Aroma Ingredients Market to Register Substantial Expansion by 2026
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Global Aroma Ingredients Market: Drivers
Introduction of innovative and novel products especially in cosmetics, toiletries, and skin care and hair care products has driven the overall growth of the global aroma ingredients market. The increasing demand for natural ingredients coupled with change in consumer preferences are considered to be the important driver for global aroma ingredients market. Furthermore, significant technological advancements have also fuelled the growth of the market. Moreover, the increase in demand from the emerging and developing nations for natural fragrance due to health concerns related to synthetic chemicals is likely to act as an opportunity for the growth of the global aroma ingredients market. These factors are likely to drive the global aroma ingredients market during the forecast period. A key trend witnessed in global aroma chemicals market is that the key aroma chemical producers are responding to growing opportunities by expanding their global presence. One of the major factor that is likely to restrict growth in demand for natural aroma ingredients is high costs associated with switching from synthetic chemical to natural ingredients.
Global Aroma Ingredients Market: Segmentation
The global aroma ingredients market can be segmented on the basis of type, application and region. On the basis of type, the global aroma ingredients market can be segmented into
Essential oils segment can further be sub-segmented into menthe arvensis, cedar wood, orange, eucalyptus, citronella and others (basil, clove, jamrosa, litsea cubica, sassafras, coriander, patchouli, camphor and lemon grass) Whereas, aroma chemicals segment can further be sub-segmented into turpenes, musk chemical, benzenoids and others (alicyclic, heterocyclic and aliphatic compounds).
On the basis of application, the global aroma ingredients markets can be segmented into
cosmetic and toiletries
soap and detergents
Others (household products, aroma therapy and pesticides).
Global Aroma Ingredients Market: Region Wise Outlook
On the basis of regions, Europe is expected to be a promising revenue generating region for the global aroma ingredients market and is expected to grow at steady growth rate during forecast period. Latin America and Asia Pacific are anticipated to witness relatively faster growth both in terms of value and in terms of volume. Potential opportunities in Asia Pacific and Latin America due to availability of labor and low cost of raw materials are expected to drive growth in these regions over the forecast period. North America and Middle East & Africa are also expected to show positive growth in the near future.
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Global Aroma Ingredients Market: Key Players
Some of the key players identified in the global aroma ingredients market are as follows:
International Flavors and Fragrances Inc.
Fermenich International SA
Frutarom Industries Ltd.
Agilex Flavors and Fragrances, Inc.
Hindustan Mint & Agro Products Pvt. Ltd.
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