Fragrance Ingredients Market Sales Revenue to Touch $2.4 Billion By 2027 | Major Companies, Strategies and New Trends

Allied Market Research published a report, titled, “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.” According to the report, the global fragrance ingredients industry generated $13.6 billion in 2019, and is expected to generate $16.1 billion by 2027, witnessing a CAGR of 3.8% from 2020 to 2027.

Prime determinants of growth

Increase in usage of personal care products, rise in consumption of eco-friendly, natural, and custom-made fragrances, and supportive R&D initiatives by governments drive the growth of the global fragrance ingredients market. However, rise in manufacturing costs and harmful side effects of chemical ingredients in perfumes such as skin problems and allergies restrain the market growth. Contrarily, ongoing product innovations and rise in product advertisements across various social media platforms create new opportunities in the coming years.

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Covid-19 Scenario

The lockdown in several countries resulted in halt in operational, manufacturing, and distribution activities of personal care and beauty products across the world. This resulted in decline in demand for fragrance ingredients.
Travel restrictions, ban on slow export-import activities, and disrupted supply chain created a huge supply-demand gap in some sectors such as retailers and salons & spas.
However, the demand for manufacturing sanitizers, soaps, disinfectants, and other products has been increased significantly with the rise in demand for these products during the Covid-19 pandemic.
The natural ingredients segment to register the fastest growth rate

Based on type, the natural ingredients segment is expected to grow at the highest CAGR of 4.3% from 2020 to 2027, owing to preference of consumers toward therapeutic benefits of essential oils in aromatherapy and increase in spending on beauty and personal care products. However, the synthetic ingredients segment contributed to the largest market share in 2019, accounting for more than four-fifths of the global fragrance ingredients market, and is projected to maintain its lead position during the forecast period. This is due to synthetic fragrances being richer and more intense and versatile in composition as compared to natural aromas.

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The personal care segment to continue its dominant share in terms of revenue by 2027

Based on application, the personal care segment held nearly three-fifths of the global fragrance ingredients market in 2019, and is expected to continue its dominant share in terms of revenue during the forecast period. This is due to rise in brand-conscious consumers and extravagant spending on luxury goods such as perfumes. However, the hair care segment is estimated to register the fastest CAGR of 4.1% from 2020 to 2027, owing to increase in incorporation of fragrance ingredients in hair care products to advance product quality.

Asia-Pacific, followed by North America, to maintain its highest share by 2027

Based on region, Asia-Pacific, followed by North America, contributed to the highest market share with more than one-third of the global fragrance ingredients market in 2019, and is expected to maintain its highest share by 2027. Moreover, this segment is expected to register the fastest CAGR of 4.7% from 2020 to 2027. This is due to increase in urbanization along with huge presence of personal care, hair care, and fabric care sectors.

Leading Market Players

• 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
• Treatt

The fragrance ingredients market encompasses a wide array of natural and synthetic compounds used in the formulation of perfumes, colognes, personal care products, household cleaners, and other scented products. Here are some key aspects and trends in the fragrance ingredients market:

1. Natural vs. Synthetic: There is a growing demand for natural fragrance ingredients derived from botanical sources such as flowers, fruits, herbs, and spices. Consumers are increasingly seeking products with natural fragrances due to concerns about synthetic chemicals and environmental sustainability. However, synthetic fragrance ingredients still dominate the market due to their cost-effectiveness, consistency, and ability to replicate complex scents.
2. Botanical Extracts: Botanical extracts, essential oils, and plant-derived compounds are highly sought after in the fragrance industry for their perceived purity and natural aroma. Ingredients like lavender, rose, citrus oils, vanilla, and sandalwood are popular choices for their pleasant fragrances and potential aromatherapy benefits.
3. Sustainable and Ethical Sourcing: There is a growing emphasis on sustainable and ethical sourcing practices in the fragrance industry. Companies are increasingly investing in traceability and transparency initiatives to ensure the responsible sourcing of natural ingredients, respect for biodiversity, and fair treatment of farmers and communities involved in cultivation and extraction processes.
4. Biodegradable Ingredients: With increasing environmental awareness, there is a shift towards the use of biodegradable fragrance ingredients that minimize environmental impact and reduce pollution. Biodegradable fragrance ingredients break down into non-toxic components, contributing to eco-friendly product formulations and sustainable waste management.
5. Clean and Transparent Labeling: Consumers are becoming more discerning about the ingredients used in fragranced products and are demanding clean and transparent labeling practices. Brands are responding by providing detailed ingredient lists, avoiding controversial chemicals, and highlighting natural and organic certifications to build trust with consumers.
6. Customization and Personalization: There is a growing trend towards personalized fragrances and customizable scent experiences. Brands are offering fragrance blending kits, online tools, and in-store consultations to allow consumers to create unique scent combinations tailored to their preferences and individuality.
7. Microencapsulation Technology: Microencapsulation technology is being increasingly utilized in the fragrance industry to enhance scent longevity and stability in products. Fragrance ingredients are encapsulated in microscopic capsules, which gradually release the scent over time, providing long-lasting fragrance effects in perfumes, fabric softeners, and air fresheners.
8. Regulatory Compliance: Regulatory compliance and safety considerations are paramount in the fragrance ingredients market. Manufacturers must adhere to stringent regulations regarding the use of fragrance ingredients, including restrictions on allergens, sensitizers, and potentially harmful chemicals, to ensure product safety and consumer health.

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