The aroma chemicals market is likely to expand to around USD 17,104 million by the end of 2019. This is due to changing consumer preferences and technological improvements in aroma chemicals. Aroma chemicals are well-known as odorants, fragrances or flavors. They can be produced biochemically during the ripening of crops and fruits.
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The aroma chemicals market is mainly driven by companies engaged in manufacturing soaps & detergents, food, household products, cosmetics and toiletries. Other factors driving the market are changing lifestyles, consumer preferences and improvements in technology. However, expensive research and development procedures are likely to hamper the demand over the coming years.
The aroma chemicals market can be fragmented into four categories, including types, applications and geographies. The market, on the basis of types, can be divided into essential oils and aroma chemicals. Essential oils can be divided further into eucalyptus, orange, cedar wood and citronella. Aroma chemicals can be subdivided into musk chemicals, terpenes and benzenids.
The aroma chemicals market, on the basis of applications, can be segregated into soaps & detergents, cosmetics, fine fragrances and toiletries. Geographically, the aroma chemicals market can be divided into four key regions, including North America, Europe, Asia Pacific and ROW (rest of the world).
Europe captured the largest share. This was on account of rising demand for natural ingredients and huge R&D activities in the region. It was followed by North America and Asia Pacific. Asia Pacific has shown huge potential for the aroma chemicals market. This is as a result of increasing consumption of aroma chemicals in the emerging markets of China and India.
Information Source: Grand View Research