Aroma Ingredient Market Comprehensive Analysis and Future Estimations by 2028

The Aroma Ingredient Market was valued at US$ 5376.90 million in 2021 and is projected to reach US$ 7692.62 million by 2028; it is expected to grow at a CAGR of 5.2% from 2021 to 2028. Aroma ingredients are basically isolating of naturally sourced ingredients or chemically produced and are used as ingredients to add aromas or fragrance to various cosmetic and personal care products.

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The List of Companies -
1. Takasago International Corporation
2. BASF SE
3. Firmenich S.A.
4. Givaudan S.A.
5. International Flavors & Fragrances Inc.
6. Robertet Group
7. Symrise
8. Mane
9. Zhejiang NHU Co., Ltd.
10. Phoenix Aromas & Essential Oils, LLC.

Based on product type, the global aroma ingredients market is segmented into natural and synthetic. In 2020, the synthetic segment led the aroma ingredient market. Synthetic aroma ingredients are long-lasting and complex aroma ingredients that are formulated to imitate the aromas found in nature. They are produced at a very low-cost using petroleum and aromatic compound.

The aroma ingredients market, based on geography, is segmented into North America, Europe, Asia Pacific (APAC), South and Central America, and the Middle East and Africa (MEA). In 2020, Asia-Pacific dominated the market. The changing lifestyle of consumers and rising urbanization propelled the demand for personal care and cosmetic products which has led to an increased demand for aroma ingredients. Along with this, the increased application of aroma ingredients in the fine fragrance as well as the food and beverage industry across the region is driving the demand for aroma ingredients.

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Many industries, such as the chemicals and materials industry, faced unprecedented challenges due to the COVID-19 pandemic. The shortage of raw material and labor, the shutdown of factories, and other operational difficulties under COVID-19 safety protocols negatively impacted the aroma ingredients market. The lockdown heavily impacted the supply and the production side of aroma ingredients, restraining the growth of the market. However, the introduction of the COVID-19 vaccine has further eased the situation leading to a rise in business activities worldwide. The economies are reviving their operations, and the demand for aroma ingredients is expected to rise globally in the coming years. Key manufacturers have started resuming their operations, restoring back the production capacity of aroma ingredients.

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