Backed by Demand from Fine Fragrance Industry, Asia Pacific to Produce 1.8X More Aroma Chemical then Europe and US - Seite 2

Key Takeaways from Aroma Chemicals Market Survey

• Europe is estimated to remain one of the most lucrative aroma chemical market, favored by the high presence of leading manufacturing companies in the U.K. and Germany.
• The U.S. is expected to lead the market in North America, owing to rising demand for food & beverages, cosmetics, personal care products in the country.
• Driven by the increasing number of soap, detergents, and home care manufacturing companies in India, the country is anticipated to project a robust growth in the assessment period.
• The China is predicted to account for a significant share in the Asia Pacific market, supported by rapidly expanding fine fragrance sector in the country.
• Based on chemical type, benzenoids are projected to contribute maximum sales in the segment, due to its ability to mix with other aroma chemicals and ease of availability.

Key Drivers

• Surging demand from the personal care and food & beverages sectors across countries like the U.S. and China is spurring the sales of aroma chemical.
• Growing awareness regarding the health benefits associated with the natural aroma chemicals such as energy enhancing and mood lifting is expected to drive the market growth.
• Increasing adoption of organic food products with zero or minimum additives is fueling the demand for natural aroma chemicals.

Key Restraints

• High cost to fragrance produce using natural aroma chemicals and shortfall in availability of raw materials are the factor hampering the demand for natural aroma chemicals.
• Increasing ailments such as allergies, cancer, asthma, and birth defects associated with the use of petroleum-based aroma chemicals is restraining the growth of the market.

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Competitive Landscape

Leading companies in the landscape are focusing on development of novel products, expansion, and investments to expand its products portfolio. Some of the players are adopting expansion strategies such as acquisition, collaboration, merger, and partnership with other players to increasing the market revenue share. For instance,

• In July 2021, P2 Science, Inc., an innovative green chemistry company, announced launching new herbal aroma chemical named, Herbenone. The product is made using natural herbs and flowers such as fresh basil, anise, and jasmine and can be used all types of cosmetics and personal care products.
• In May 2021, Azelis, a leading global innovation service provider for the specialty chemicals and food ingredients industry, announced acquiring, an American specialty manufacturers and supplier of ingredients for fragrances, flavor, and cosmetics. The acquisition will assist the company to strengthen its footprint in America flavor and fragrance market.

Some of the key players in the market profiled by Fact.MR are: