The top four players in the global aroma chemicals market held nearly 54% share in 2015, rendering its vendor landscape consolidated. Givaudan, Symrise, IFF, and Firmenich SA constitute the leading market players. Constant effort of these companies towards technological innovations, has resulted in low processing cost and high quality products, finds Transparency Market Research (TMR) in a new study. Besides this, investment in research and development is escalating, creating lucrative opportunities for the market’s growth.
The global aroma chemicals market is forecast to exhibit a CAGR of 6.2% between 2016 and 2024. At this pace, the market’s valuation will reach US$6.57 bn by 2024, from US$3.85 bn in 2015.
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Europe to Remain Dominant Regional Market for Aroma Chemicals
Among the key application segments, which include personal care, household care, and others, the personal care segment held the dominant share of 47.2% in the market in 2015. While its dominance will remain unaffected through the forecast period, the market is also expected to tread along a positive curve in the household care segment.
Regionally, North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa constitute the key market segments. Europe emerged as the region holding the largest share of 33.3% in the global market in 2015. Besides this, Asia Pacific is demonstrating lucrative opportunities for the market players. During the forecast period, the CAGR witnessed by the market in Asia Pacific is expected to remain higher than other regions.
Rising Uses across Diverse Industries to Bolster Market Opportunities
While previously, the use of aroma chemicals was limited to the personal and household care sector, its expansion to the food and beverages and medical industries has spiked market opportunities. With the rising urbanization and growth in per capita income and spending, the demand for aroma chemicals is expected to rise especially in emerging nations such as India, China, Brazil, and Africa. “Rising income entails increasing willingness among consumers to spend on personal care products, which will create lucrative prospects for the aroma chemicals market,” said a lead TMR analyst.
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Also the demand for natural fragrances is at all-time high as they are considered greener, safer, and more sustainable. While not all perceptions may be accurate, but they boost the demand for natural aroma chemicals derived from ingredients harvested from sustainably grown plants. This also connotes that the changing consumer lifestyle will have a positive influence on the overall market.
Stringent Regulations to Emerge as Key Challenge
On the downside, stringent regulation coercing companies to follow certain compliance policies is inhibiting the market’s trajectory. For instance, wastewater discharge during the production of various synthetic aroma chemicals consists of several biological oxygen compound. As regulations under the Toxic Substances Control Act (TSCA) and Clean Air Act (CAA) impose various restrictions on the emission of VOC under federal laws, the production of aroma chemicals might get curtailed to an extent.
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Nevertheless, increasing market penetration and investment towards product development, will help the aroma chemicals market overcome the aforementioned difficulties and register strong growth in the forthcoming years. Also with companies focusing on product diversification, consumers will have wider options to choose from. Spurred by these factors, the global aroma chemicals market will continue treading along a positive trajectory through the forecast period.