Aroma Chemicals Market Share, Size, Expected Growth Opportunities and Forecast by 2027 | Know the Russia Ukraine Impact On Aroma Chemicals Industry in US
The global aroma chemicals market size is projected to reach USD 6,968.3 million by 2028. As the demand for natural ingredients is increasing, various manufacturers are trying to create novel technologies to prevent environmental damage or pollution. For instance, Privi Speciality Chemicals Limited utilizes agrochemicals from by-products and high-value aroma chemicals from Crude Sulphate Turpentine (CST) to improve eco-friendly operations and reduce emissions. Fortune Business Insights™ published this information in a new study, titled, “Aroma Chemicals Market, 2021-2028.” As per the study, the market stood at USD 4,976.0 million in 2020. It is set to exhibit a CAGR of 4.5% during the forecast period between 2021 to 2028.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Aroma Chemicals Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Aroma Chemicals Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity.
Eternis Fine Chemicals Acquires Tennants Fine Chemicals to Expand Its Product Portfolio
In February 2021, Eternis Fine Chemicals announced the acquisition of Tennants Fine Chemicals, a provider of specialty chemicals based in the U.K. This buyout would help Eternis to leverage multi-location distribution and manufacturing platforms, as well as broaden its range of these type of chemicals. As per one of the company officials, “The 100% acquisition of Tennants would help the former to expand its position in India’s specialty and aroma chemicals industry.”
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Declining Sales of Beauty and Cosmetics Products to Obstruct Growth amid COVID-19
The sales of cosmetics and beauty products have fallen drastically owing to the COVID-19 pandemic across the globe. Givaudan, for instance, declared that the sales of fine fragrances declined by 16.4% during the first half of 2020 backed by closure of retail channels and travel bans. Besides, consumer goods companies mentioned that they experienced mixed financials across numerous divisions. Procter & Gamble (P&G)’s net sales in grooming and beauty segments went down by 3% and 1% in the third quarter of 2020.
Report Coverage-
We have conducted primary and secondary research to gather information about various aspects of this report. Our special interviews with end-user respondents and supply side respondents helped in gaining insights into the average pricing, per capita consumption trend, average spending on products, growth rate, market size, and dynamics. We have also taken information from reputed industry journals, articles, and press releases of organizations operating in the field of aroma chemicals.
Drivers & Restraints-
Rising Need to Maintain Formulations and Quality of Products to Aid Growth
Aroma chemicals are extensively used in toiletries and cosmetics, such as hand washes, lipsticks, gels, shampoos, body lotions, aftershaves, moisturizers, soaps, and others. Manufacturers are striving persistently to maintain the quality and formulations of these products by inducing natural scents. Hence, they are inclining rapidly towards organic ingredients.
However, the Environmental Working Group (EWG) declared that around 75% of fragrance ingredients hidden in the list provided in labels contain phthalates that can cause disruptive hormonal activities, breast cancer, reproductive malformation, and reduction in sperm count. This factor may hinder the aroma chemicals market growth in the near future.
Segments-
Fine Fragrances Segment to Dominate Stoked by Rising Technological Advancements
By source, the market is categorized into synthetic and natural. Based on the product, it is divided into terpenes/terpenoids, benzenoids, musk chemicals, and others. Lastly, by applications, it is fragmented into food & beverages, fine fragrances, cosmetics & toiletries, soaps & detergents, and others. Out of these, the fine fragrances earned 53.18% and 51.62% in terms of the aroma chemicals market share globally and in the U.S. in 2020. This segment is anticipated to remain at the forefront because of the ongoing technological advancements in this field.
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Regional Insights-
Increasing Spending on Premium Perfumes to Help Europe Dominate in Upcoming Years
Regionally, Europe held USD 1,807.3 million in 2020 in terms of revenue. It is anticipated to lead the market in the forthcoming years fueled by the high consumer spending on premium and luxurious perfumes, especially in developed countries, such as Germany, U.K., and France. In North America, the market is set to grow steadily because of the rising health-consciousness among consumers. Asia Pacific would grow significantly in the upcoming years on account of the increasing demand for fragrances in India, Japan, and China.
Competitive Landscape-
Key Companies Aim to Gain Competitive Edge through Acquisitions and New Launches
The global market possesses several renowned companies that are majorly focusing on developing sustainable, premium-quality, and cost-effective products to meet the high demand worldwide. Some of the others are participating in the acquisition strategy to gain a competitive edge. Below is one of the latest industry developments:
- January 2020: Solvay unveiled a unique high purity synthetic eugenol called Eugenol Synth featuring olfactory properties for fragrance applications. It will act as an alternative to help meet the demand from the flavors & fragrance (F&F) market.
A list of reputed manufacturers present in the global market:
- Privi Speciality Chemicals Limited (Navi Mumbai, India)
- BORDAS S.A. (Sevilla, Spain)
- BASF SE (Ludwigshafen, Germany)
- DSM (Heerlen, Netherlands)
- Hindustan Mint & Agro Products Pvt. Ltd. (Uttar Pradesh, India)
- International Flavors & Fragrances Inc. (New York, the U.S.)
- Kao Chemicals Europe (Barcelona, Spain)
- Symrise (Holzminden, Germany)
- Givaudan (Vernier, Switzerland)
- Solvay (Brussels, Belgium)
- Takasago International Corporation (Tokyo, Japan)
- Keva (Mumbai, India)
- Eternis Fine Chemicals Ltd. (Mumbai, India)
- Other Key Players
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