LONDON--(BUSINESS WIRE)--The aroma chemicals market is expected to grow by USD 1.70 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Changing lifestyles and the growth in disposable incomes have increased the consumer spend on quality products. Also, consumers are increasingly becoming aware of personal care and grooming. Besides, since 2015, the market has witnessed an increase in the preference for personal care products with enhanced perfumes, both from women as well as men. All these factors are increasing the use of perfumed cleaning and home care products, which is fueling the growth of the global aroma chemical market.
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As per Technavio, the rise in demand from APAC and South America will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Aroma Chemicals Market: Rise in Demand from APAC and South America
The middle-class population is rapidly expanding in developing regions such as APAC and South America. Besides, the rise in the disposable incomes of the middle-class population has increased the consumption of perfumes, personal and beauty care products, and detergents and cleaners. This is attracting many players in the market to expand their business in these emerging markets and tap the huge growth potential. This trend is expected to have a positive influence on the growth of the global aroma chemicals market during the forecast period.
“Increasing awareness about personal hygiene among consumers and growth in end-user markets will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Aroma Chemicals Market: Segmentation Analysis
This market research report segments the aroma chemicals market by Chemical Type (Terpenes, Benzenoids, Musk Chemicals, and Others), Geography (APAC, North America, Europe, MEA, and South America), and Application (Soaps and detergents; Cosmetics and toiletries; Fine fragrances; and Other).
The APAC region led the aroma chemicals market in 2019, followed by North America, Europe, MEA, and South America respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the rising consumption of end-products such as soaps, cleaners, toiletries, detergents, processed food and beverages, and personal care products in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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