LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global aroma chemicals market is expected to reach USD 4,968.7 million by 2021, growing at a CAGR of more than 5%.
This research report titled ‘Global Aroma Chemicals Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. To arrive at the market size, the report has considered the sales of different types of aroma chemicals used in soaps and detergents, cosmetics and toiletries, fine fragrances, household products, food and beverages, and other application segments in key regions.
Increased consumption of perfumes, personal and beauty care products, and detergents and cleaners by the individuals belonging to the middle class is a significant factor that is driving the global aroma chemicals market. Globally, three billion people are expected to enter the middle-class segment in the next 20 years starting from 2015. This large portion of the population is likely to create a significant opportunity for the vendors of fragrance products globally.
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Technavio’s chemicals and materials analysts categorize the global aroma chemicals market into four major segments by chemical type. They are:
- Terpenes
- Benzenoids
- Musk chemicals
- Others
The top three chemical type segments for the global aroma chemicals market are:
Global aroma chemicals market by terpenes
Terpenes are known for their strong odor and are used in fragrances of perfumery, alternative medicines such as aromatherapy, fragrance ingredient in food and beverages, and essential oil. These compounds held the largest share, accounting for 36.8% in the global aroma chemicals market in 2016. The main difference between terpenes and terpenoids is that terpenes are hydrocarbons and terpenoids are denatured by oxidation and have additional functional groups.
According to Swapnil Tejveer Sharma, a lead specialty chemicals analyst from Technavio, “Terpenes are derivatives of terpene hydrocarbons that have functional groups of alcohols, aldehydes, ketones, phenol ethers, and lactones, formed by the fusion of two or more isoprene molecules. A variety of plants, mainly Cannabis sativa and insects synthesize terpenes.”
Global aroma chemicals market by benzenoids
Benzenoids accounted for a share of 34.5% in the global aroma chemicals market in 2016. The market for benzenoids is growing significantly owing to their commercial importance. These compounds contain a benzene ring with functional groups such as alcohols, ketones, aldehydes, acetates, and esters.
Benzaldehyde is used in perfumery, hairspray, laundry bleach, detergents, personal care products such as body lotions, shaving cream, shampoo, and other products. Benzyl salicylate has a slightly sweet, balsamic odor and is used for producing floral fragrances such as wallflower, carnation, lilac, and valley of lily. Benzyl acetate and benzyl alcohol are used in perfumes, cologne, shampoo, air freshener, laundry bleach and detergent, body lotion, after shave lotion, and other products.
Global aroma chemicals market by musk chemicals
Musk chemicals accounted for a share of 12.7% in the global aroma chemicals market in 2016. These chemicals are widely used in perfumery and are obtained from sources such as animals (mainly musk deer), plants with similar fragrances, and other artificial substances.
“Economic and ethical concerns regarding the killing of musk deer have given rise to the surge in the price of synthetic musk chemicals. Synthetic musk is normally known as white musk and is divided into aromatic nitro musk, polycyclic musk compounds, and macrocyclic compounds,” says Swapnil.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Company
- S H Kelkar And Company Limited
- Givaudan
- Kao Corporation
- Symrise
Browse Related Reports:
- Global Flavors and Fragrances Market 2016-2020
- Global Cosmetic Packaging Market 2016-2020
- Global Perfumes and Fragrances Market 2015-2019
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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