The global aroma chemicals market sizeis projected to reach USD 6,968.3 million by 2028. As thedemand for natural ingredients is increasing, various manufacturers are tryingto create novel technologies to prevent environmental damage or pollution. Forinstance, Privi Speciality Chemicals Limited utilizes agrochemicals from by-productsand high-value aroma chemicals from Crude Sulphate Turpentine (CST) to improveeco-friendly operations and reduce emissions. Fortune BusinessInsights™ published this information in a new study, titled, “AromaChemicals Market, 2021-2028.” As per the study, the market stood at USD4,976.0 million in 2020. It is set to exhibit a CAGR of 4.5% duringthe forecast period between 2021 to 2028.
Eternis Fine Chemicals AcquiresTennants Fine Chemicals to Expand Its Product Portfolio
In February 2021, Eternis FineChemicals announced the acquisition of Tennants Fine Chemicals, a provider ofspecialty chemicals based in the U.K. This buyout would help Eternis toleverage multi-location distribution and manufacturing platforms, as well asbroaden its range of these type of chemicals. As per one of the companyofficials, “The 100% acquisition of Tennants would help the former to expandits position in India’s specialty and aroma chemicals industry.”
Declining Sales of Beauty and CosmeticsProducts to Obstruct Growth amid COVID-19
The sales of cosmetics and beautyproducts have fallen drastically owing to the COVID-19 pandemic across theglobe. Givaudan, for instance, declared that the sales of fine fragrancesdeclined by 16.4% during the first half of 2020 backed by closure of retailchannels and travel bans. Besides, consumer goods companies mentioned that theyexperienced mixed financials across numerous divisions. Procter & Gamble(P&G)’s net sales in grooming and beauty segments went down by 3% and 1% inthe third quarter of 2020.
Report Coverage-
We have conducted primary and secondaryresearch to gather information about various aspects of this report. Ourspecial interviews with end-user respondents and supply side respondents helpedin gaining insights into the average pricing, per capita consumption trend,average spending on products, growth rate, market size, and dynamics. We havealso taken information from reputed industry journals, articles, and pressreleases of organizations operating in the field of aroma chemicals.
Browse Complete Report Summary@ https://www.fortunebusinessinsights.com/aroma-chemicals-market-105142
Drivers & Restraints-
Rising Need to Maintain Formulationsand Quality of Products to Aid Growth
Aroma chemicals are extensively used intoiletries and cosmetics, such as hand washes, lipsticks, gels, shampoos, bodylotions, aftershaves, moisturizers, soaps, and others. Manufacturers arestriving persistently to maintain the quality and formulations of theseproducts by inducing natural scents. Hence, they are inclining rapidly towardsorganic ingredients.
However, the Environmental WorkingGroup (EWG) declared that around 75% of fragrance ingredients hidden in thelist provided in labels contain phthalates that can cause disruptive hormonalactivities, breast cancer, reproductive malformation, and reduction in spermcount. This factor may hinder the aroma chemicals market growth in the nearfuture.
Segments-
Fine Fragrances Segment to DominateStoked by Rising Technological Advancements
By source, the market is categorized intosynthetic and natural. Based on the product, it is divided intoterpenes/terpenoids, benzenoids, musk chemicals, and others. Lastly, byapplications, it is fragmented into food & beverages, fine fragrances,cosmetics & toiletries, soaps & detergents, and others. Out of these,the fine fragrances earned 53.18% and 51.62% interms of the aroma chemicals market share globally and in the U.S. in 2020.This segment is anticipated to remain at the forefront because of the ongoingtechnological advancements in this field.
Regional Insights-
Increasing Spending on Premium Perfumesto Help Europe Dominate in Upcoming Years
Regionally, Europe held USD1,807.3 million in 2020 in terms of revenue. It is anticipated to leadthe market in the forthcoming years fueled by the high consumer spending onpremium and luxurious perfumes, especially in developed countries, such asGermany, U.K., and France. In North America, the market is set to grow steadilybecause of the rising health-consciousness among consumers. Asia Pacific wouldgrow significantly in the upcoming years on account of the increasing demandfor fragrances in India, Japan, and China.
Competitive Landscape-
Key Companies Aim to Gain CompetitiveEdge through Acquisitions and New Launches
The global market possesses severalrenowned companies that are majorly focusing on developing sustainable,premium-quality, and cost-effective products to meet the high demand worldwide.Some of the others are participating in the acquisition strategy to gain acompetitive edge. Below is one of the latest industry developments:
- January 2020: Solvay unveiled a unique high purity synthetic eugenol called Eugenol Synth featuring olfactory properties for fragrance applications. It will act as an alternative to help meet the demand from the flavors & fragrance (F&F) market.
A list of reputed manufacturers presentin the global market:
- Privi Speciality Chemicals Limited (Navi Mumbai, India)
- BORDAS S.A. (Sevilla, Spain)
- BASF SE (Ludwigshafen, Germany)
- DSM (Heerlen, Netherlands)
- Hindustan Mint & Agro Products Pvt. Ltd. (Uttar Pradesh, India)
- International Flavors & Fragrances Inc. (New York, the U.S.)
- Kao Chemicals Europe (Barcelona, Spain)
- Symrise (Holzminden, Germany)
- Givaudan (Vernier, Switzerland)
- Solvay (Brussels, Belgium)
- Takasago International Corporation (Tokyo, Japan)
- Keva (Mumbai, India)
- Eternis Fine Chemicals Ltd. (Mumbai, India)
- Other Key Players
