Aroma Chemicals Market Driven by Surge in Adoption of Benzenoids Chemical: Fact.MR
Market participants are launching new ranges of flavor chemicals that enhance taste and offer a unique fragrance. They are now making fragrances and perfumes that can be tailored and personalized for users.
ROCKVILLE, MD / ACCESSWIRE / December 22, 2020 / The global flavor chemicals market is likely to have a constant CAGR of around 4% in the 2020-2030 assessment period. The growing demand for flavor chemicals in the food and beverage and fragrance industries will support the growth of the market. Strict regulations on artificial flavors complement the expansion of natural flavor chemicals in the food sector.
"The introduction of Artificial Intelligence (AI) by top market players to grow attractive fragrances will help the aroma chemicals market evolve. In APAC, the expanding industrial sector will drive market expansion through supportive government initiatives." says a Fact.MR analyst.
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The central theses
Europe is expected to remain lucrative throughout the forecast period. However, APAC will see the fastest rate of growth.
The increasing use of flavor chemicals in perfumes as well as in the cosmetics and toiletries industries will fuel market growth.
Benzoids will dominate the chemistry segment due to their availability and ability to easily mix with other flavor chemicals.
Growing consumer awareness of hygiene is driving the market as aroma chemicals are used extensively in the manufacture of cleaning products.
Growing demand for flavor chemicals from the food sector is likely to fuel market growth.
The increasing acceptance of more environmentally friendly fragrances in perfumes creates lucrative prospects for market participants.
Health problems caused by flavor chemicals are limiting market growth.
Strict regulations, taking into account the contamination inherent in the manufacture of flavor chemicals, could hamper the growth of the market.
Estimated impact of the COVID-19 outbreak on the market
The COVID-19 outbreak has had a huge impact on the global economy and has had a similar impact on the flavor chemicals market. The market has faced the shortage of migrant workers, interruptions in the supply chain and the cessation of production activities, to name a few.
The development in the benzoloid segment should, however, have a positive effect on the market during this crisis. In addition, the increase in government investments in food security is likely to affect market developments in the years following the pandemic.
Explore the global Flavor Chemicals market with 138 illustrations, 80 data tables, and the report's table of contents. A detailed segmentation can also be found at https://www.factmr.com/report/5374/aroma-chemicals-market
The global market for flavor chemicals is highly competitive. Due to increased product demand, key companies are involved in mergers and acquisitions, investment strategies and expansions to improve their product portfolios. Some of the major companies in the market are Takasago International Corporation, Bell Flavors & Fragrances Inc., Yingyang Flavors & Fragrances Group, Zhejiang Newfine Industry Co. Ltd., Fairchem Specialty Limited, Wild Flavors and Specialty Ingredients Inc. who have favourited Hindustan Mint & Agro Products Pvt. Ltd., Sensient Technologies Corporation, Ungerer & Company, Givaudan SA, Robertet SA, Firmenich SA, Aroma Tech Inc., Bedoukian Research Inc., Kao Corporation, Tadimety Aromatics Pvt., Ltd., Hasegawa Co. Ltd., Dongying Kehong Chemical Co. Ltd. and Oriental Aromatics Limited.
More about the report
Fact.MR market research report offers in-depth insights into the Flavor Chemicals market. The market is screened on the basis of application (cosmetics and toiletries, foods and beverages, essential oils, perfumes, soaps and detergents, and others), chemical type (benzoids, musk chemicals, terpenoids and terpenes (cyclic and acyclic), and other chemical types ) in seven major regions (North America, Europe, East Asia, South Asia, Oceania, Latin America, and the Middle East and Africa (MEA)).
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Fact.MR is a leading provider of market information and advisory services and has customers in over 150 countries. Fact.MR is headquartered in Dublin and has offices in Dubai. The latest market research reports from Fact.MR help companies overcome challenges and make critical decisions with confidence and clarity in the face of breakneck competition.
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