Aroma Chemicals Market Size To Reach $7.72 Billion By 2030

Aroma Chemicals Market Growth & Trends

The global aroma chemicals market size is estimated to reach USD 7.72 billion in 2030 and is expected to expand at a CAGR of 4.8% from 2024 to 2030. The growth is majorly driven by natural aroma chemicals in developed economies of North America and Europe. The aromatherapy industry has grown tremendously owing to the high diversity in consumer preferences for natural aromatic products such as essential oils, fragrances, and others for the treatment of several diseases. Changing lifestyles and its consequences such as depression and stress have resulted in a growing demand for aromatherapy directly fueling the growth in demand for aroma chemicals.

The terpenes & terpenoids segment emerged as the largest chemical segment in 2021 owing to its increasing demand from the rubber as well as paints & coatings industry. Aroma chemicals are getting essential for the formulation of additives for health & personal care, food & beverage products, thus forming a stable market. Further, regarding the evolving consumer demands and overall industry scenario, the manufacturers are inclined towards formulating natural aroma chemicals offering flavors close to synthetic flavoring agents to gain a competitive edge in the industry.

The key industry players are mostly integrated across the value chain from manufacturing to distribution to maintain the quality of raw materials. Owing to this, the key players are gaining a competitive advantage regarding cost benefits with increased profit margins. New market entrants are looking for opportunities to enter the global aroma chemicals market; wherein new entrants attempting to establish themselves have to contend with top multinationals, such as Takasago International Corporation, Symrise, Robertet, MANE, Firmenich SA, and Givaudan.

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Aroma Chemicals Market Report Highlights

• Natural source segment is estimated to witness a CAGR of 3.8% over the forecast period, due to a shift in trend for natural products, especially from the flavors industry

• Flavors is projected to be the fastest growing segment over the forecast period due to the growing consumption of flavors across several end-use applications such as beverages, convenience food, bakery food, and dairy

• The terpenes & terpenoids segment is anticipated to witness the fastest CAGR of 4.5% due to its natural availability as well as its anti-carcinogenic, antiseptic, and antimicrobial effects

• Asia Pacific constituted a major revenue share in 2021 and is also anticipated to continue its dominance over the forecast period, due to high domestic consumption in countries such as India and China

• MANE, Takasago International Corporation, and Robertet are among the prominent industry participants with a broad product portfolio and high segmental share. Key players holding less than 1% of the market share each are characterized as niche players which have limited regional operations or have low to medium aroma chemical product offerings

Aroma Chemicals Market Segmentation

Grand View Research has segmented the global aroma chemicals market based on source, chemical, application, and region:

Aroma Chemicals Source Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Natural

• Synthetic

• Natural-identical

Aroma Chemicals Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Benzenoids

• Musk chemicals

• Terpenes & Terpenoids

• Others (Ketones, Esters, Aldehydes)

Aroma Chemicals Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Flavors

• Confectionery

• Convenience Food

• Bakery Food

• Dairy Products

• Beverages

• Others

• Fragrances

• Fine Fragrance

• Cosmetics and Toiletries

• Soaps and Detergents

• Others

Aroma Chemicals Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • U.K.

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

• Central & South America

  • Brazil

  • Argentina

• Middle East & Africa

  • Saudi Arabia

  • South Africa

List of Key Players in Aroma Chemicals Market

• BASF SE

• Privi Organics India Limited

• Takasago International Corporation

• Kao Corporation

• Bell Flowers & Fragrances

• Givaudan

• S H Kelkar and Company

• Symrise