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Aroma Chemicals Market Size, Analysis, Share, Research, Business Growth and Forecast to 2028

The global aroma chemicals market size is projected to reach USD 6,968.3 million by 2028. As the demand for natural ingredients is increasing, various manufacturers are trying to create novel technologies to prevent environmental damage or pollution. For instance, Privi Speciality Chemicals Limited utilizes agrochemicals from by-products and high-value aroma chemicals from Crude Sulphate Turpentine (CST) to improve eco-friendly operations and reduce emissions. Fortune Business Insights™ publishe


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Ashwini Bhamare

4 months ago | 3 min read
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The global aroma
chemicals market
 size is projected to reach USD 6,968.3 million by
2028. As the demand for natural ingredients is increasing, various
manufacturers are trying to create novel technologies to prevent environmental
damage or pollution. For instance, Privi Speciality Chemicals Limited utilizes
agrochemicals from by-products and high-value aroma chemicals from Crude
Sulphate Turpentine (CST) to improve eco-friendly operations and reduce
emissions. Fortune Business Insights™ published this
information in a new study, titled, “Aroma Chemicals Market, 2021-2028.”
As per the study, the market stood at USD 4,976.0 million in
2020. It is set to exhibit a CAGR of 4.5% during the forecast
period between” 2021 to 2028.



Eternis Fine Chemicals Acquires Tennants Fine Chemicals to Expand
Its Product Portfolio



In February 2021, Eternis Fine Chemicals announced the acquisition
of Tennants Fine Chemicals, a provider of specialty chemicals based in the U.K.
This buyout would help Eternis to leverage multi-location distribution and
manufacturing platforms, as well as broaden its range of these type of
chemicals. As per one of the company officials, “The 100% acquisition of
Tennants would help the former to expand its position in India’s specialty and
aroma chemicals industry.”



Browse In-depth Summary of
This Research Insight@       



https://www.fortunebusinessinsights.com/aroma-chemicals-market-105142



Declining Sales of Beauty and Cosmetics Products to Obstruct
Growth amid COVID-19



The sales of cosmetics and beauty products have fallen drastically
owing to the COVID-19 pandemic across the globe. Givaudan, for instance,
declared that the sales of fine fragrances declined by 16.4% during the first
half of 2020 backed by closure of retail channels and travel bans. Besides,
consumer goods companies mentioned that they experienced mixed financials
across numerous divisions. Procter & Gamble (P&G)’s net sales in
grooming and beauty segments went down by 3% and 1% in the third quarter of
2020.



 



Report Coverage-



We have conducted primary and secondary research to gather
information about various aspects of this report. Our special interviews with
end-user respondents and supply side respondents helped in gaining insights
into the average pricing, per capita consumption trend, average spending on
products, growth rate, market size, and dynamics. We have also taken
information from reputed industry journals, articles, and press releases of
organizations operating in the field of aroma chemicals.



Drivers & Restraints-



Rising Need to Maintain Formulations and Quality of Products to
Aid Growth



Aroma chemicals are extensively used in toiletries and cosmetics,
such as hand washes, lipsticks, gels, shampoos, body lotions, aftershaves,
moisturizers, soaps, and others. Manufacturers are striving persistently to
maintain the quality and formulations of these products by inducing natural
scents. Hence, they are inclining rapidly towards organic ingredients.



However, the Environmental Working Group (EWG) declared that
around 75% of fragrance ingredients hidden in the list provided in labels
contain phthalates that can cause disruptive hormonal activities, breast
cancer, reproductive malformation, and reduction in sperm count. This factor
may hinder the aroma chemicals market growth in the near future.



Segments-



Fine Fragrances Segment to Dominate Stoked by Rising Technological
Advancements



By source, the market is categorized into synthetic and natural.
Based on the product, it is divided into terpenes/terpenoids, benzenoids, musk
chemicals, and others. Lastly, by applications, 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% in
terms 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 ongoing
technological advancements in this field.



Regional Insights-



Increasing Spending on Premium Perfumes to Help Europe Dominate in
Upcoming Years



Regionally, Europe held USD 1,807.3 million in
2020 in terms of revenue. It is anticipated to lead the market in the
forthcoming years fueled by the high consumer spending on premium and luxurious
perfumes, especially in developed countries, such as Germany, U.K., and France.
In North America, the market is set to grow steadily because of the rising
health-consciousness among consumers. Asia Pacific would grow significantly in
the upcoming years on account of the increasing demand for fragrances in India,
Japan, and China.



Competitive Landscape-



Key Companies Aim to Gain Competitive Edge through Acquisitions
and New Launches



The global market possesses several renowned 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 a competitive 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 present in 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



 







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