Publish Date: Sep 2020
Category: Retail & Consumer Goods
Publisher: Allied Market Research
Aroma ingredient is a naturally or synthetically produced compound, which is added to food products or cosmetics to impart the desired fragrance. Natural aroma ingredients are extracted from natural sources such as flowers, fruits, wood, and spices, whereas synthetic aroma ingredients are produced from chemical compounds such as esters, aldehydes, alcohols, musk chemicals, and terpenes.
Various methods used for extracting aromatic compounds from raw materials include distillation, expression, solvent extraction, enfleurage, or sieving. The results of the extracts depend upon the amount of waxes present in the extracted product, which is either absolutes, essential oils, concretes, or butters. Aroma ingredients are majorly applicable across the personal care industry.
Improvement in standard of living has necessitated to spend more time for personal care & hygiene, which acts as a key factor that fuels the demand for aroma ingredients, as they are majorly used in personal care, cosmetic, and therapeutic products. In addition, the unique & exotic fragrance of these ingredients attracts consumers and helps in uplifting their mood, thereby boosting the demand for scented personal care & cosmetic products.
Moreover, rise in disposable income increases the spending on personal care and cosmetic products, which is expected to drive the market growth. In addition, shift in consumer preference toward natural ingredients such as rosemary essential oils, lavender essential oils, grapefruit essential oils, and orange essential oils for therapies to combat stress, oily, and congested skin as well as to improve digestion, cold, flu, sinus infection, and other respiratory health condition is anticipated to accelerate the growth of the market. Furthermore, aggressive marketing strategies adopted by major market players attract huge customer base, drives the market growth.
However, allergic issues such as headache, sneezing, and itching related to natural or synthetic aroma ingredients hamper the growth of the aroma ingredients market. In addition, enforcement of stringent regulations toward the use of synthetic ingredients extracted from alcohol restrain the market growth.
Moreover, the shelf life of natural aroma ingredients is short, which hinders the growth of the market. Conversely, strong innovations and investments in R&D in cosmetics and personal care industry and increase in consumer preferences for natural and bio-based aroma ingredients are anticipated to offer lucrative opportunity for market expansion.
The global aroma ingredients market is segmented based on type, application, and region. Depending on type, the aroma ingredients market is categorized into synthetic ingredients and natural ingredients. The applications covered in the study include homecare, personal care, fine fragrances and perfumes, others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the major players operating in the aroma ingredients market are BASF SE, Firmenich SA, Givaudan, International Flavors & Fragrances Inc. (IFF), Robertet SA, S H Kelkar and Company Limited., Sensient Technologies Corporation, Symrise, T. Hasegawa Co., Ltd., and Takasago International Corporation.
KEY BENEFITS FOR STAKEHOLDERS
• This report provides a quantitative analysis of the current trends, estimations, and dynamics of the global aroma ingredients market from 2018 to 2026 to identify the prevailing market opportunities.
• The key countries in all the major regions are mapped based on their market share.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
• In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
• Market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of market players.
• The report includes the analysis of the regional as well as global market, key players, market segments, application areas, and growth strategies.
KEY MARKET SEGMENTS
• By Type
o Synthetic Ingredients
o Natural Ingredients
• By Application
o Personal Care
o Fine Fragrances and Perfumes
• By Region
o North America
§ Rest of Europe
§ South Korea
§ Rest of Asia-Pacific
§ Saudi Arabia
§ South Africa
§ Rest of LAMEA