The aroma ingredients market has been studied for 5 regions, namely, APAC, North America, Europe, the Middle East & Africa, and South America. The European region is projected to be the largest market for aroma ingredients during the forecast period due to the strong foothold of manufacturers of personal care products in the region. Aroma ingredients are the key compounds used in the formulation of various personal care products. The European region is also home for the leading manufacturers of aroma ingredients. The major countries driving the growth of the aroma ingredients market in the European region are France, Germany, Italy, and UK.

Some of the key players in the aroma ingredients market include Symrise (Germany), Takasago International Corporation (Japan), Sensient Technologies Corporation (US), MANE (France), Robertet SA (France), T. Hasegawa Co., Ltd. (Japan), Frutarom (Israel), Givaudan (Switzerland), Firmenich SA (Switzerland), and International Flavors & Fragrances Inc. (US).

The aroma ingredients market is projected to grow from USD 2.27 billion in 2018 to USD 2.83 billion by 2023, at a CAGR of 4.5%. The increasing demand for personal care products, coupled with the change in lifestyles and consumer preferences is expected to drive the growth of the aroma ingredients market during the forecast period.

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Based on application, the aroma ingredients market has been segmented into fine fragrances, toiletries, and cosmetics. The fine fragrances segment is projected to lead the aroma ingredients market in terms of value during the forecast period. Fine fragrance is a term used for products diluted with alcohol and contain a high concentration of aroma ingredients. Fine fragrances include major application fields, such as perfumes, colognes, body mists, and deodorants. Aroma ingredients are key components used in formulations of fine fragrances. These are used in the highest quantities in fine fragrance formulations than any other applications. Hence, the increasing demand for perfumes, colognes, deodorants, and body mists across the globe is expected to drive the demand for aroma ingredients in the fine fragrance application.

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