Aroma Chemicals Market Research Report and Forecast up to 2024 Aroma Chemicals Market - Global Industry Analysis, | Page 2

healthy and green sustainability package among the consumers, is the chief factor
fueling their demand in the international market. Although, natural aroma chemicals
are gaining more importance but lack of availability of raw materials, coupled with
high cost of fragrance production by natural aroma chemicals, will potentially hinder
the growth of natural aroma chemicals over the years.
Based on product type aroma chemicals can be segregated into terpenoids,
benzenoids, musk chemicals, and others. Benzenoids segment accounted for a
promising share of aroma chemicals market in 2015 and is anticipated to grow at a
steady pace during the forecast period. Aroma chemicals exhibit various
applications across personal care, household care, and other sectors. The personal
care segment includes personal hygiene and beauty products. The segment also
encompass fine fragrances, toiletries, and cosmetics. The sales of these products is
largely affected by consumers’ affordability. The increasing disposable income of
consumers and their rising awareness about health and wellness will thus have a
positive impact on personal care products sales, thus fuelling the demand for aroma
chemicals used in them.
Likewise, in the household care sector, the increasing focus on safe food storage,
hygienic garbage control, and disinfecting household surfaces, will fuel the demand
for aroma chemicals The others segment includes food & beverages and medical
sectors. Aroma chemicals are widely used for their therapeutic effects as they are
believed to stimulate brain functions. Thus growth in this sector will boost the
demand for aroma chemicals over the years.
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Presence of Leading Manufacturers Seals Europe’s Dominance in Overall
Market
In terms of volume and revenue, Europe constituted major share of the aroma
chemicals market in 2015. This trend is anticipated to continue during the forecast
period owing to the robust operations in fragrance industries. Presence of major
aroma chemicals manufacturing companies and expanding base of end-use
industries such as personal care and household care products manufacturing
companies are propelling the growth of aroma chemicals market in this region.
Europe was followed by North America and Asia Pacific in 2015. Developed regions
such as North America is anticipated to hold promising share of the aroma
chemicals market, despite the sluggish economic growth. However, stringent
government regulations over the contamination caused by the production of aroma
chemicals can hamper the growth of this market in developed regions over the
forecast period. Besides this, the Middle East & Africa is projected to exhibit steady
demand for aroma chemicals in the coming years.