Seattle, WA -- (SBWire) -- 11/11/2019 --Aroma ingredients are compounds that used to make fragrance materials as these substances enhances odor and are anti-malodorous. Aromatic ingredients are extracted by physical operations from synthetic as well as raw materials. These substances are majorly used in developing essence or additives that can be used in personal care products, cosmetics, and food industry. Aromatic ingredients are used to enhance the quality of products in terms of favor and essence.
Global Aroma Ingredients Market Dynamics:-
Rapid growth global fragrance industry, where aroma ingredients play primary role in the making of fragranced products including perfumes, air fresheners, toiletries including deodorants, scented candles, etc. is expected to drive growth of the global aroma ingredients market during the forecast period. For instance, according to International Fragrance Association, in 2015, the global flavors and fragrance market was valued at US$ 29.0 billion, which is expected to reach US$ 70 billion by 2022, exhibiting a CAGR of 6.2% during the forecast period.
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Aroma ingredients find application in perfumes where they are crucial constituent. Global perfume market is growing significantly, owing to rising trend of personal grooming especially in youth, increasing disposable income, and improving standards of living, which, in turn, is driving the global aroma ingredients market growth. For instance, according Organization of Personal Care Council, in 2016, global beauty and personal care market was valued at US$ 444 billion, which is expected to reach to US$ 716.6 billion by 2025.
Global Aroma Ingredients Market Outlook:-
On the basis of product type, cosmetic segment is expected to witness significant growth in the global aroma ingredients market during the forecast period. This growth is attributed to significant use of aroma ingredients in the making of cosmetic products. Floral, fruity, fantasy, etc. fragrances work well on personal care products such as lipstick, body lotion, and face wash. Furthermore, according to European Commission, Directorate General for Enterprise and Industry 2007 report, EU holds the dominating position in the global cosmetic market and was valued at US$ 71.56 billion with major contribution from the U.K., Germany, Italy, France, and Spain. It valued at around 70% of the total market at retail sales prices. Moreover, developed economies with highest per capita spending on cosmetic products were Denmark and Sweden (US$ 194.38), Spain (US$ 192.11), France (US$ 188.70), thereby, increasing the demand for aroma ingredients.
Key Players in the Global Aroma Ingredients Market:-
Key players in the market are adopting collaboration and partnership strategy to gain competitive edge in the market. For instance, in January 2019, International Flavors & Fragrances Inc. collaborated with Aryballe, a France-based digital olfaction technology company. This collaboration aims to develop the flavor and fragrance capabilities and portable applications from Aryballe.
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Major players in the global aroma ingredients market are BASF SE, Mane SA, Givaudan SA, Fermenich International SA, and International Flavors & Fragrances Inc., Bell Flavors and Fragrances, Givaudan, Kao Corporation, S H Kelkar and Company Limited, Symrise, and Takasago International Corporation
Global Aroma Ingredients Market Taxonomy:-
On the basis of product type, the global aroma ingredients market is segmented into:
- Synthetic Ingredients
- Natural Ingredients
On the basis of application, the global aroma ingredients market is segmented into:
- Fine Fragrances
- Home care
- Personal Care
- Pet Care
- Food & Beverages
- Others
On the basis of region, the global aroma ingredients market is segmented into:
- Asia Pacific
- North America
- Europe
- South America
- Middle East
- Africa
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Aroma Ingredients Market: Cost-Effectiveness and Higher Operational Performance Driving Demand