“The aromatic chemicals market is valued at USD 5.16 billion in 2019 and is expected to reach USD 7.81 billion by 2026 with a CAGR of 6.1% over the forecast period â
Global Aromatic Chemicals Market: Global Size, Trends, Competitive Analysis, History and Forecast, 2021-2027â The increasing demand for healthcare products, food, personal care and household products across the world is expected to drive the growth of the global aromatic chemicals market during the forecast period.
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Scope of the Global Aromatic Chemicals Market Report –
Aromatic chemicals are a special chemical substance that has a unique odor and has the volatility to reach the olfactory nerves in the nose. Aromatic chemicals are made by the combination of natural and synthetic ingredients that are used for consumer care or personal care. These are widely used due to their physical properties such as volatility, polarity, stability and surface activity. Some of the aromatic chemicals are; geranyl acetate, methyl formate, methyl acetate, ethyl acetate, nerol, linalool, menthol, eugenol, thymol, indole, etc. The creation of new and unique aromatic chemicals has always represented a search for efficiency and cost-effectiveness, but with today’s growing ecological sensitivities, there is an additional concern that aromatic chemicals and their processes are also sustainable. .
The global Aromatic Chemicals market report is segmented on the basis of product type, application, region, and country. Based on the type of product, the global aromatic chemicals market is categorized as natural aromatic chemicals and synthetic aromatic chemicals. Based on the application, the global aromatic chemicals market is categorized into food and beverage, cosmetics, personal and household care, and others.
The regions covered in this Aromatic Chemicals Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the aromatic chemicals market is subdivided into United States, Mexico, Canada, United Kingdom, France, Germany, Italy, China, Japan, India, Southeast Asia, GCC, Africa, etc.
Key players in aromatic chemicals
Some key players in the global aromatic chemicals market are BASF, Solvay, Kao, Takasago, Bell Flavors and Fragrances, Sensient Technologies, Symrise, Vigon International, Givaudan, Robertet, T. Hasegawa, Treatt, Jiaxing Wintrust Flavors Co., Ltd. , YingYang (China) Aroma Chemical Group, Silverline Chemicals Ltd., PFW Aroma Chemicals BV and others.
BASF has acquired Isobionics
September 26e, 2019; BASF acquired Isobionics. By acquiring Isobionics, a biotechnology innovation leader serving the global natural flavors and fragrances (F&F) market, BASF enters the market for natural F&F ingredients. Recognized as a leading supplier of synthetic flavor ingredients, the company is now expanding its portfolio with natural ingredients such as nootkatone and valencene. BASF intends to advance the technology of aromatic ingredients derived from biotechnology by combining its own excellence in R&D and broad market access with the know-how and expertise of Isobionics.
Global Aromatic Chemicals Market Dynamics–
The global aromatic chemicals market is growing at a significant rate owing to various driving factors such as the growing demand for health additives in the healthcare industry due to certain characteristics of making food healthier. According to the World Health Organization (WHO), the global food and drink industry is growing by around 5% per year and global consumer spending on food is expected to reach $ 20 trillion by 2030. From In addition, the growing consumer preferences coupled with the growth in the retail industry in emerging economies also complements the demand for cosmetics and health care products which in turn is driving the growth of the aromatic chemicals market. worldwide. However, high price volatility due to the change in consumer behavior is expected to hamper the growth of the aromatic chemicals market.
Regional Analysis Of Global Aromatic Chemicals Market –
North America is expected to dominate the global aromatic chemicals market due to the high disposable income which has resulted in increased demand for cosmetics, personal care products and food and drink in this region. North America will hold a significant share of the global aromatic chemicals market, due to a huge demand for lifestyle products in the region. According to the World Organization (WHO), in 2018, the cosmetics and personal care industry is worth $ 89.5 billion in the United States. Subtracting the personal care share of $ 22.54 billion, that would mean the cosmetics market is worth around $ 66.96 billion.
Asia-Pacific is expected to experience the fastest growing among regions due to growth in India and China. Major factors such as increase in disposable income have generated demand for cosmetic and healthcare products which in turn is fueling the growth of aromatic chemicals market. According to the World Organization (WHO) in 2016, the estimated annual growth of 50 billion domestic sales of 7% to 10% expected in China is expected to become the largest for personal care and cosmetic products in the world in the past five to the next ten years. In addition, the development of the retail sector especially in India and China and the increase in disposable income and consumer awareness of hygiene and personal care also complement the market growth in this region.
Key Benefits for Global Aromatic Chemicals Market Report –
- The Global Aromatic Chemicals Market report covers in-depth historical and forecast analysis.
- The Global Aroma Chemicals market research report provides detailed information regarding market introduction, market summary, global market revenue (revenue in USD), market drivers, market restraints, market opportunities market, competitive analysis, regional and national levels.
- The Global Aroma Chemicals Market report helps in identifying opportunities in the market.
- The global Aromatic Chemicals market report covers an in-depth analysis of emerging trends and competitive landscape.
Segmentation of the global aromatic chemicals market: –
By product type:
- Natural aromatic chemicals
- Synthetic aromatic chemicals
- Food and drinks
- Beauty products
- Personal and household care
By regional and national analysis:
- North America
- Asia Pacific
- South East Asia
- Latin America
- The Middle East and Africa
- Rest of the Middle East and Africa
As the novel coronavirus (COVID-19) crisis takes over the world, we are constantly monitoring changes in the markets, as well as the industrial behaviors of consumers around the world and our estimates on the latest market trends and forecasts are made afterwards. examining the impact of this pandemic.
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Our market research solution provides you with an answer to the question mentioned below:
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- What is the size of the global and regional market in terms of revenue, sales and production?
- How much will the market grow during the forecast period in terms of revenue, sales and production?
- Which region dominates the global market and what are the market shares of each region in the global market in 2019?
- How will each segment grow over the forecast period and how much revenue will these segments represent in 2027?
- Which region has the most opportunities?
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