthe demand for natural products is likely to fuel the terpenoids segment duringthe forecast period.
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Complex Quality and Regulatory Standards PoseSignificant Challenges for Manufacturers
· TheInternational Fragrance Association (IFRA) has banned several aroma chemicalsthat are potentially harmful, as prolonged usage of these can cause variousallergic reactions, asthma attacks, nausea, and even skin cancer. Consequently,regulations have been implemented on these chemicals across the globe to avertecological issues.
· Implementationof strict guidelines for manufacturers to gauge and maintain (within stipulatedlimits) the emissions of VOCs during the production of aroma chemicals poses achallenge for the aroma chemicals market.
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Asia Pacific to be Highly Lucrative Region inGlobal Aroma Chemicals Market
· In termsof volume, Asia Pacific constituted a prominent share of the global aroma chemicalsmarket in 2018. The key share of the market can be ascribed to theincrease in demand for personal care products, such as fine fragrances,toiletries, and household care products, primarily laundry detergents anddishwashing, among consumers in the region.
· Significantincrease in the demand for modern skin care products and high value perfumes,rise in disposable income of consumers, and increase in exposure to globalmarkets through e-Commerce have boosted the demand for personal care productsin Asia Pacific. This is positively impacting the demand for aroma chemicals inthe region.
· Thepenetration of premium brands of fine fragrances in countries such as China,India, and Indonesia is also augmenting the demand for aroma chemicals in AsiaPacific.
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Global Aroma Chemicals Market – Key Developments
· On October4, 2018, International Flavors & Fragrances Inc. acquired 100% equityof Frutarom Industries Ltd. Frutarom Industries Ltd., an Israel-based company,which is in the business of development, production, and marketing of flavorsand fine ingredients used in manufacturing food, beverages, flavors, andfragrances and personal care products.
· On April6, 2018, MANE opened a new manufacturing site in Colombia. The newmanufacturing site is estimated have facilities such as production, creativecenter, and sales & marketing offices for fragrances and flavors forColombia and the Andean region.
Aroma Chemicals Market – Competition Landscape
· Theglobal aroma chemicals market is highly consolidated. The top four players holdmore than 55% share of the global aroma chemicals market. Keyproducers of aroma chemicals have shifted their focus toward the research &development of natural aroma chemicals, owing to the rise in the popularity ofproducts with natural ingredients in end-use industries of aroma chemicals.
· Prominentplayers operating in the global aroma chemicals market are Givaudan, SymriseAG, International Flavors & Fragrances Inc., Firmenich S.A., TakasagoInternational Corporation, BASF SE, Kao Corporation, and Eternis Fine ChemicalsLtd. Emerging players in the global aroma chemicals market are TennantsFine Chemicals Ltd., Yingyang (China) Flavors & Fragrance Group, PriviOrganics India Limited, QINGDAO COSO INTERNATIONAL TRADING CO., LTD., MANE,Solvay, Nimble Technologies Pvt Ltd., Cedarome, Orchid Chemical Supplies Ltd.,Anthea Aromatics, Oriental Aromatics Limited, Robertet SA, Tadimety AromaticsPvt. Ltd., Hindustan Mint & Agro Pvt. Ltd, Sensient Flavors and FragrancesGroup, and Dongying Kehong Chemical Co., Ltd.
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