Lucintel’s latest market report analyzed that aroma chemical provides attractive opportunities in the flavor and fragrance applications. The aroma chemical market is expected to reach $7.3 billion by 2028 with a CAGR of 5.1%. In this market, synthetic is the largest segment by source, whereas fragrance is largest by application.
Based on source, the aroma chemical market is segmented into natural, synthetic, and natural-identical. The synthetic segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, due to the considerable usage of synthetic aromas in a variety of products, including cosmetics, personal care items, and food and beverages because they are readily available and produced at a low cost.
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The Aroma Chemical Market is marked by the presence of several big and small players. Some of the prominent players offering aroma chemical include BASF SE, Privi Organics, Takasago International, and Bell Flowers & Fragrances.
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