Covina, Sept. 28, 2023 (GLOBE NEWSWIRE) -- How big is the Aroma Ingredients Market?
The Aroma Ingredients Market projected to US$ 3.7 Billion 2029 and is projected to register a moderate CAGR of 4.4% over the forecast period.
Aroma ingredients are isolates of naturally or chemically produced ingredients that are added in various hair-care, skin-care and personal-care products. Bergamot ornage, geraniol, citronellol, and lavender are some examples of aroma ingredients. They have typical pleasant smell or fragrance and are added to cosmetic products to incorporate desire odor.
Growing cosmetic industries across globe have become major factor in Aroma Ingredients market growth. Further, increasing demand for aroma ingredients in fine fragrances such as body mists, perfumes and deodorants has boost the demand for market growth. Furthermore, changing lifestyle and rising consumer preferences for aromatic ingredients across globe is expected to propel the demand for Aromatic Ingredients market growth.
Key Highlights:
- In June 2022, BASF Aroma Ingredients launched new ‘Virtual Aroma Assistants’ at the World Perfumery Congress 2022 in Miami. The new launched digital platform is used for simplifying the navigation of BASF’s Aroma Ingredients portfolio for Flavor & Fragrance industrial consumers.
Analyst View:
Increasing demand for aroma ingredients in applications such as toiletries, cosmetics, perfumes, colognes, body mists, and deodorants, coupled with rising consumption of personal care products across the globe is anticipated to increase the demand for Aroma Ingredients market growth over the forecast period.
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Segmentation:
- By type, the synthetic ingredients segment accounted for major revenue share in 2019. Synthetic ingredients are compounds artificially made through chemical reactions. Synthetic ingredients have characteristic odors and synthesized using various artificial chemicals primarily derived from coal tar and petroleum. Synthetic ingredients are less costly as well as consistent in quality and price, unlike natural ingredients.
- By application, the fine fragrance segment holds for major revenue share in 2019, owing to increasing demand for perfumes, colognes, deodorants, and body mists across the globe
- By region, Europe aroma ingredients market accounted for major revenue share of the global aroma ingredients market and is further anticipated to maintain its dominance over the forecast period, owing to strong foothold of manufacturers of personal care products in France, Germany, Italy, and UK. The market in Latin America is expected to account for second-highest revenue share in 2019.
Competitive Landscape & their strategies of Aroma Ingredients Market:
The prominent player operating in the Aroma Ingredients Market includes,
- Symrise AG
- Takasago International Corporation
- Sensient Technologies Corporation
- MANE Inc.
- Robertet SA
- T. Hasegawa Co., Ltd.
- Frutarom Industries Ltd.
- Givaudan SA
- Firmenich International SA
- International Flavors & Fragrances Inc.
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Aroma Ingredients Market: Key Takeaways
- Diverse Applications:
Aroma ingredients are used in various industries, including food and beverages, cosmetics, personal care, and perfumes. Their versatility makes them essential components in creating appealing sensory experiences.
- Consumer-Driven Growth:
Consumer preferences for unique and natural flavors and fragrances are major drivers of the aroma ingredients market. Brands are continually innovating to meet these demands.
- Natural and Clean Label:
There is a growing demand for aroma ingredients derived from natural sources, as consumers prioritize clean label products. Essential oils, botanical extracts, and natural flavor compounds are gaining popularity.
- Functional Foods and Beverages:
Aroma ingredients play a crucial role in the functional food and beverage market, where they enhance both taste and health benefits, aligning with consumers' wellness aspirations.
- Cosmetics and Personal Care:
Aroma ingredients are widely used in the cosmetics and personal care industry to create pleasant scents in various products, driving growth in this sector.
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Questions answered in this report:
- What are the key market trends and market dynamics?
- Who are the major players in the market and what is their market share?
- What are the major drivers and restraints affecting the market?
- What are the growth opportunities in the market?
- What are the regional and local market conditions and consumer behavior?
- What is the market size and growth forecast for different regions and countries?
- What is the impact of government regulations and policies on the market?
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