A change has been witnessed in consumers' perception of fragrances as a necessity for cosmetic & personal care products. Moreover, an increase in consciousness regarding personal appearance in recent years has propelled the demand for cosmetic products, resulting in the growth of the cosmetics business. The growing cosmetic industry in North America is expected to increase the demand for aroma ingredients used in various cosmetic & personal care products. Aroma ingredients are the isolates of naturally sourced or chemically synthesized ingredients, which are used to add aroma or fragrance to different cosmetic & personal care products, such as creams, lotions, hair oils, soaps, and shampoos. The International Fragrance Association (IFRA) stated that smell is an essential part of peoples' lives and fragrance plays a vital role in consumers' purchase decisions. For instance, a recent report published by PricewaterhouseCoopers (PwC) for IRFA in 2019 stated that consumers were willing to pay ~88% of the additional price of a product for the fragrance. Thus, the growing cosmetic & personal care industry and the change in consumers' perception of the use of fragrances in cosmetic & personal care products are driving the growth of the aroma ingredients market across the region.
With these new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America aroma ingredients market at a substantial CAGR during the forecast period.
The North America aroma ingredients market is segmented on the basis of type, application, and country. Based on type, the market is segmented into synthetic and natural. In 2020, synthetic segment held the largest share in the market, natural is expected to be the fastest growing segment during the forecast period. Based on application, the market is segmented into air care, cleaning and sanitization, personal care and cosmetics, fine fragrances and perfumes, and others. In 2020, personal care and cosmetics segment held the largest share in the market, it is also expected to be the fastest growing segment during the forecast period. Similarly, based on country the market is segmented into the US, Canada, and Mexico. In 2020, the US held the largest share in the market, and Mexico is expected to be the fastest growing country during the forecast period.
Takasago International Corporation; BASF SE; FIRMENICH SA; Givaudan; International Flavors & Fragrances Inc.; Robertet Group; Symrise; MANE; and Phoenix Aromas & Essential Oils, LLC are among the leading companies in the North America aroma ingredients market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 1,401.25 Million |
| Market Size by 2028 | US$ 1,976.84 Million |
| CAGR (2021 - 2028) | 5.0% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Product Type
|
|
Regions and Countries Covered
|
|
| North America | US, Canada, Mexico |
| Market leaders and key company profiles |
|
The North America Aroma Ingredients Market is valued at US$ 1,401.25 Million in 2021, it is projected to reach US$ 1,976.84 Million by 2028.
As per our report North America Aroma Ingredients Market, the market size is valued at US$ 1,401.25 Million in 2021, projecting it to reach US$ 1,976.84 Million by 2028. This translates to a CAGR of approximately 5.0% during the forecast period.
The North America Aroma Ingredients Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Aroma Ingredients Market report:
The North America Aroma Ingredients Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Aroma Ingredients Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Aroma Ingredients Market value chain can benefit from the information contained in a comprehensive market report.
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