by India aroma chemicals market plays a vital role in industries like food and beverages, cosmetics and personal care products, detergents and cleaning products, incense sticks and agarbattis. Aroma chemicals provide odors to different products including perfumes, shampoos, air fresheners and many other aromatic compositions. The uses of natural and synthetic aroma compounds are present across industries for the purpose of enhancing sensory appeal in the products.
India Aroma Chemicals Market Size Is Estimated To Be Valued At US$ 276.1 Mn In 2024 And Is Expected To Exhibit A CAGR Of 5.3% Over The Forecast Period 2024 To 2031.
Aroma chemicals are volatile components derived from natural sources like plants and animals or synthetic sources which are further distilled to isolated volatile oil or chemical compounds. These compounds impart fragrance and are used in manufacturing of perfumes, detergents, soaps, food flavors, beverages and cosmetic products. The rising demand for fragrances and personal care products in the developing countries like India is expected to drive the growth of aroma chemicals market. Additionally, increasing consumer preference for natural aroma chemicals over synthetic variants is also fueling the market growth. However, fluctuation in raw material prices poses a major challenge for the smooth functioning of the industry.
Key Takeaways
Key players operating in the India Aroma Chemicals market are International Flavors & Fragrances Inc., The Anthea Group, Privi Speciality Chemicals Limited, Eternis Fine Chemical Limited., S H Kelkar and Company Limited, BASF. Key players are focusing on expansion of production facilities to meet the rising demand for aroma chemicals.
The demand for aroma chemicals is growing significantly backed by increased spending on fragrances and personal care products in India. Rising disposable income, changing lifestyle and growing consciousness about personal grooming are some of the major factors boosting the sales of fragranced products.
Key players are expanding their global footprint to leverage market opportunities in overseas locations. Companies are investing heavily in R&D activities to develop new aroma molecules and novel delivery systems. The growing popularity of natural ingredients is also directing research towards the development of sustainable aroma chemicals.
Market Key Trends
Natural aroma chemicals are gaining immense popularity among consumers due to rising health concerns regarding synthetic chemicals. Growing consumer awareness about harmful effects of synthetic chemicals is prompting them to switch to natural variants. This is regarded as a major trend in the aroma chemicals market. Key players are focusing on sourcing natural aroma compounds and developing green extraction methodologies using eco-friendly solvents to cater to the changing consumer demands. The natural segment is anticipated to witness robust growth over the forecast period.
Porter’s Analysis
Threat Of New Entrants: The presence of stringent regulatory requirements makes it difficult for new entrants to enter the market.
Bargaining Power Of Buyers: Buyers have moderate bargaining power due to the availability of substitutes.
Bargaining Power Of Suppliers: Suppliers have moderate bargaining power due to availability of substitute suppliers.
Threat Of New Substitutes: Substitutes like synthetic fragrances pose moderate threat due to changing consumer preferences.
Competitive Rivalry: The market is dominated by few key players intensifying the competitive rivalry.
Geographical Regions
India is the largest consumer market for aroma chemicals accounting for over 20% of the global share in terms of value. States like Maharashtra, Gujarat and Tamil Nadu are the key markets contributing to over 40% share due to presence of major end-use industries.
Currently, Asia Pacific region excluding Japan holds over 50% share of the global aroma chemicals market led by countries like India and China. The region is expected to witness the highest CAGR of over 6% during the forecast period owing to rapid growth of fragrance industry, increasing consumer spending on personal care products and expansion of key players in the region.
What are the key data covered in this India aroma chemicals Market report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the India aroma chemicals Market’s growth between 2024 and 2031.
:- Accurate calculation of the size of the India aroma chemicals Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behavior
:- India aroma chemicals Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of India aroma chemicals Market vendors
FAQ’s
Q.1 What are the main factors influencing the India aroma chemicals market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top India aroma chemicals Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the India aroma chemicals market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: CoherentMI, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
