According to the research report titled ‘Aroma Chemicals Market Size By Source, By Product, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026‘, available with Market Study Report, global aroma chemicals market is predicted to amass notable growth during 2020-2026.
 

Shifting customer preferences and growing demand for food & beverage and household products are the key factors expected to drive global aroma chemicals market during the forecast period.  
 

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Most of the perfumes that exist contain aroma chemicals as an ingredient. The bits and pieces of aroma help in making unique perfumes and flavors. Inclination towards natural source ingredients among food & beverage manufacturers for adding flavors to their products will augment the market outlook.
 

Based on source type, global aroma chemicals market is segmented into synthetic and natural. Among these, synthetic segment is expected to witness 6% CAGR through 2026, as the product is used to improve aroma in detergents, soaps, and perfumes. Synthetic aroma chemicals are utilized by fragrance manufacturers to make a strong natural scent without compromising on other chemicals in the fragrance and are economical.
 

With respect to product terrain, global aroma chemicals market is classified into benzenoids, terpenoids, musk chemicals, and others. As per the report, benzenoids segment is likely to witness 5.5% CAGR over the analysis timeframe, due to growing utilization in soaps and detergents along with increasing trend of using personal hygiene products.
 

Speaking of application spectrum, the market is segmented into household, cosmetics & toiletries, fine fragrances, food & beverage, soaps & detergents, and others. The report cites that household application segment holds 15% market share presently. Meanwhile, the market share from others application is estimated to exhibit 5% growth rate during 2020-2026, owing to increasing popularity of aromatherapy for physical and psychological wellbeing.
 

With regards to regional overview, Latin America aroma chemicals market currently holds 4% share and is poised to grow further over the forecast timeframe. Meanwhile, Middle East & Africa market is estimated to witness high growth rate during 2020-2026, owing to availability of cheap labor and low cost of raw materials in the region.
 

Key players operating in global aroma chemicals market are Solvay S.A., S H Kelkar & Company, MANE, PFW Aroma Chemicals (Kelkar Group), Givaudan, Fairchem Speciality Ltd., Symrise AG, Robertet, Kao Corporation, International Flavors & Fragrances Inc., Takasago International Corporation, Privi Organics India Limited, BASF SE, and Hindustan Mint & Agro Products Pvt. Ltd.