A report from Transparency Market Research says that the global aroma chemicals market, valued at US$3.85 billion in 2015, is estimated to reach US$6.57 billion by 2024, with a Compound Annual Growth Rate of 6.2% during the forecast period. Based on type, the natural aroma chemicals segment is expected to remain unchallenged from 2016 to 2024, with benzenoids anticipated to considerably increase market share over the coming years. Based on region, Europe is predicted to dominate the market in the coming years, while the Middle East and Africa will also witness steady growth.
The report acknowledges that the global market for these chemicals is highly competitive because of the limited number of manufacturers, which means that all the players have significant shares in terms of revenue, that they naturally wish to maintain.