Aroma Chemicals Market Size Expected to Surge with Increased Adoption by 2032

According to a recently updated Fact.MR analysis, the global market for aroma chemicals is expected to reach a valuation of US$ 8,115.52 million and develop at a 4.7% compound annual growth rate (CAGR) between 2022 and 2032. The market is anticipated to be worth US$5,110 million by 2022. Large-scale applications in the food and beverage and cosmetics industries, respectively, are primarily responsible for growth.

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The global market for aroma chemicals grew at a compound annual growth rate (CAGR) of 3.4% from 2015 to 2021, reaching a valuation of US$5,110 million at the conclusion of that time. Aroma compounds are essential components of many goods, including baked goods, cleaning supplies, alcoholic and non-alcoholic beverages, candies, perfumes, and cosmetics. They are also used to improve the flavour of canned goods. The market for fragrance chemicals has grown as a result of rising demands for luxury and healthcare.

Key Takeaways from the Market Study

• Global market for aroma chemicals is likely to expand 1.6x from 2022 to 2032
• By source, sales of synthetic aroma chemicals to remain dominant, yielding 69% revenue in 2022
• Terpenoid aroma chemicals to account for a significant value share in the global market
• North America is likely to be an opportunistic market, expanding at a CAGR of 5.6% until 2032
• Asia Pacific to be another significant market, poised to register a growth rate of 6.1%
• Europe is likely to be the kingpin of the global aroma chemicals market, holding a value of US$ 1.8 Billion in 2021

Competitive Landscape

The majority of the industry's major players have been around for a long time and have large production capacities. As a result, in order to meet the growing demand from end-use markets, they are focusing on product launches, expansion, and acquisitions.

• BASF acquired Isobionics, a biotech company, in June 2020 to set up its own distillation plant for the production of new flavors and fragrances. The plant is expected to be built at the Brightlands Chemelot Campus in Geleen, Limburg, the Dutch province. This strategy entails establishing its own production unit for the manufacture and development of new fragrances, which is expected to create market growth opportunities.
• New fragrance technology in all perfume categories, including personal, fabric, fine fragrance, home, and oral care flavors. This technology will assist consumers in improving their overall sense of well-being.

View Full Report: https://www.globenewswire.com/news-release/2022/06/28/2470299/0/en/Global-Aroma-Chemicals-Market-Demand-to-be-influenced-by-Synthetic-Chemicals-accruing-nearly-70-Market-Demand-Fact-MR-Report.html