The global aroma chemicals market share is expected to rise at USD 8.2 billion by 2027, at a CAGR of 5.8%, according to the new report by Grand View Research, Inc. The fragrance industry is likely to have a significant growth in the following years attributing to the growing demand from the food and consumer goods sector. In addition, rise in consumer spending is an added factor for the market growth. Demand for natural flavors in wider applications, and additional health benefits of natural flavors are some of the major growth drivers.
Availability of raw materials such as petrochemicals, musk, and pine trees are likely to maintain a high market growth in the following years. The key players are emphasizing on value chain distribution to gain a high competitive advantage. However, significant spending on R&D is likely to incur additional expenses thereby curbing the market growth. Apart, the demand for synthetic fragrances is likely to witness a surge, based on their functional utility. The synthetic chemicals are reasonably less as compared with naturally sourced aroma chemicals.
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Covid-19 Effect:
The global pandemic has disrupted the supply operations and severely disturbed the manufacturing sector. Moreover, government policies across the globe are likely to impact the movement of people and goods on the backdrop of social distancing norms. However, the growth in e-commerce platforms in these times is likely to have a positive impact on the market demand. Although, social distancing norms prevail to prevent the surge in the Covid cases, it is likely that the e-commerce platforms will contribute more to the market growth in the coming years. Besides, consumer preference for e-commerce is also expected to catalyse the market demand.
Key Takeaways from the report:
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Major Players:
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Grand View Research has segmented the global aroma chemicals market on the basis of source, chemical, application, and region:
Aroma Chemicals Source Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
Aroma Chemicals Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
Aroma Chemicals Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
Aroma Chemicals Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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