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In terms of value, the aroma ingredients market is projected to grow at a CAGR of 4.5% from 2018 to 2023
The aroma ingredients market is projected to grow from USD 2.27 billion in 2018 to USD 2.83 billion by 2023, at a CAGR of 4.5% during the forecast period. The rising demand for personal care products, coupled with changes in lifestyles and consumer preferences are expected to drive the growth of the market for aroma ingredients across the globe. However, the requirement of significant investments in RD and stringent governmental regulations regarding the use of aroma ingredients in personal care product formulations are hampering market growth.
Based on type, the synthetic ingredients segment led the aroma ingredients market in 2017
The demand for synthetic ingredients is very high in various applications due to low cost and easy availability. Moreover, synthetic ingredients are consistent in quality and price, unlike natural ingredients. Hence there is high demand in the aroma ingredients market for products for the personal care industry.
The toiletries application is projected to grow at the highest CAGR, in terms of value during the forecast period
The toiletries application of the aroma ingredients market is expected to register the highest CAGR in terms of value between 2018 and 2023. Increasing purchasing power of middleclass populations is leading to growth in demand for soaps, shampoos, conditioners, and hygiene products in emerging countries, which in turn, is fueling growth of the aroma ingredients in the toiletries application.
The APAC aroma ingredients market is projected to grow at the highest CAGR, in terms of value during the forecast period
The APAC aroma ingredients market is projected to grow at the highest CAGR, in terms of value between 2018 and 2023. Economic growth in emerging countries and increasing disposable incomes of the middleclass populations of the APAC region are making it an attractive market for manufacturers of aroma ingredients. Increasing awareness among masses regarding skin, hair, and oral care, changing lifestyles of the middleclass populations of the region due to their growing disposable incomes, and increasing popularity of organic skin care products are some of the major factors expected to fuel the growth of the APAC aroma ingredients market during the forecast period.
Breakdown of profiles of primary participants for the report:
By Company Type: Tier 1 45%, Tier 2 22%, and Tier 3 33%
By Designation: C Level 50%, Director Level 10%, and Others 40%
By Region: Europe 33%, the Middle East Africa 25%, North America 17%, APAC 17%, and South America 8%
Some of the key companies profiled in this report are Symrise Germany, Takasago International Corporation Japan, Sensient Technologies Corporation US, MANE France, Robertet SA France, T. Hasegawa Co., Ltd. Japan, Frutarom Israel, Givaudan Switzerland, Firmenich SA Switzerland, and International Flavors Fragrances Inc. US.
The aroma ingredients market has been segmented based on type, application, and region. Based on type, the market has been segmented into synthetic ingredients and natural ingredients. Based on application, the aroma ingredients market has been segmented into fine fragrances, toiletries, and cosmetics. The market has also been studied for APAC, Europe, North America, the Middle East Africa, and South America.
Key Benefits of Buying the Report
This report covers the following studies:
Market segmentation based on type, application, and region
Market dynamics including drivers, restraints, and opportunities that impact the growth of the aroma ingredients market
Porter's five forces analysis for the aroma ingredients market
Profiles of the key players operating in the aroma ingredients market
Original Article: Aroma Ingredients Market for Personal Care Industry by Type Synthetic Ingredients, Natural Ingredients, Application Fine Fragrances, Toiletries, and Cosmetics, and Region APAC, Europe, North America Global Forecast to 2023 [Report Updated: 04092018] PricNEXT ARTICLE
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