Musk Aroma Chemicals Market Growth 2022-2030
Musk aroma chemicals find their applications in various end-use industries, such as household products, soap & detergent, and cosmetics & personal care, among others. These chemicals are also extensively used in applications, such as food & beverages product and household products. Over the past few years, the musk aroma chemicals market is growing rapidly and pervasively.
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According to Market Research Future (MRFR) report, the musk aroma chemicals market would gain impressive CAGR during the estimated period (2022 – 2030). Improving economic conditions worldwide, act as a key driving force behind the growth of the musk aroma chemicals market, increasing the sales in the end-user industries. Players operating the market are building a direct-to-consumer business that will provide a training ground for selling musk aroma chemicals via B2B e-commerce. The B2B e-commerce initiative is still in its nascent stage, but it is already generating modest revenue.
New product innovation and the rising popularity of various types of celebrity fragrances & cosmetic items are estimated to boost the demand for musk aroma chemicals in the coming years. Besides, growing demand for musky fragrances in detergents and soaps led by the booming laundry business, in turn, would fuel the market growth.
On the other hand, stringent rules towards the killing of animals and the high cost of the production of natural musk aroma chemicals are some of the major factors hampering the growth of the market. Nevertheless, the rapid expansion of end-use industries in developed and developing economies would support the growth of the market during the review period, influencing the demand patterns, positively.
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Global Musk Aroma Chemicals Market – Segmentations
The report is segmented into the three key market dynamics to widen the scope of understanding,
By Source: Natural and Synthetic
By Application: Soap & Detergent, Cosmetics & Personal Care, Food, and Household Products, among others.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global Musk Aroma Chemicals Market – Regional Analysis
The European region accounted for the leading market for musk aroma chemicals in 2016. The regional market is predominantly driven by the growth of various end-use applications, such as soap & detergent and cosmetics & personal care. Also, the wide utilization of musk aroma chemicals in cosmetics & personal care products is a key driving force behind the regional market growth.
European countries, such as Germany, Italy, and the UK, have emerged as the key contributors to the growth of the regional musk aroma chemicals market. The European region had accounted for around 33% of the overall market share in 2016. Further, the region is estimated to grow with a steady CAGR throughout the forecast period. Continuing with the same growth trends, Europe would continue its dominance over the assessment period.
The musk aroma chemicals market in North America is expected to witness a moderate growth rate. Factors, such as the strong consumer base from numerous industries and growing investments to regenerate the household products sector, drive the growth of the regional market. The US and Canada are among the significant contributors to the regional market growth and are estimated to see a demand for the market during the assessment period (2022 to 2030). The US accounted for the largest market share in terms of value and is expected to grow with the steady CAGR in the upcoming years due to growth in cosmetics & personal care.
The Asia Pacific musk aroma chemicals market is estimated to witness tremendous growth during the review period due to the expansion of numerous end-use industries, such as food, cosmetics & personal care, and soap & detergent, among others. The augmenting demand for musk aroma chemicals would surge in various APAC countries, including Thailand, China, Malaysia, India, and Japan, led by the increasing demand for cosmetics & personal care products. Moreover, factors, such as growing purchasing power, availability of cost-competitive labor-force & raw materials, and encouraging regulatory framework foster the growth of the musk aroma chemicals market.
Global Musk Aroma Chemicals Market – Competitive Analysis
Highly competitive, the musk aroma chemicals market appears to be fragmented characterized by the presence of numerous large and small-scale players. Manufacturers emphasize on new product development initiatives and geographical expansion. They incorporate strategic initiatives, such as acquisition, expansion, and product launch. These key players ensure greater commercialization of their products through promotion initiatives, such as trade exhibitions, and increased collaboration.
Players leading the musk aroma chemicals market include Sigma-Aldrich Co. LLC. (US), The Good Scents Company (US), International Flavors & Fragrances (US), PFW Aroma Ingredients (the Netherlands), Bell Flavors & Fragrances (US), Givaudan (Switzerland), Takasago (Japan), Firmenich (Switzerland), Guangzhou Flower Flavours & Fragrances Co., Ltd. (China), and A M Aromatics Private Limited (India), among others.
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April 21, 2019 —- Aroma Chemical Services International GmbH (ACS International, Germany), a leading global producer of specialty chemicals and a wide-range of flavors and fragrances, announced the development of synthetic musk aroma chemical using all-natural ingredients. The company used plant-based alternative – pricey ambrette seed oil, made from the seeds of the musk mallow.
Consumers are looking for natural scents; hence, the fragrance firm wants to be more sustainable. The company also sells two less-expensive molecules inspired by ambrette seed oil. Dihydroambrettolide that is made via a semisynthetic pathway and Ambrettolide HC Suprême, made via fermentation, were introduced last year.