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Aroma Chemicals Market Projected To Reach Approximately $8.2 Billion By 2027 | Grand View Research, Inc

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Aroma Chemicals Market Projected To Reach Approximately $8.2 Billion By 2027 | Grand View Research, Inc

September 25
12:26 2020
Aroma Chemicals Market Projected To Reach Approximately $8.2 Billion By 2027 | Grand View Research, Inc

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, the global aroma chemicals market size was valued at USD 5.5 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 5.8% from 2020 to 2027.

The global aroma chemicals market share is expected to rise at USD 8.2 billion by 2027, at a CAGR of 5.8%, according to the new report by Grand View Research, Inc. The fragrance industry is likely to have a significant growth in the following years attributing to the growing demand from the food and consumer goods sector. In addition, rise in consumer spending is an added factor for the market growth. Demand for natural flavors in wider applications, and additional health benefits of natural flavors are some of the major growth drivers.

Availability of raw materials such as petrochemicals, musk, and pine trees are likely to maintain a high market growth in the following years. The key players are emphasizing on value chain distribution to gain a high competitive advantage. However, significant spending on R&D is likely to incur additional expenses thereby curbing the market growth. Apart, the demand for synthetic fragrances is likely to witness a surge, based on their functional utility. The synthetic chemicals are reasonably less as compared with naturally sourced aroma chemicals.

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U.S. aroma chemicals market size, by source, 2016 - 2027 (USD Million)

Covid-19 Effect:

The global pandemic has disrupted the supply operations and severely disturbed the manufacturing sector. Moreover, government policies across the globe are likely to impact the movement of people and goods on the backdrop of social distancing norms. However, the growth in e-commerce platforms in these times is likely to have a positive impact on the market demand. Although, social distancing norms prevail to prevent the surge in the Covid cases, it is likely that the e-commerce platforms will contribute more to the market growth in the coming years. Besides, consumer preference for e-commerce is also expected to catalyse the market demand.

Key Takeaways from the report:

  • Fragrance is the large growing segment attributing to a significant market share and is expected to remain dominant during the forecast period. Demand for synthetic flavors is likely to encourage the segment growth in the forecast period
  • Terpenes & Terpenoids are the large segments attributing to the high volume share. Apart, effective medicinal properties imparted by these elements are likely to encourage robust segment growth
  • North America is a growing market for aroma chemicals based on high revenue generation in the consumer and food processing industries. Moreover, the market growth is expected to remain moderate in the U.S. regions owing to the slow expansion in the end-use industries.
  • The key players are focusing on mergers and acquisition for better product development. Investment strategies adopted by key players triggers the product portfolio and augments the product demand..

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Global aroma chemicals market share, by chemical, 2019 (%)

Major Players:

  • Givaudan
  • Bell Flavors & Fragrances
  • Symrise
  • Takasago International Corporation

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

Aroma Chemicals Source Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)

  • Natural
  • Synthetic

Aroma Chemicals Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)

  • Terpenes & Terpenoids
  • Benzenoids
  • Musk Chemicals
  • Others

Aroma Chemicals Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)

  • Flavors
    • Confectionary
    • Convenience Food
    • Bakery Food
    • Dairy Products
    • Beverages
    • Others
  • Fragrances
    • Fine Fragrances
    • Cosmetics and Toiletries
    • Soaps and Detergents
    • Others

Aroma Chemicals Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • The U.K.
    • France
  • Asia Pacific
    • China
    • India
    • Japan
  • Central & South America
    • Brazil
  • Middle East & Africa
    • Saudi Arabia

About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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