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Demand for aroma ingredients is expected to reach USD 12749.50 billion in 2021 and is projected to increase at a CAGR of 4.40% to USD 16508.06 billion by 2028. The growing use of lactic acid in end-user industries is credited with the growth.
A complex fusion of natural and/or synthetic substances known as an aroma ingredient is added to a variety of items to include the desired odour. These components are frequently found in household and personal care products. One of the key application markets for the aroma components market is the personal care sector.
Due to rising demand for natural scent compounds, the global market for aroma ingredients has been expanding steadily in recent years. The market for aroma components is expected to be dominated by applications for soaps and detergents, then cosmetics and toiletries. Throughout the projected period, the market for scent components is anticipated to rise steadily.
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What Are Some Notable Factors Fueling the Market for Aroma Ingredients’ Growth?
Sales of fragrance compounds are developing as a result of rising hygiene product preferences and rising fitness consciousness. Products like soaps and detergents, everyday home items like shampoos, shower gels, and shaving creams, as well as body care items like lotions and scrubbers, as well as candles, sprays, and cosmetics, frequently contain aroma components.
What Struggles Does the Aroma Ingredients Sector Face?
The market for fragrance components offers a wide range of end uses, but there are a lot of barriers that could potentially restrain its expansion. The expansion of the market for scent components throughout the projected period may be hampered by the availability of other affordable alternatives.
The high costs involved with converting from synthetic chemicals to natural components is one of the main factors that is anticipated to limit increase in demand for natural fragrance ingredients. The rigorous laws and guidelines governing the use of synthetic chemicals may limit the market’s expansion.
Why Is North America Becoming a Lucrative Market for Aroma Ingredients?
The market for North American aroma components is now being driven by a number of factors, particularly in nations like the U.S. and Canada, Consumer expenditure on personal care and beauty products is increasing in the area, and the need for fragrance components in the US market is growing quickly. The market share of worldwide aroma ingredients held by North America is 34.3%.
Aroma Ingredients Market: Competitive Landscape
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. are a few of the major players in the global market for aroma ingredients.
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- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa