Fragrance Ingredients Market Overview:
It said, and quite often believed, especially in the business world that the fragrance of an individual says a lot about him/her. Even though the fragrance is just a mixture of natural or synthetic substances added to products to give them a unique aroma, people often try to observe the characteristics of plants or flowers in the nature of person using the fragrance. Therefore, consumers often demand specific perfumes or soaps or body lotions because of which makers of these products demand more specific fragrance ingredients. Hence, the market for fragrance ingredients is witnessing breakneck growth.
Market Research Future (MRFR) has published a research report about global Fragrance Ingredients Market was valued at $10.6 billion in 2019, and is projected to reach $13.5 billion by 2032, growing at a CAGR of 3.10% from 2023 to 2032.The factors that are driving this market include changing the lifestyle of consumers, increasing disposable income, and rapidly growing urbanization. Due to a rise in disposable income, more consumers are spending money on beauty products and personal care products and hence, sales of perfumery products are rising. The rise in the sales of perfumery products is creating demand for fragrance ingredients that are useful for the former's production. The escalation of demand, supply, and revenue for global fragrance ingredients market is certain during the forecast period. Covering extensive primary research, this report features a detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders that would help readers to gain deeper insights into the market and industry performance. The report analyzes current market scenario that includes the historic and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. Lastly, the report profiles the key players in the industry, observing their strategies.
Market Segmentations:
The global fragrance ingredients market has been segmented into applications, functional groups, source, types and lastly region. Application-based segmentation of this market comprises of fine fragrances products, household care products, and personal care products. Fine fragrances are perfumes. Examples of household care products include bathroom cleaners, bleaches, metal cleaner, etc. Examples of personal care products include soaps, cosmetics, moisturizers, cologne, deodorants, etc. During the forecast period, application of fragrance ingredients in personal care products is estimated to retain its dominance over other segments. This is due to growing consumer awareness towards personal hygiene. The report estimates elevated growth in the use of fragrance ingredients in fine fragrance products in this segment.
On the basis of the functional group, the Fragrance Ingredients Market has been segmented into alcohols phenols, aldehydes, carboxylic acids, esters, ketones, others. In this segment, the report estimates alcohols phenols to dominate the market during the forecast period. By source, the segmentation of market covers flower, fruits, insects, minerals, plant extracts, vegetables, and others. In this segment, flower segment dominates the market followed by plant extracts owing to the high availability of these extracts to be used as a fragrance ingredient. Due to popular demand of consumers preferring floral essence in fragrance products, the use of flower ingredient is rising rapidly. By types, Fragrance ingredients contain essential oils, for example, citronella, eucalyptus, and mint. They also contain aromatic chemicals, such as benzenoids and terpenes, which are extracted from different flowers, fruits, and herbs shrubs.
Regional Analysis:
On the basis of regional segmentation, the global fragrance ingredients market has been segmented into regions namely North America, Europe, Asia Pacific, and the rest of the world (RoW). Europe is holds the largest share in global fragrance ingredients market, followed by North America. The highest consumption fragrance ingredients in Europe market happens in France, followed by Germany and Switzerland. Other important markets in Europe include Italy, Spain and the United Kingdom (UK). Remaining countries of Europe also make a significant contribution to the market, making Europe the largest regional market. In Europe, the market is strong because people in this region heavily use body care products, cosmetics, home care products, incense, soaps detergents, and spray perfumes. Due to increasing consumer awareness regarding personal hygiene and rising demand for fragrance ingredients in cosmetics and fragrance industry, fragrance ingredients market is rapidly growing in North America and is expected to get a boost during the forecast period. The biggest markets for fragrance ingredients in this region are the United States of America (USA), Canada and Mexico. In the Asia Pacific, the market despite being nothing like North America and Europe is huge due to the high density of population. In this region, the maximum revenue comes from Australia, China, India, Japan and rest of Asia Pacific. The biggest markets for fragrance ingredients among RoW countries include Argentina, Brazil, and South Africa.
Key Players:
The global Key Fragrance Ingredients Market Players include BASF SE (Germany), Firmenich International SA (Switzerland), Frutarom Industries Ltd. (Israel), Givaudan SA (Switzerland), International Flavors Fragrances Inc. (USA), Robertet Fragrances, Inc. (USA), and Mane SA (France).
Latest Industry News:
- US multinational Johnson Johnson have announced their plans to disclose 100% of the ingredients in its baby care products next month. This transparency effort is going to be rolled out as part of a relaunch of its baby care range. 5 JUL 2018
- After a review by the European Commission’s Scientific Committee on Consumer Safety (SCCS), the Commission has set limits on fragrance chemicals in leave-on and rinse-off products. The findings by SCCS revealed that the substances Tagetes minuta and Tagetes patula flower extracts and oils were not supposed to be used as ingredients in sunscreen products and in products marketed for exposure to natural/artificial ultraviolet UV light. 17 JUL 2018.
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