The global aroma chemicals market is forecast to grow at a steady compound annual growth rate (CAGR) of 5.1 percent for the 2014 to 2019 period, according to a new report released by Research and Markets.

The report identifies growing urbanization and spending power as a key driver together with market consolidation, as manufacturers benefit from reduced overheads and marketing costs. However, the expense of raw materials remains a challenge to the industry.

“Changing consumer preferences is a major trend that is expected to propel market growth in the coming years. Middle-class consumers have high purchasing power and are increasingly concerned about personal grooming,” commented the author in statement.

The market’s key players include Hindustan Mint and Agro Products, Kalpsutra Chemicals, Takasago International and Veera Fragrances.