Market Size – USD 13.30 Billion in 2019, Market Growth – CAGR of 7.0%, Market Trends –Changing consumer preferences will hugely impact market growth.
The global fragrance ingredients market is forecast to reach USD 22.18 Billion by 2027, according to a new report by Reports and Data. Fragrance ingredients consist of natural and synthetic substances which, when added to the products, provide them the desired smell. They are extensively used in products such as cosmetics, soaps, toiletries, detergents, and others. Fragrance ingredients are a mixture of different chemicals that provide fragrance that is similar to an aroma. These ingredients are extracted from petroleum or natural raw materials. Fragrances are actively used in personal care and other consumer products.
Rising demand for natural fragrances and consumer inclination for personal care products & aromatic cosmetics and boosting the global fragrance ingredients industry growth. Continuous product innovation, rising demand for air fresheners such as aerosol sprays, room fresheners, car air fresheners, and increasing consumer base expect to propel the global industry growth. The growing importance and rising awareness regarding aromatherapy owing to improved living standards drive the market growth. Increasing usage of fragrance ingredients in the household products such as scent candles and sticks fuel the global fragrance ingredients market. Increasing preferences for natural fragrances and Technological advancements show considerable growth in the market. A large amount of capital investment is needed for R&D programs, increasing health concerns regarding skin problems and allergies hamper the fragrance ingredients market to some extent.
Key participants include Firmenich International SA, BASF SE, Frutarom Industries Ltd., International Flavors & Fragrances Inc., Symrise AG, Givaudan SA, Mane SA, Robertet SA, T. Hasegawa Co. Ltd., and Takasago International Corp., among others.
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The COVID-19 impact:
Weaker consumer demand for wellbeing products and lifestyle due to lockdown policies and social restrictions shall have a negative influence on the demand patterns of specific categories of food additives and cosmetic ingredients. However, easing restrictions and public discourse about starting economic activities again in the consumer goods market space shows that the recovery of demand is imminent.
For the purpose of this report, Reports and Data have segmented the global fragrance ingredient market on the basis of type, end-users, application and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Essential Oils
- Aroma Chemicals
Application Outlook (Revenue, USD Billion; 2017-2027)
- Personal Care
- Consumer Care
End-User Outlook (Revenue, USD Billion; 2017-2027)
- Cosmetics & toiletries
- Fine Fragrances
- Soaps & Detergents
- Others
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Further key findings from the report suggest
- Professional and skilled perfumers in the fragrance business draw from various palettes of essential oils & other fragrance ingredients. They combine them in different ways to produce unique scents that are imparted to various products, including personal care, home care, home design, and fine fragrance products.
- Fragrances are gaining popularity with the increasing demand for personal care and other consumer products, owing to the increase in per capita income leading in sufficient disposable income for consumers.
- Among the regional segment of the fragrance ingredient market, Asia Pacific is estimated to register the highest CAGR of 7.7% over the forecasted period.
- Among the end-user segment of the fragrance ingredient market, fine fragrances is estimated to register the highest CAGR over the forecasted period.
- Among the application segment of the fragrance ingredient market, personal care is estimated to register the highest CAGR of 7.2% over the forecasted period.
Table of Content:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. Fragrance Ingredients Market Segmentation & Impact Analysis
4.1. Fragrance Ingredients Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Rising Demand for Cleaning Products
4.2.2.2. Changing Consumer Preferences
4.2.2.3. Increasing Demand for Natural Fragrance Ingredients
4.2.2.4. Significant Technological Advancements
4.2.3. Market restraints analysis
4.2.3.1. Expensive R&D
4.2.3.2. Compliance With Quality & Regulatory Standards
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
Continued…
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