Report Code : A06799
Increasing increase in penetration rate of international brands and rise in demand for personal care products along with growth in the cosmetics industry are expected to drive the market demand for overall fragrance ingredients. These compounds are combined with personal care products to enhance fragrance and give a product freshness. In addition, increase in consumer expenditure on beauty goods, including creams and perfumes is also expected to fuel growth in the industry.
Eswara Prasad
Manager, Chemical and Materials at Allied Market Research
According to a new report published by Allied Market Research titled, “fragrance ingredients market by type and application: opportunity analysis and industry forecast, 2020–2027,” the global fragrance ingredients market was valued at $13.6 billion in 2019, and is projected to reach $16.1 billion by 2027, growing at a CAGR of 3.8% from 2020 to 2027.
Both natural and synthetic fragrances are a blend of wide variety of extracts and chemicals that impart a peculiar scent. The ingredients for fragrances primarily include extracts of fruits, flowers, trees, and spices. Technological advances in production techniques have allowed development of chemicals, which also offer same scents. Processes such as extraction and distillation are used to transform raw materials into ingredients that are used for fragrance production. Fragrances are used in a wide variety of items such as perfumes, deodorants, hair oils, essential oils, personal skin care products, detergents, and home products.
The global fragrance ingredients market has been analyzed on the basis of type, which includes natural ingredients and synthetic ingredients. The natural ingredients segment garnered highest growth rate 4.3% in the global fragrance ingredients market during 2020-2027. This is attributed to increase in demand for hair care, fabric care, and personal care products from developing economies along with increase in purchasing power of consumers.
In 2019, the personal care segment accounted for around 58.8% of the global fragrance ingredients market share. This is attributed to the increase in demand for cosmetics for skin, oral products, soaps, air fresheners, and toiletries from consumers across the globe.
On the basis of region, the global fragrance ingredients market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific dominated the market, accounting for almost 35.9% of the global fragrance ingredients market share and is expected to consolidate its position throughout the forecast period. Increase in demand for natural ingredients from various consumers across the globe also propels growth of the fragrance ingredients market.
Some of the key players operating in the global fragrance ingredients market are Fermenich International SA, Fine Fragrances Private Limited, Givaudan SA, International Flavors & Fragrances Inc., Kalpsutra chemicals Pvt. Ltd., Mane SA, S H Kelkar and Company Limited, Symrise, Takasago International Corporation, and Treatt.
Key Findings Of The Study:
Impact Of Covid-19 On Global Fragrance Ingredients Market
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Fragrance Ingredients Market by Type (Natural Ingredients and Synthetic Ingredients) and Application (Hair care, Personal Care, Fabric care, and Others): Global Opportunity Analysis and Industry Forecast 2020–2027
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