Global aroma chemicals industry size is projected to cross $8 billion until 2027, according to a Global Market Insights Inc. report
Another prominent trend observed during the coronavirus era is a significant uptick in household cleaning products, contributing to the growth trajectory of the aroma chemicals market. Procter & Gamble, for example, benefited from the heightened cleaning products demand amid the spike in COVID-19 infections. Sales of its home care products including Tide are slated to rise by 7% in the second quarter of 2022, as the spread of the Omicron variant influenced consumers to purchase more cleaning products. Factors such as these could encourage consumer goods providers to leverage aroma chemicals to improve the fragrance of detergents and household cleaning supplies.
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Preference for natural ingredients in fragrance products
The use of natural aroma chemicals in perfumes and other personal care products has been rising considerably due to their skin-friendly nature. According to the Innova Beauty & Personal Care Survey 2020, over 51% of global consumers consider natural ingredients to be a key factor when purchasing fragrances or perfumes.
Natural fragrances are also gaining popularity over the years owing to increasing pollution-oriented health hazards like asthma and allergies. One of the major attributes is non-toxicity, as natural fragrances are free of harmful toxic substances that may produce health issues including hormonal imbalance and obesity. The aroma chemicals industry from the natural segment is thus expected to exhibit a CAGR of nearly 6% through 2027, as per a GMI report.
Furthermore, food and beverage manufacturers are paying more attention to the use of sustainable ingredients as a result of the growing demand for clean-label products. According to the International Food Information Council, around 2 out of 3 consumers revealed that ingredients have a moderate impact on their product purchase, with 63% paying more attention to ingredient lists. The high consumer preference for foods made from clean ingredients could augment the adoption of natural sources-derived aroma chemicals for food and beverage applications.
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Intake of ready-to-eat and packaged foods
In APAC countries like India, the second wave of the novel coronavirus pandemic has led to an unprecedented increase in the demand for packaged foods. According to Grofers’ data, the consumption of packaged goods witnessed a spike of over 80% from mid-February to May 2021. Also, the rising out-of-home consumption and ready-to-eat product sales have led to a 95% surge in packaged foods sales in the country in 2021, as per Bizom data. Situations like these could amplify the requirement of aroma chemicals suppliers for enhanced taste and aroma of packaged food products.
Emerging countries including China are also witnessing the rising standards of living and consumption of quality household care products. According to statistics from KrASIA, the household care sector registered revenue of over $16.79 billion in the country in 2019. In addition, opportunities for online business have also become prominent in the region, with online sales representing 22.8% of the sales of household care products in 2019.
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