The Aroma Chemicals Market is expected to grow at > 5.4% during 2020-2025, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Aroma Chemicals Market
Aroma Chemicals Market is likely to witness an impressive CAGR of 5.4% during the forecast period. The prime factor contributing to the robust demand for aroma chemicals is the food and beverage as well as the fragrance industries. Further, increasing demand for health and wellness foods, regulations, and a ban on the use of synthetic flavors are triggering the growth of natural aroma chemicals.
Asia-Pacific is estimated to be the largest as well as the fastest-growing market for aroma chemicals during the forecast period, followed by North America and Europe, with developing economies such as China, India, and Japan being the major countries with lucrative growth opportunities. Initiatives including “Made in China 2025” and “Make in India” aiming to boost inland production and tax incentives for manufacturers’ establishment in the region will propel industry growth.
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Market Scope & Market Segmentation
Aroma Chemicals Market Share: By Product Type
Based on the product type, the aroma chemicals market is segmented as terpenes, benzenoids, musk chemicals, and others. The musk chemicals segment held the largest share of the market in 2020, and is expected to remain dominant during the forecast period. Robust demand for chemicals in various applications such as in soaps and detergents production to incorporate strong and sweet musk odor is expected to augment the market growth over the forecast period.
Aroma Chemicals Market Share: By Application Type
Based on the application type, the aroma chemicals market is segmented as soap and detergents, cosmetics and toiletries, fine fragrances, household products, food and beverage, and others. The food and beverage segment held the largest share of the market in 2020, and is expected to remain dominant during the forecast period. The growth of this segment is attributed to the huge food demand across the globe owing to awareness towards healthy diet and growing popularity of easy-to-consume food products. Aroma chemicals are also majorly used in cosmetics and toiletries including aftershave, gels, lipstick, foundation, moisturizer, nail polish, shampoo, body wash, hand wash, mascara, sunscreen and toner.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period of 2020-2025. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
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