Portland, OR, Oct. 08, 2020 (GLOBE NEWSWIRE) -- As per the report, the global aroma ingredients market was pegged at $11.39 billion in 2018 and is projected to garner $16.25 billion by 2026, registering a CAGR of 4.6% during the forecast period.The report offers a detailed analysis of drivers & opportunities, market size & estimations, top winning strategies, key segments, and competitive scenario.
Increase in demand for consumer care and personal care products and rise in consumer inclination toward therapeutic uses of aroma ingredients have propelled the growth of the global aroma ingredients industry. However, strict government regulation related to use of aroma ingredients, high price & short shelf life of natural aroma ingredients, and harmful effects of synthetic aroma ingredients impede the global aroma ingredients market growth. On the other hand, product innovation by the perfumery industry and cosmetic manufacturers and increase in consumer preference for natural and bio-based aroma ingredients are anticipated to create lucrative opportunities in the near future.
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The global aroma ingredients market is segmented based on type, application, and region. Based on type, the market is categorized into synthetic ingredients and natural ingredients. The natural ingredients segment is projected to register the fastest CAGR of 5.2% during the forecast period. However, the synthetic ingredients segment held the largest share in 2018, accounting for nearly three-fifths of the global aroma ingredients market.
Based on application, the market is segmented into homecare, personal care, fine fragrances and perfumes, others. The homecare segment held the largest share in 2018, contributing nearly half of the global aroma ingredients market. However, fine fragrances & perfumes segment is estimated to portray the fastest CAGR of 5.2% through 2026.
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Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The market across the Asia-Pacific region is expected to register the fastest CAGR of 5.2% during the forecast period.At the same time, the market across Europe held the largest share in 2018, accounting for around one-third of the total market share.
The report involves in-depth study of key market players operating in the aroma ingredients market such asFirmenich SA, International Flavors & Fragrances Inc. (IFF), Robertet SA, S H Kelkar and Company Limited.,Sensient Technologies Corporation,Givaudan,Symrise, T. Hasegawa Co., Ltd., Takasago International Corporation, and BASF SE.
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