The global aroma ingredients market is anticipated to grow at a formidable rate during the forecast period owing to rising demand for personal care products like soaps and detergent around the world. The rise in per capita disposable income is also leading to growing tendency among consumers to look for sweet smelling consumer products. Further, the increasing demand for room fresheners, aerosol sprays and vehicle deodorizers are also supporting the growth of global aroma ingredients market.
Aroma ingredients bring out the desired fragrance in the product. They are used to enhance the flavour, scent and appeal of the product. Adding to this, the growing attention towards personal hygiene is contributing to the growing demand for perfumes, deodorants and other personal care products.
Global aroma ingredients market can be segmented based on type, application and region. Based on type, the market is segmented into aroma chemicals and essential oils. The aroma chemicals segment dominated the market in 2020 and is anticipated to continue its dominance in the market during the forecast period in terms of value owing to its low cost, easy availability, and consistency in quality.
Based on application, the global aroma ingredients market is segmented into homecare, personal care, fine fragrances & perfumes and others. The fine fragrances segment is expected to lead the aroma ingredients market in terms of value by 2026. They have major applications in perfumes, colognes, body mists, and deodorants. Therefore, the growing demand for perfumes, deodorants, body mists etc. across the globe is expected to drive the demand for aroma ingredients in the fine fragrance application.
Major companies operating in the global aroma ingredients market include Mane SA, International Flavors and Fragrances Inc, Givaudan SA, Frutarom Industries Ltd, Agilex Flavors and Fragrances, Inc, BASF SE, Robertet S.A., Fermenich International SA, Symrise AG, Takasago International, Hindustan Mint & Agro Products Pvt. Ltd and Sensient Technologies, among others. The key strategies adopted by major market players are new product launches and mergers & acquisitions.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of aroma ingredient manufacturing companies across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the vendors which could not be identified due to the limitations of secondary research.
TechSci Research calculated global aroma ingredients market size using a bottom-up approach, where data for various end user industries and its application across various product types were recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also used by TechSci Research.