The global aroma ingredients market is anticipated to be valued at USD 5,418.4 million in 2023, forecast to grow at a CAGR of 6.1%. The market is to be valued at USD 9,794.2 million by 2033. Growth is attributed to the increasing use of lactic acid in end-user industries. From 2018 to 2022, a CAGR of 2.4% was registered for the lactic acid market.
| Data Points | Key Statistics |
|---|---|
| Growth Rate (2018 to 2022) | 2.4% CAGR |
| Projected Growth Rate (2023 to 2033) | 6.1 % CAGR |
| Expected Market Value (2023) | USD 5,418.4 million |
| Anticipated Forecast Value (2033) | USD 9,794.2 Million |
Aroma ingredient is a complex fusion of natural and/or synthetic ingredients added to various products to incorporate desired odor. These ingredients are widely used in consumer care and personal care products. The personal care industry is one of the major application industries for the aroma ingredients market.
The global aroma ingredients market has witnessed steady growth due to increasing demand for natural aroma ingredients. Soaps and detergents are estimated to account for a significant share of the global aroma ingredients market, followed by cosmetics and toiletries applications. The global aroma ingredients market is expected to register steady growth during the forecast period.
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
Increasing preference for hygiene products and growing awareness of fitness are key driving factors for growth in the sales of aroma ingredients. Aroma ingredients are commonly used in products such as soaps and detergents, daily use household products such as shampoos, shower gels, shaving creams, and body care products such as lotions, scrubbers, in addition to candles, sprays, and cosmetics.
The development of these aroma products has further expanded the industry size. An increase in spending capacity and trends such as aroma therapy have amplified the visibility of aroma ingredients. Improved living standards and increased spending capacity drive the global aroma ingredient market. Perfumes are now considered everyday products due to the growing preference for cosmetics and personal care.
High disposable income, spurring demand for beverages & processed foods, the growing popularity of exotic flavors, and rising demand for various food applications are all driving the market growth substantially. Growing demand for cleaning products and toiletries in which aroma chemicals are key ingredients. The vogue of cosmetics and personal care products such as peels, facemasks, creams, and others are also factors bolstering the market.
Although the aroma ingredients market has numerous end-uses, there are numerous obstacles that likely pose a challenge to market growth. The availability of other low-cost alternatives may hinder the growth of the aroma ingredients market in the forecasting period.
One major factor that is likely to restrict growth in demand for natural aroma ingredients is the high costs associated with switching from synthetic chemicals to natural ingredients. The stringent rules and regulations related to synthetic chemical use may restrict the steady growth during the forecast period.
Principal Consultant
Several factors are now driving the North American aroma ingredients market, specifically in countries such as the United States and Canada. The region's increased consumer spending on beauty and personal care items and accelerated demand in the United States aroma ingredients market are being witnessed. North America accounts for a total of 34.3% global aroma ingredients market share.
North America’s aromatic ingredients market is predicted to lead the sector due to the region's strong presence of key market participants and rising healthcare expenditure.
Rising sales of essential oils for home use, lifestyle changes, growing urban population, and increased influence of media are factors driving demand for aroma ingredients in the region. The market is primarily driven by the growth of the cosmetics and toiletries sector and the region's well-established retail sector.
According to Future Market Insights, Europe accounts for a 39.8% share of the total global aroma ingredients market. Europe is expected to be a promising revenue-generating region for the global aroma ingredients market and is expected to grow steadily during the forecast period. The growth in Europe is attributed to growing allied industries such as pharmaceuticals, food, and beverages.
The growth of the market in Europe is attributed to continuous technological advancements in the cosmetics and personal care industry, and strong innovations and investments in Research and Development are expected to provide lucrative opportunities for aroma ingredients market expansion.
Also, the increasing adoption of aroma chemicals in many applications like soap and detergent boost the growth of the market the in forecasting period. Growing end-use industries like food & beverage and pharmaceutical mainly drive the growth in Europe.
Therefore, several countries, such as the United Kingdom, France, and Germany, have emerged as the leading manufacturers and exporters of aroma ingredients. For instance, in December 2021, Firmenich SA announced the commissioning of a new production unit for renewable ingredients at its facility in Castets, France. The new production plant was expected to be operational in January 2022.
In terms of year-on-year growth, the said market share in the Asia Pacific region is the best-performing portion, as per the new market research report on the global aroma ingredients market. Due to new technological advancements, and a rise in demand for flavors and fragrances, the Asia Pacific aroma ingredients market is experiencing the fastest growth.
The regional market expansion can be attributed to the increasing disposable income among developing countries such as India, China, and Japan. Japan and China are the two most important contributors to the rising growth rate.
Increasing consumer preference toward a healthy lifestyle has increased the demand for healthy foods as well as organic cosmetics in the region, which is expected to trigger the demand for aroma ingredients in the near future.
Increasing concerns about personal care products and cultural inclination to use scented soaps, incense sticks, detergents, and deodorants will greatly boost India's aroma ingredients industry.
Aquila Organics, Flavour Chem, Zenith Aromas, Malhotra Organics, and Philotree are some of the start-up companies operating in the aroma ingredients market.
In November 2021- Flavorchem (Global flavor and ingredient supplier) launched Taste Mod for Protein, a clean-label solution to masking plant-based protein off-notes. The innovation is the first in a line of high-performance taste modulators created to enhance the sensory experience of functional foods and beverages.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
Some of the key participants present in the global aroma ingredients market are BASF SE, Mane SA, International Flavors and Fragrances Inc., Givaudan SA, Fermenich International SA, Frutarom Industries Ltd., Symrise AG, Agilex Flavors and Fragrances, Inc., Hindustan Mint & Agro Products Pvt. Ltd. among others.
Attributed to the presence of such a high number of participants, the market is highly competitive. While global players such as BASF SE, Mane SA, and International Flavors and Fragrances Inc. account for considerable market size, several regional-level players are also operating across key growth regions, particularly in the Asia Pacific.
The aroma Ingredients market CAGR for 2033 is 6.1%.
The market is valued at USD 5,418.4 million in 2023.
The projected market value of the market for 2033 is USD 9,794.2 million.
Key players are developing the market by entering new markets.
Symrise, Givaudan, and Firmenich are key market players.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Essential Oils 5.2. Aroma Chemicals 5.3. Menthe Arvensis 5.4. Cedar Wood 5.5. Orange 5.6. Eucalyptus 5.7. Citronella 5.8. Terpenes 5.9. Musk Chemical 5.10. Benzenoids 5.11. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Cosmetic and Toiletries 6.2. Soap and Detergents 6.3. Fine Fragrance 6.4. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. BASF SE 17.2. Mane SA 17.3. International Flavors and Fragrances Inc. 17.4. Givaudan SA 17.5. Fermenich International SA 17.6. Frutarom Industries Ltd. 17.7. Symrise AG 17.8. Agilex Flavors and Fragrances Inc. 17.9. Hindustan Mint & Agro Products Pvt. Ltd. 17.10. Privi Organics India Limited 18. Assumptions & Acronyms Used 19. Research Methodology
Explore Food and Beverage Insights
View Reports
Aroma Ingredients Market
