According to new Global Market Insights, Inc, chemical research report Fragrance Ingredients Market size may show significant growth in the future time frame on account of changing consumer preferences towards aromatic cosmetics & personal care products, rising product demand from emerging economies such as China, India & Brazil and substantial technological advancements. These are natural or synthetic substances added to products such as perfumes and hair oils to impart a distinct and desirable odor.
Fragrance ingredients market size is likely to show accelerated growth owing to shifting consumer preferences towards natural products as synthetic products impart harmful effects on humans and the environment. Synthetic products in hair oils, deodorants, perfumes or detergents when applied directly to the skin may cause skin allergies or endocrine-system disruptions which has reduced their desirability. Global deodorant market size was valued at over USD 70 billion in 2017, which indicates the growth potential for product market size.
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Rise in cosmetic product usage and increased use of hygiene products are likely to drive growth of fragrance ingredients market size. Rising product innovation to increase customer base has resulted in accelerated demand for air fresheners including car fresheners, room fresheners and aerosol sprays. Global air freshener market size may exceed USD 10 billion by 2024 owing to rising concern over air quality, which is predicted to further accelerate the fragrance ingredients market size.
Fragrance ingredients are used in cosmetics & toiletries, soaps & detergents, fine fragrances industries and in household products including pesticides, candles and incense sticks. Global cosmetics market size may reach USD 430 billion in the forecast period owing to rising personal care product demand, which may lead to growth of fragrance ingredient market size.
Fragrance ingredients may be synthetic or natural, which are extracted from plant, animal or fruit sources. Natural products are produced from good-quality natural substances including flower-based extracts, essential oils, exudates, and isolates. Distillation and extraction processes are utilized to obtain these products that serve as cosmetic components. Natural products are used in the production of deodorants, perfumes, hair oils, detergents, soaps and essential oils. Changing consumer preferences towards natural fragrance ingredients owing to their benefits and technological advancements may stimulate the product demand.
Fragrance ingredients are bifurcated into aroma chemicals and essential oils, which are commonly used in the food & beverage, cosmetics & toiletries sector. Essential oils segment can be further divided into citronella, cedarwood, M. arvensis, orange, Eucalyptus and others. Aroma chemicals include terpenes, heterocyclic compounds, musk chemicals, aliphatic, benzenoids, and others.
North America, led by Mexico, Canada and the U.S. fragrance ingredients market size may show steady growth pertaining to increasing anti-ageing product use caused by rising awareness of ageing signs, increasing obesity and sedentary lifestyles. Rapidly ageing population in the region has led to surging demand for fragrance-based anti-wrinkle creams in the region. Increasing demand for cosmetics, soaps, toiletries and detergents may drive growth of product market size. The anti-ageing product market in the U.S was valued at over USD 50 billion in 2017 due to an ageing population, technological advancements, and product improvements which led to increased growth of product market size.
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Asia Pacific fragrance ingredients market size, led by South Korea, Australia, Japan, India and China is likely to show rapid growth in the forecast period owing to rapid economic growth that has led to an increasing demand for products such as perfumes, deodorants and mists, along with essential hygiene-related products. Rising disposable incomes, increasing demand for wellness, personal care and household care products is likely to accelerate natural product market growth in the region. Indian deodorant market size is likely to grow at about 15% till 2024, driven by the rise of the middle class, increasing demand from small markets and rising awareness of personal grooming which presents growth opportunities for fragrance ingredients market demand.
These products have certain health concerns owing to presence of toxic components thereby restraining the fragrance ingredients market growth. Additionally, rising research & development costs, uncertainty over patent regulations, and stringent quality guidelines driving high production costs may further limit the market growth.
Fragrance ingredients market share is competitive and highly fragmented with companies like BASF, Takasago international, MANE, Firmenich, Symrise and Givuadan. Vendors are adopting strategies like capacity expansions and mergers & acquisitions to deal with rising product demand.
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