The India aroma chemicals market is estimated to be valued at US$ 276.1 Mn in 2024 and is expected to exhibit a CAGR of 5.34% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Key Market Takeaways
:India Aroma Chemicals market is anticipated to witness a CAGR of 5.34% during the forecast period 2024-2031, owing to the expansion of industries like cosmetics & toiletries, food & beverages that utilize aroma chemicals.
- On the basis of composition, the esters segment is expected to hold a dominant position, accounting for over 30% market share owing to widespread applications.
- On the basis of application, the cosmetics & toiletries segment is expected to hold a dominant position over the forecast period, owing to burgeoning demand for premium beauty products in India.
- Regionally, Western India is expected to hold a dominant position over the forecast period, due to presence of major industrial hubs.
India Aroma Chemicals Market Report Coverage
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Report Coverage
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Details
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Market Revenue in 2024
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USD 276.1 Million
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Estimated Value by 2031
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USD 418.6 Million
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Growth Rate
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Poised to grow at a CAGR of 5.34%
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Historical Data
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2019–2023
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Forecast Period
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2024–2031
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Forecast Units
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Value (USD Million/Billion)
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Report Coverage
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Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
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Segments Covered
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By Composition, By Application
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Geographies Covered
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India
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Growth Drivers
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• Growth Of Perfumery Industry
• Fast-growing Applications in the Food & Beverages Industry
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Restraints & Challenges
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• Synthetic Chemicals Included in Perfumes and Their Possible Health Impacts
• High Research and Development Costs |
Market Dynamics
:The growth of the India aroma chemicals market is driven by the increasing demand from personal care industry such as soaps, detergents, perfumes, deodorants, etc. Aroma chemicals are extensively used in personal care products to impart fragrance.
Growth in disposable income and changing lifestyle trends have led to rising demand for personal care products, which in turn is driving the India aroma chemicals market. The high demand from food and beverage industry for flavoring agents is another factor fueling the market growth.
Market Trends
:- The demand for natural fragrances is increasing from personal care, food and beverage industries owing to their lesser side effects. This growing demand for natural aroma chemicals is one of the key trends in the India aroma chemicals market.
- Companies are investing in R&D to reduce production costs and develop aroma chemicals from natural sources in order to cater to the growing demand for natural ingredients. Thus, increasing investments in R&D activities is another major trend in the India aroma chemicals market.
Market Opportunities
:- Aroma chemicals find wide application in producing fragrances for beauty products like perfumes, creams, soaps, etc. The expanding cosmetics industry in India presents significant growth prospects for aroma chemical suppliers to tap into this demand.
- The expanding beverages sector comprising juices, flavored milk, etc. offers opportunities for aroma chemical providers. Steady growth of the organized food processing industry in India works in favor of aroma chemical suppliers.
Competitor Insights
Key players in the India aroma chemicals market include:
- International Flavors & Fragrance Inc.
- The Anthea Group
- Privi Speciality Chemicals Limited
- Eternis Fine Chemical Limited.
- S H Kelkar and Company Limited
- BASF
- Bell Flavors & Fragrances Company
Recent Developments
:- In December 2020, BASF SE inaugurated the ASEAN Technical Development Center adjacent to its existing Polyurethane (PU) System House in Bangpoo, Thailand. This new facility is equipped with state-of-the-art pre-polymer reactor technology designed to produce hardeners (component B), which are essential for enhancing product development efficiency and accelerating the time-to-market for PU materials and solutions.
Market Segmentation:
By Composition:
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- Esters
- Geranyl Acetate
- Methyl Acetate
- Methyl Formate
- Methyl Propionate
- Others
- Amines
- Trimethylamine
- Cadadverine
- Pyridine
- Others
- Linear Terpenes
- Geraniol
- Myrcene
- Citronellol
- Others
- Cyclic Terpenes
- Camphor
- Menthol
- Eucalyptol
- Others
- Aromatic
- Eugenol
- Vanillin
- Anisole
- Benzaldehyde
- Others
- Esters
By Application:
- Cosmetic and Toiletries
- Food and Beverages products
- Home care products
- Fragrances
- Soap and Detergents
- Others