Impact of COVID-19 on Musk Aroma Chemicals Market 2020 Segmentation, Growth, Statistics and Forecast To 2023
The Market Research Future (MRFR) study on the Global Musk Aroma Chemicals Market (2017-2023) provides thorough primary research and a comprehensive review of qualitative and quantitative aspects by various industry experts and key opinion leaders in order to obtain useful insight into market demand and industry performance.
Musk aroma chemicals are a type of aroma chemical that can be extracted either naturally or synthetically. Natural musk aroma chemicals are derived from plants and animals, including seeds and roots. Natural musk extracts of animal origin are derived from the rump gland of male musk deer, civet cat, and Louisiana muskrat. They are commonly used in a number of applications, such as household products, soap & detergent, cosmetics & personal care, food, and others.
Increasing awareness, growing workforce numbers, and rising middle-class populations are some of the leading market drivers and trends found in the global market for musk aroma chemicals. In addition, the growing importance of grooming among both adults and adolescents is predicted to accelerate market growth. New product innovation and the increasing popularity of different types of celebrity fragrances and cosmetic items are expected to drive market growth for musk aroma chemicals in the coming years.
In addition, increasing the use of musk aroma chemicals in the production of cosmetics & personal care products combined with an increase in demand for personal care products is expected to fuel the growth of the industry. Furthermore, the rising demand for musky fragrances in detergents and soaps, which is, in effect, powered by the increasing laundry sector, is expected to give new impetus to the market for musk aroma chemicals. The rapid growth of end-use industries is expected to positively impact market trends in developed and emerging economies.
However, it is expected that strict regulations about animal killing, as well as high costs involved with the manufacture of natural musk aroma chemicals, would impede market growth over the assessment period from 2017 to 2023.
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Covid-19 Analysis /Covid-19 Impact on the Global Musk Aroma Chemicals Market
Due the outbreak of the COVID-19 virus in December 2019, the disease has spread to almost 100 countries across the world, with the World Health Organization calling it a public health emergency. As per Market Research Future (MRFR) analysis, the global impact of COVID-19 is already beginning to be felt and will have a major impact on the musk aroma chemicals market in 2020.
The global market for musk aroma chemicals market is segmented on source and application.
Based on the source, the market for musk aroma chemicals is divided into natural and synthetic.
Based on the application, the market for musk aroma chemicals is classified into cosmetics & personal care, soap & detergent, household products, food, and others.
The global musk aroma chemicals market is segmented into the Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Europe emerged as the dominant musk aroma chemical market in 2016, led by the growth of various end-use applications such as cosmetics & personal care and soap & detergent. Europe region was predicted to contribute to about 33 % of the total volume share in 2016 and is expected to rise at a steady CAGR over the forecast period. European countries such as Russia, Germany, the United Kingdom, and Italy have identified as significant contributors to the regional growth of the musk aroma chemicals market. They are expected to remain dominant over the assessment period due to the widespread use of musk aroma chemicals in cosmetics & personal care products.
North America is anticipated to see a moderate increase in the musk aroma chemicals market due to a strong consumer base for a variety of industries combined with increasing investment in regenerating the household products sector during the assessment period from 2017 to 2023. The United States and Canada are the most significant contributors to the regional growth of musk aroma chemicals and are expected to see substantial consumer demand in the coming years. The U.S. held the largest market share in terms of value and is projected to rise at a steady CAGR due to the increase in cosmetics & personal care.
Due to the expansion of a range of end-use industries such as food, cosmetics & personal care, the Asia Pacific is expected to witness a massive increase in the market with the highest CAGR over the assessment period (2017 to 2023). Demand for musk aroma is expected to increase in various Asia Pacific countries, such as Thailand, China, Malaysia, Japan, and India, due to the rising demand for cosmetics and personal care products. In addition, rising purchasing power, the availability of cheap labor and raw materials, and a soberly strict regulatory system are also driving the growth of the market in this region.
In Latin America, countries like Brazil, Colombia, and Argentina are expected to dominate the regional market share by raising consumer spending on beauty care products and improving living standards. Middle Eastern & African countries such as the United Arab Emirates (UAE) and Saudi Arabia held the largest market share of beauty products and are projected to see substantial growth due to the growing demand for cosmetics & personal care products.
Some of the major operators in the market for musk aroma chemicals are Sigma-Aldrich Co. LLC. (U.S.), PFW Aroma Ingredients (the Netherlands), The Good Scents Company (U.S.), Bell Flavors & Fragrances (U.S.), Givaudan (Switzerland), Firmenich (Switzerland), International Flavors & Fragrances (U.S.), Guangzhou Flower Flavours & Fragrances Co., Ltd. (China), A.M. Aromatics Private Limited. (India), Takasago (Japan), and others
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