Aroma Chemicals Market Size

Statistics for the 2023 & 2024 Aroma Chemicals market size, created by Mordor Intelligence™ Industry Reports. Aroma Chemicals size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Aroma Chemicals Industry

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Aroma Chemicals Market Summary
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Study Period 2019 - 2029
Market Size (2024) USD 4.66 Billion
Market Size (2029) USD 5.85 Billion
CAGR (2024 - 2029) 4.65 %
Fastest Growing Market Asia Pacific
Largest Market Europe

Major Players

Aroma Chemicals Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Aroma Chemicals Market Analysis

The Aroma Chemicals Market size is estimated at USD 4.66 billion in 2024, and is expected to reach USD 5.85 billion by 2029, growing at a CAGR of 4.65% during the forecast period (2024-2029).

Due to the outbreak of COVID-19, the chemical sector was negatively affected. Lack of resources, labor shortages, and other constraints significantly hindered industrial expansion. The impact of COVID-19 was unprecedented and staggering, with aroma chemicals witnessing a negative demand in all regions during the pandemic. Currently, the market has recovered from the pandemic and is growing at a significant rate.

  • Over the short term, the blooming use in the fragrance industry and increasing advancements in the personal care products industries are the major factors in driving the growth of the global aroma chemicals market over the forecast period.
  • However, the high R&D cost, coupled with stringent government regulation imposed on the production of aroma chemicals, may hamper the growth of the global aroma chemicals market. Additionally, synthetic chemicals in fragrance are derived from petroleum-based chemicals such as benzene, aldehydes, and others that are harmful and toxic to human health.
  • Nevertheless, the technological advancement in the aroma chemicals market is likely to create lucrative growth opportunities for the studied market over the forecast period.
  • Asia-Pacific is the fastest-growing region in the aroma chemicals market. The region has seen growth due to increasing demand for aroma chemicals in cosmetics, personal care, and food and beverage industries.

Aroma Chemicals Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)