Lucintel's latest market report analyzed that aroma chemical based flavor and fragrance provides attractive opportunities in the food & beverage, fine fragrance, cosmetic & toiletries, and soap & detergent markets. The aroma chemical based flavor and fragrance market is expected to reach $30.1 billion by 2028 with a CAGR of 5.8%. In this market, terpenoids is the largest segment by product, whereas fine fragrance is largest by application.
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Based on product, the aroma chemical based flavor and fragrance market is segmented into benzenoids, terpenes/terpenoids, musk chemicals, and others. The terpenoids 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 increasing usage in cosmetic and food and flavoring sector owing to its medicinal properties, such as anti-carcinogen, antimicrobial, and antiseptic.
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The Aroma Chemical Based Flavor and Fragrance Market is marked by the presence of several big and small players. Some of the prominent players offering aroma chemical based flavor and fragrance include BORDAS S.A, BASF SE, DSM, International Flavors & Fragrances, Symrise, Givaudan, Solvay, and Takasago International Corporation.
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