The Global Musk Aroma Chemical Market is categorized into source, application, and regions. Based on source, the market is bifurcated into natural and synthetic. Naturally Musk Aroma Chemicals are derived from plants and animals. Muscone and civetone are the types of natural musk, whereas synthetic musk are known as white musks and are extensively used across the globe. Synthetic musk can be further classified as nitro musk, cylic ethers, polycyclic, alicyclic, and aliphatic. Among the source, synthetic segment accounted for the largest market share in terms of volume and value in 2016 and will continue its dominance over the assessment period, 2017 to 2023. The demand for the natural segment is expected to hamper due to stringent regulations on animal killing as well as strict quality standards. Based on application, the market is segmented into soap & detergent, cosmetics & personal care, food, household products, and others. Others segment comprises of pharmaceutical, candles, and toiletries. Among these, cosmetic & personal care accounted for around 35% of the overall market share and is expected to retain its dominance due to wide utilization of beauty care products across the globe. Moreover, expansion of soap & detergent industry due to wide utilization of detergent in household as well as public laundry is predicted to propel the growth of the market.
The major players operating in the Global Musk Aroma Chemicals Market are PFW Aroma Ingredients (the Netherlands), Sigma-Aldrich Co. LLC. (U.S.), The Good Scents Company (U.S.), Bell Flavors & Fragrances (U.S.), International Flavors & Fragrances (U.S.), Givaudan (Switzerland), Firmenich (Switzerland), Takasago (Japan), Guangzhou Flower Flavours & Fragrances Co., Ltd. (China), A.M. Aromatics Private Limited. (India), and others.
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Musk Aroma Chemicals are a class of aromatic compounds most commonly used as a base product in fragrant substances. They are naturally found in animals such as musk deer and in numerous plants such as ambrette seeds and angelica root. Moreover, they are used as flavoring agents and fixatives in numerous application such as cosmetics & personal care, soap & detergent, food, household products, and others.
Some of the prominent factors that positively influence the growth of Musk Aroma Chemicals Market are expansion of cosmetics & personal care, continuous growth of soap & detergent sector, and increasing urbanization. Furthermore, improved economic conditions, increasing disposable income, growing preference for healthier lifestyles are some other factors resulting in the growth of Musk Aroma Chemicals Market Size over the forecast period, (2017 to 2023). Increasing population coupled with rising demand for household products such as candles, toiletries, and cleaning products is expected to fuel the growth of the market over the assessment period. However, the high cost involved in research & development along with the stringent regulatory standards are predicted to hamper the growth of the market during the review period. Moreover, stringent laws associated with the killing of animals as well as awareness campaign driven by PETA for the welfare of animals is predicted to restrain the growth of the natural Musk Aroma Chemicals Market.
Regionally, Musk Aroma Chemicals Market is segmented into five regions namely North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among all the regions, Europe dominates the market and accounted for around 33 % of the overall market share in 2016 and is predicted to grow significantly over the assessment period. In North America, U.S accounted for the largest regional market share in 2016 due to rising usage of skin care products along with attractive marketing strategies. In Asia Pacific, market growth is observed due to robust growth in cosmetics & personal care industry as well as increasing purchasing power of people. Moreover, the market for Musk Aroma Chemicals in Middle Eastern & African and Latin American countries are predicted to grow due to expansion of food sector as well as increasing usage of cosmetics & beauty care products.
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