ALBANY, New York, November 28, 2018
ALBANY, New York, November 28, 2018 /PRNewswire/ --
The global aroma chemicals market is highly competitive in nature owing to the limited players in the market. These players holds significant share in terms of revenue. Key players in the market holds the major share and outruns its competitors in their specific product segments. However, it has been noted that barrier to new entrants are likely to prevent new players to enter the competition. To have better foothold in the market, players are adopting various strategies such as extensive research and development activities, product differentiation, mergers and acquisitions, and widening their product portfolios. These players are partnering with other firms to increase their customer base. Some of the key players in the market are Solvay, Takasago International Corporation, Sensient Flavors & Fragnance, BASF SE, Firmenich SA, and Robertet SA.
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According to a recent study by Transparency Market Research, the global aroma chemicals market is expected to expand at a robust CAGR rate of 6.2% during the assessed period 2016 - 2024. The market was valued at US$3.85 bn in 2015 is expected to be valued at US$6.57 bn by the end of tenure period. On the basis of product, the market is segregated into Musk Chemicals, Benzenoids, Terpenoids, and others. Of these benzenoids is predicted to exhibit a strong demand in the coming years. On the basis of geography, the market is dominated by Europe. However, Middle East and Africa is likely to experience a decent growth during the assessed period.
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Rise in Demand for Personal Care Products to Bolsters Market Growth
Introduction of new products in toiletries, skin care, hair care products, and cosmetics is expected to boosts the sales of global aroma market. Rapid urbanization and change in lifestyle coupled with rise in spending power of individual have increased the consumption of various cosmetics and personal care products, which is made up of aroma chemicals. Rapid advancement in technology have further fueled the market growth. Apart from these, rise in uptake of natural fragrance due to health concerns is considered to be a major driver in the developing nations. Ongoing trend for consuming customized fragrances due to personal hygiene is attracting more consumers, which is anticipated to favor the market growth. Incessant rise in population is one major reason that is driving the market. Furthermore, rise in demand for cleaning products, scented candles, and incense sticks are predicted to favor market growth.
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Heavy Investment required for Shifting from Synthetic to Natural Ingredients Hampers Market Growth
The market is growing riding on the back of numerous drivers, however, the market is confronted with restraints which are likely to deter the market growth. Need for heavy investment to switch from synthetic chemical to natural ingredients is considered to deter market growth. Apart from these, strict rules and regulations implemented on players in the market to follow certain policies is likely to hamper the market growth. Nonetheless, rise in disposable income and preference to lead a healthy and hygienic lifestyle favors the market growth.
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The information presented in this review is based on a Transparency Market Research report, titled, "Aroma Chemicals Market (Type - Natural and Synthetic; Product - Terpenoids, Benzenoids, and Musk Chemicals; Application - Personal Care, Household Care, Medical, and Food & Beverages) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
Key segments of the Global Aroma Chemicals Market are as presented:
Aroma Chemicals Market - Type Analysis
Aroma Chemicals Market - Product Analysis
Aroma Chemicals Market - Application Analysis
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