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% between 2018 and 2023. The expansions, acquisitions, new product launches, and agreements strategies were adopted by key players to strengthen their positions in the aroma ingredients market.
The key players operating in the aroma ingredients market include 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).
Givaudan is a leading manufacturer of aroma ingredients across the globe. The company produces various fragrance ingredients mainly used in fine fragrance and beauty care applications. In December 2017, the company opened a new delivery center in Kuala Lumpur, Malaysia. The new center is expected to help the company cater to the growing demand for flavors and fragrances in the APAC region. Moreover, Givaudan in October 2017, opened a new fragrance creative center in Mexico City, Mexico. The new center is expected to help the company support business growth in the North American region.
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Firmenich SA is another leading manufacturer of aroma ingredients. The company operates in Americas, APAC, Europe, and Africa. The company has adopted the expansions, acquisitions, and new product launches growth strategies. In September 2017, the company opened a new facility in Barcelona, Spain, which features high-tech laboratories for perfumes and flavors. The expansion has helped the company strengthen its footprints in Spain. In July 2017, the company acquired Agilex Fragrances (US), a fragrance manufacturing company. The acquisition helped the company strengthen its market position in North America.
IFF (International Flavors & Fragrances Inc.) primarily produces and distributes flavors & fragrances for products, such as fine fragrances, cosmetics, detergents, household goods, food, and beverages. IFF focuses on its core business line of flavors and fragrances, and expanding its business through expansions, acquisitions, and new product launches. In October 2017, the company opened a fragrance ingredients plant in China. The expansion helped the company strengthen its presence in the country.
Additionally, in July 2015, the company launched Amber Xtreme, a fragrance ingredient for consumer products, such as fine fragrances, beauty care, fabric care, and household cleaners. The new product launch has helped the company strengthen its fragrance product portfolio.
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
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