Fragrance Ingredients Market Analysis | Size and Demand with Forecast Overview to 2023


Posted March 12, 2020 by Rohit0333

Fragrance Ingredients Market Analysis | Size and Demand with Forecast Overview to 2023

 
Market Definition

Fragrance is a complex mixture of natural or synthetic substances, which is added to products to give them a unique aroma. Fragrance ingredients majorly consist of essential oils, such as citronella, eucalyptus, mint, and aromatic chemicals, such as benzenoids and terpenes, which are extracted from flowers, fruits, and herbs & shrubs. Fragrance ingredients are majorly used in spray perfumes, cosmetics, soaps & detergents, incense, body care, and home care products.

Market Scenario

Rapidly growing urbanization, increasing disposable income, and changing lifestyle of consumers are majorly driving the global fragrance ingredients market. Furthermore, increasing consumer spending on personal care & beauty products is expected to be one of the significant reasons for the rising growth of perfumery products, which, in turn, is expected to escalate the consumption of fragrance ingredients during the forecast period. Additionally, product innovations by cosmetics manufacturers and perfumery industry are expected to propel the growth of fragrance ingredients market during the review period.

Increasing consumer inclination towards therapeutic uses of essential oils in aromatherapy drives the growth of the aromatherapy market. The rising preference of consumers for natural fragrance ingredients is one of the major drivers of the global fragrance ingredients market. However, increasing health concerns among consumers about the demerits of fragrances prepared from synthetic ingredients may have a negative impact on the growth of fragrance ingredients market over the forecast period.

Fragrance Ingredients Market information: by Type (natural, synthetic), Source (flower, fruits, vegetables, plant extracts), Functional group, Application (fine fragrances, personal care, and household care products) and Region forecast till 2023

Key Players

The key players in the global fragrance ingredients market 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
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 Fragrance Ingredients Market Analysis that visualizes breakneck growth in this market between 2017 and 2023. 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.

Segments

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 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.

Regions

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.
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Last Updated March 12, 2020