Aroma Chemicals Market: Widening Application Range of Aroma Chemicals to Boost Growth, TMR

The competitive landscape in the global aroma chemicals market is highly consolidated, states a new report by Transparency Market Research (TMR). The top four participants, namely, Givaudan, Firmenich SA, Symrise, and IFF, held around 54% of the overall market in 2015. These companies are investing heavily in research activities in order to develop technologically advanced products. Going forward, a shift in their focus towards mergers, acquisitions, and strategic alliances can be observed in the years to come, states the report.

As per the report’s estimations, the global aroma chemicals market, which stood at US$3.85 bn in 2015, is anticipated to rise at a CAGR of 6.20% over the period from 2016 to 2024 and reach a valuation of US$6.57 by the end of the forecast period. Benzenoids have emerged as the most valued product in this market and are anticipated to remain enjoying a strong demand across the world over the next few years, notes the market study.

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Demand for Synthetic Aroma Chemicals to Remain High

In this research report, aroma chemicals have broadly been classified into two types; Natural and synthetic. Among the two, the demand for synthetic aroma chemicals is greater among consumers. Although analysts expect the trend to remain so over the forthcoming years, the demand for natural aroma chemicals is likely to demonstrate a high-paced rise during the period of the forecast, thanks to their increasing popularity as a safer, greener, therapeutic, and more sustainable alternative to synthetic aroma chemicals.

The report further presents a geographical analysis of the worldwide market for aroma chemicals. According to the study, the global market has its presence across North America, Europe, the Middle East and Africa, Asia Pacific, and Latin America. Europe led the overall market in 2015 with a share of 33.3% and is anticipated to maintain its dominance throughout the period of the forecast. Asia Pacific, among other regional markets, is expected to display promising growth potential in the near future, states the research report.

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Rise in Disposable Income of Consumers in Emerging Economies to Fuel Demand

“The global market for aroma chemicals is gaining signifcantly from the widening application range of aroma chemicals,” states the author of this study. Initially, the application of these chemicals was limited to the household and personal care products; however, now their increasing usage in the food and beverages and medical and healthcare industries is creating substantial growth opportunities for this market.

Over the coming years, the demand for aroma chemicals is likely to increase remarkably, thanks to the rise in the disposable income of consumers in emerging economies, such as Brazil, China, India, and Africa, enabling them to spend on luxurious personal care products. However, the presence of stringent rules and regulations forcing companies to follow specific compliance policies may hinder the growth of this market in the years to come, reports the study.

The report segments the global aroma chemicals market as

By Type

  • Natural
  • Synthetic

By Product

  • Terpenoids
  • Benzenoids
  • Musk Chemicals
  • Others (include Aldehydes, Ketones, Esters, etc.)

The study presented here is based on a report by Transparency Market Research (TMR), titled “Aroma Chemicals Market (Type – Natural and Synthetic; Product – Terpenoids, Benzenoids, Musk Chemicals, Aldehydes, Ketones, and Esters; Application – Personal Care (Fine Fragrances and Cosmetics and Toiletries), Household Care (Laundry, Dishwashing, Mosquito Repellant, and Candles), Medical, and Food and Beverages) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.

Aroma Chemicals Market: Rising Demand for Natural Fragrances to Help Market Gain Considerable Impetus, TMR

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. 

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. 

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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. 

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. .

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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. 

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.