Market Size of Aroma Chemicals Industry
|2019 - 2029
|Market Size (2024)
|USD 4.66 Billion
|Market Size (2029)
|USD 5.85 Billion
|CAGR (2024 - 2029)
|Fastest Growing Market
*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.