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PRODUCTION OF MUSK AROMA CHEMICALS AND RISING CONSUMPTION IN PERSONAL CARE AND DETERGENTS IS DRIVING MUSK AROMA CHEMICALS MARKET GROWTHMusk Aroma Chemicals Market Scenario:
Musk Aroma Chemicals are a kind of aroma chemicals which can be obtained either naturally or synthetically. Natural Musk Aroma Chemicals are obtained from plants and animals which include seeds and roots. Natural musk extracts of animal origin are obtained from rump gland of the male musk deer, civet cat, and Louisiana musk rat. They find wide utilization scope in various application such as household products, soap & detergent, cosmetics & personal care, food, and others.
According to the analysis of MRFR, the major market forces and trends driving growth of the global Musk aroma chemicals Market includes growing demand for cosmetic and homecare products. Moreover, the increasing development and personal disposable income coupled with the increasing consumer preference are other factors contributing to the market growth. In addition, the increase in the smart phone penetration along with the growth of the retail sector especially the online sector in the developing economies has surged the demand for home care and cosmetic products which in turn is expected to fuel the demand for musk aroma chemicals.
Top Players:
The Good Scents Company; Takasago; Bell Flavors & Fragrances; Guangzhou Flower Flavours & Fragrances Co., Ltd.; and International Flavors & Fragrances. Expansion in terms of production facilities and launch of new products are expected to be witnessed in the market. Players are experimenting with new flavors to increase their consumer base.
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Industry/ Innovation/ Related News:
29 June 2016- BASF introduced to new additions to the product portfolio namely Methylionone 70 and dihydrorosane which are excellent ingredients for fragrance compositions. Methylionone 70 is a fragrance materials with a floral, woody and fruity odour whereas dihydrorosane is the newest addition to the rose portfolio bearing a rosy-floral odour. Moreover, through this addition the company expects to broaden their consumer base , better product quality and supply reliability.
6 September 2016- Fluor Corporation has announced its completion of integrated Aroma ingredients complex for the joint venue BASF PETRONAS which will produce citral among other fragrance ingredients. This major motive of this aroma integrated complex is to cater to the growing demand for citral based products in the flavor and fragrance industry.
2 November 2016- The Aroma chemical services and Renewable Energy group has collaborated for the development of specialty fragrance chemical using the renewable energy group technological platform with the use of renewable fatty acid to produce high performance musk ingredient. This development is expected to bring about new opportunities in the global musk market.
Musk aroma chemicals Market Competitive Landscape:
The global Musk aroma chemicals Market is a highly lucrative market driven by flourishing demand for cosmetics, healthcare products along with the increasing use in the food industry. PFW Aroma Ingredients (the Netherlands), Sigma-Aldrich Co. LLC. (U.S.), The Good Scents Company (U.S.), Bell Flavors & Fragrances (U.S.) among others are some of the major players operating in this market. Most of these market participants are adopting the expansion and product launch tactics to strengthen their production capacities and market position. Taking account of these trends, the global Musk aroma chemicals Market is projected to witness considerable competition over the forecast period of 2017-2023.
Asia pacific is expected to be the fastest growing region during the forecast years. The growing population in the developing countries especially India and china has augmented the demand for cosmetics, household and fragrance products coupled with developing retail sector is further expected to show significant growth. Europe and North America are other major markets for musk aroma chemical owing to the developed cosmetic and processed food industry.
Segmentation Analysis:
Musk Aroma Chemicals Market is segmented by type, application, and region. Types of musk aroma chemicals are segmented into natural and synthetic. The natural segment is anticipated to garner a large following owing to use of organic ingredients and awareness among consumers. The synthetic segment can maintain its share due to its low production cost as compared to its counterpart
Major market applications soap & detergent, cosmetics & personal care, household products, food, and others. The cosmetics & personal care segment is anticipated to perform well during the forecast period due to consumer preference for organic scents and fragrances.
Drivers and Restraints:
Emphasis on grooming and external appearances among adults and teenagers is the primary factor driving the musk aroma chemicals market. Celebrity endorsements and availability of various fragrances are anticipated to propel market demand during the forecast period. Demand for fragrances in soaps and detergents coupled with the expanding laundry sector is expected to induce market volume in the coming years. Scaling of end-use industries in developing economies is estimated to boost market demand. Stringent policies regarding killing of animals can predicted to impede market growth.
Industry News:
Recently, Givaudan, a Swiss firm, has invested nearly USD 100 million in China to commence its production facility. The facility can provide the firm with greater access to Asian consumers and expand its consumer base.
International Flavors and Fragrances has developed an ingredient, Galaxolide, which can emulate the odor of nitro-musks. This will give the company an edge over its competitors. The ingredient has multiple applications including personal care, detergents, fabric conditioner, and others.
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Regional Analysis:
The worldwide market covers regions such as Latin America (LATAM), North America, Middle East & Africa (MEA), Asia Pacific, and Europe.
The Europe market is anticipated to account for nearly 33% market demand in 2016. It is expected to scale during the forecast period due to growth witnesses in personal care and cosmetic sectors. Countries such as Germany, Russia, and France are expected to contribute to market revenue.
North America is touted to experience a moderate growth rate till 2023 owing to a large consumer base for various end-use industries. Heavy influx of capital to revive the household products sector is expected to boost regional market demand from 2017 to 2023. Countries such as Canada and the U.S. are predicted to augment market size in the coming years, with the U.S. registering impressive returns.
The APAC market is expected to generate significant revenue from 2017 to 2023 due to an uptick in demand for musk aromas in Thailand, Japan, China, and India. Increased purchasing parity of consumers, lax regulations, and cheap labor force are factors expected to benefit the regional market till 2023.
Contact Info:
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Organization: Market Research Future
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Website: https://www.marketresearchfuture.com/reports/musk-aroma-chemicals-market-4432
Release ID: 461390
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