Market Size of India Aroma Chemicals Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.48 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
India Aroma Chemicals Market Analysis
The India aroma chemicals market size is estimated to reach USD 265.15 million by the end of this year and is projected to reach USD 346.21 million in the next five years, registering a CAGR of 5.48% during the forecast period.
Unlike various other chemicals, the demand for aroma chemicals witnessed a positive impact of the COVID-19 outbreak, specifically due to the growth in demand for soaps and detergents. A lifestyle change necessitated increased hand washing frequencies and better hygiene in general, which led to increased usage of soaps, hand washes, and other products. However, the nationwide lockdown has led to several production and overall operations challenges.
- One of the major factors driving the market studied is the growing demand for flavors and fragrances in the food and beverage industry owing to increased consumption of packaged and convenience foods.
- Conversely, high research and development costs for aroma chemicals hinder the market's growth.
- Advancement in technology for the extraction of aroma chemicals is expected to offer various opportunities for market growth over the forecast period.
India Aroma Chemicals Industry Segmentation
Aroma chemicals are highly volatile, complex aromatic compounds known for enhancing the flavor or fragrance of the formulations into which they are infused.
The Indian aroma chemicals market is segmented by type and application. The market is segmented by terpenes, benzenoids, musk chemicals, and other types (esters, ketones, etc.). The market is segmented by application into soap and detergents, cosmetics and toiletries, fine fragrances, household products, food and beverage, and other applications (textile, tobacco, candles, etc.). For each segment, market sizing and forecasts have been done based on revenue (USD).
| Type | |
| Terpenes | |
| Benzenoids | |
| Musk Chemicals | |
| Other Types (Esters, Ketones, etc.) |
| Application | |
| Soap and Detergents | |
| Cosmetics and Toileteries | |
| Fine Fragrances | |
| Household Products | |
| Food and Beverage | |
| Other Applications (Textile, Tobacco, Candles, etc.) |
India Aroma Chemicals Market Size Summary
The Indian aroma chemicals market is experiencing a positive trajectory, driven by the increasing demand for flavors and fragrances, particularly in the food and beverage sector. This demand is fueled by the rising consumption of packaged and convenience foods, as well as the growing popularity of both alcoholic and non-alcoholic beverages. The market's growth is further supported by India's status as a major producer of essential oils and fine fragrances, with significant export activities highlighting the country's production capabilities. The presence of international flavor and fragrance manufacturers, such as MANE, expanding their operations in India, underscores the market's potential and the favorable demand patterns. Despite challenges such as high research and development costs, advancements in extraction technologies present opportunities for further market expansion.
The aroma chemicals market in India is characterized by its fragmented nature, with key players including International Flavors & Fragrances Inc., The Anthea Group, Privi Speciality Chemicals Limited, Eternis Fine Chemicals Limited, and S H Kelkar And Company Limited. Recent strategic moves, such as S H Kelkar and Company's acquisition of PFW Aroma Ingredients B.V., and Oriental Aromatics Ltd.'s investment in a hydrogenation plant, indicate ongoing efforts to strengthen market positions and enhance production capabilities. The market's growth is also supported by the increasing use of terpenes, known for their medicinal properties, across various industries. As the food and beverage industry continues to expand, the demand for aroma chemicals is expected to grow, promising a robust outlook for the market in the coming years.
India Aroma Chemicals Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Drivers
-
1.1.1 Increasing Usage in the Food and Beverage Industry
-
1.1.2 Growing Demand for Fine Fragrances
-
1.1.3 Other Drivers
-
-
1.2 Market Restraints
-
1.2.1 High Research and Development Costs
-
1.2.2 Other Restraints
-
-
1.3 Industry Value Chain Analysis
-
1.4 Porter's Five Forces Analysis
-
1.4.1 Bargaining Power of Buyers
-
1.4.2 Bargaining Power of Suppliers
-
1.4.3 Threat of New Entrants
-
1.4.4 Threat of Substitute Products
-
1.4.5 Degree of Competition
-
-
-
2. MARKET SEGMENTATION (Market Size in Value)
-
2.1 Type
-
2.1.1 Terpenes
-
2.1.2 Benzenoids
-
2.1.3 Musk Chemicals
-
2.1.4 Other Types (Esters, Ketones, etc.)
-
-
2.2 Application
-
2.2.1 Soap and Detergents
-
2.2.2 Cosmetics and Toileteries
-
2.2.3 Fine Fragrances
-
2.2.4 Household Products
-
2.2.5 Food and Beverage
-
2.2.6 Other Applications (Textile, Tobacco, Candles, etc.)
-
-
India Aroma Chemicals Market Size FAQs
What is the current India Aroma Chemicals Market size?
The India Aroma Chemicals Market is projected to register a CAGR of 5.48% during the forecast period (2024-2029)
Who are the key players in India Aroma Chemicals Market?
International Flavors & Fragrances Inc., The Anthea Group, Privi Speciality Chemicals Limited, Eternis Fine Chemicals Limited and S H Kelkar And Company Limited are the major companies operating in the India Aroma Chemicals Market.
