Aroma Chemicals Market: Key Highlights
·
In terms
of value, the global aroma chemicals market is anticipated to expand at
a CAGR of ~6% from 2019 to 2027.
·
The
personal care segment accounted for a major share of the global aroma chemicals
market in 2018, owing to the rise in the consumption of aroma
chemicals in fine fragrances and cosmetics & toiletries, and growth in the
fast moving consumer goods (FMCG) industry across the globe.
·
In terms
of source, the synthetic segment dominated the global aroma chemicals market
in 2018, due to easy availability and better mixing properties with
other chemicals.
·
The aroma
chemicals market in Asia Pacific is estimated to expand at a CAGR of more
than 6% during the forecast period, owing to the rise in the
demand for aroma chemicals in personal care and household care products.
Benzenoids Aroma Chemicals Dominate Aroma Chemicals
Market
·
In terms
of product, the benzenoids segment led the global aroma chemicals market
in 2018, due to their excellent properties to replicate the natural
aroma and superior mixing properties with other chemicals. Ease of availability
is another factor that is driving this segment. However, the terpenoids segment
is projected to expand at a rapid pace during the forecast period. Terpenoids
can be derived from natural sources such as plants and flowers. Thus, rise in
the demand for natural products is likely to fuel the terpenoids segment during
the forecast period.
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Complex Quality and Regulatory Standards Pose
Significant Challenges for Manufacturers
·
The International
Fragrance Association (IFRA) has banned several aroma chemicals that are
potentially harmful, as prolonged usage of these can cause various allergic
reactions, asthma attacks, nausea, and even skin cancer. Consequently,
regulations have been implemented on these chemicals across the globe to avert
ecological issues.
·
Implementation
of strict guidelines for manufacturers to gauge and maintain (within stipulated
limits) the emissions of VOCs during the production of aroma chemicals poses a
challenge for the aroma chemicals market.
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Asia Pacific to be Highly Lucrative Region in
Global Aroma Chemicals Market
·
In terms
of volume, Asia Pacific constituted a prominent share of the global aroma
chemicals market in 2018. The key share of the market can be
ascribed to the increase in demand for personal care products, such as fine
fragrances, toiletries, and household care products, primarily laundry
detergents and dishwashing, among consumers in the region.
·
Significant
increase in the demand for modern skin care products and high value perfumes,
rise in disposable income of consumers, and increase in exposure to global
markets through e-Commerce have boosted the demand for personal care products
in Asia Pacific. This is positively impacting the demand for aroma chemicals in
the region.
·
The
penetration of premium brands of fine fragrances in countries such as China,
India, and Indonesia is also augmenting the demand for aroma chemicals in Asia
Pacific.
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Global Aroma Chemicals Market – Key Developments
·
On October
4, 2018, International Flavors & Fragrances Inc. acquired 100% equity
of Frutarom Industries Ltd. Frutarom Industries Ltd., an Israel-based company,
which is in the business of development, production, and marketing of flavors
and fine ingredients used in manufacturing food, beverages, flavors, and
fragrances and personal care products.
·
On April
6, 2018, MANE opened a new manufacturing site in Colombia. The new
manufacturing site is estimated have facilities such as production, creative
center, and sales & marketing offices for fragrances and flavors for
Colombia and the Andean region.
Aroma Chemicals Market – Competition Landscape
·
The
global aroma chemicals market is highly consolidated. The top four players hold
more than 55% share of the global aroma chemicals market. Key
producers of aroma chemicals have shifted their focus toward the research &
development of natural aroma chemicals, owing to the rise in the popularity of
products with natural ingredients in end-use industries of aroma chemicals.
·
Prominent
players operating in the global aroma chemicals market are Givaudan, Symrise
AG, International Flavors & Fragrances Inc., Firmenich S.A., Takasago
International Corporation, BASF SE, Kao Corporation, and Eternis Fine Chemicals
Ltd. Emerging players in the global aroma chemicals market are Tennants
Fine Chemicals Ltd., Yingyang (China) Flavors & Fragrance Group, Privi
Organics India Limited, QINGDAO COSO INTERNATIONAL TRADING CO., LTD., MANE, Solvay,
Nimble Technologies Pvt Ltd., Cedarome, Orchid Chemical Supplies Ltd., Anthea
Aromatics, Oriental Aromatics Limited, Robertet SA, Tadimety Aromatics Pvt.
Ltd., Hindustan Mint & Agro Pvt. Ltd, Sensient Flavors and Fragrances
Group, and Dongying Kehong Chemical Co., Ltd.
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In
coming years, as the debate on the potential impact of the chemical
manufacturing across industries on the ecology gets fiercer, new monitoring
technologies will emerge. Latest compliance regulations will expand the scope
of green chemistries for businesses in the downstream value chain. Further,
manufacturers in the market will increasingly leverage digital channels to
reach high-value customers. Many will use them to avoid disruption such as by
pandemics.
An
assortment of analytics technologies will help in augmenting the commercial
productivity. However, until now, the pace of adoption of digital technologies
in the overall chemicals industry has been relatively slow. It thus remains to
be seen how far the players in the market will be able to unlock long-term
productivity benefits of AI-driven management of various business functions,
particularly research and development and production.
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