Fragrance Ingredients Market Size By Product (Natural Ingredients [Flower Based, Fruit Based, Wood Based, Spice Based], Synthetic Ingredients [Esters, Aldehydes, Alcohols, Musk Chemicals, Terpenes]),By Application (Cosmetics, Toiletries, Fine Fragrances & Perfume, Soaps & Detergents), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2018 – 2024
Published Date: Sep 2018 | Report ID: GMI2649 | Authors: Kunal Ahuja, Sonal Singh
Fragrance Ingredients Market size was over USD 11.5 billion in 2017 and industry expects consumption of above 1.5 million tons by 2024.
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Growing inclusion of different ingredients in personal care products owing to increasing importance of enhancing aroma and advancement product quality may grow fragrance ingredients market size. Mounting demand for multifunctional and premium components has led to integration of sophisticated components which may favour overall market growth. Growing beauty awareness is growing sales for personal care products, thereby driving fragrance ingredient market growth.
Global air fresheners market is projected to exceed USD 10 billion by 2024, owing to growing demand to enhance indoor air aroma and quality. Fragrance ingredients are extensively used in these products to purify air and adsorb bad odour. Its application in different air fresheners including aerosols, pumps, gels, beads, pads, powders and plastic is projected to foster fragrance ingredients market revenue. Ethers are generally used in these products which neutralize unpleasant odour and gives soothing smell.
Growing product originality to increase purchaser base has resulted in accelerated demand for fragrance ingredients. These products are used in household, industrial and institutional products to provide desired aroma and maintain fresh environment. Application of these products in skin & hair care products and candles is likely to propel product demand in the forecast timeframe.
Growing usage natural product in the manufacturing of perfumes, soaps, deodorants, detergents and hair oils is likely to boost fragrant ingredients market demand. Changing consumer preferences towards organic products due to their skin friendly nature and technological advancements may drive the fragrance ingredients market demand by 2024.
Fragrance ingredients like essential oil can be used as antioxidants and stabilizers. Decomposable constituents in cosmetics products may deteriorate due to the presence of microbes, thus causing a bad odour. These products help in overcoming this problem in beauty products, thereby propelling product demand. Growing use of these ingredients in natural skin care products to remove bad odour owing to presence of pure oil blends which may result in unwanted whiff, which may drive industry growth.
Global cosmetic market is likely to exceed USD 420 billion by 2024. Shifting trends towards personalised cosmetics products supported by extensive investment in research to manufacture specialised goods will contribute to market growth. Growing importance of effective scents along with coalescing diverse components to balance efficiency and cost will have encouraging effect on product demand.
Growing product differentiation to meet healthiness, specification and consumer demand along with using appropriate ingredients is anticipated to fuel demand for fragrance ingredients by 2024. Acceptance of natural ingredients to increase quality and decrease contamination supported by meeting required specification may favour fragrance ingredients market growth.
Government initiatives supported by robust R&D for safe ingredients to promote the use of environmental and healthy products has encouraged immense investments on technology innovation. Innovation to increase product elasticity and impart good aroma will propel fragrance ingredients demand. Market penetration in young group along with growing consumption of personal care products including soaps and detergents is anticipated to have a positive outlook on product demand.
Consistency factors and high cost of natural ingredients may hamper industry profitability, thus affecting fragrance ingredients industry price trends. Severe controlling standards by EU and FDA restricting usage of synthetic constituents may restrain overall market growth.
|Base Year:||2017||Market Size in 2017:||11.5 Billion (USD)|
|Historical Data for:||2013 to 2017||Forecast Period:||2018 to 2024|
|Forecast Period 2018 to 2024 CAGR:||7.1%||2024 Value Projection:||18.5 Billion (USD)|
|Pages:||240||Tables, Charts & Figures:||324|
|Geographies covered (19):||U.S., Canada, Mexico, Germany, UK, France, Italy, Russia, China, India, Japan, South Korea, Australia, Thailand, Malaysia, Brazil, Saudi Arabia, UAE, South Africa|
|Segments covered:||Product,Application and Region|
|Companies covered (13):||Firmenich International Sa, BASF SE, Frutarom Industries Ltd, Givaudan SA, Treatt, Vögele Ingredients, Symrise, Synthite, Kalpa Sutra Chemicals, Ventos, Aarav F & F, Fine Fragrances Private Limited, Multiflora|
|Pitfalls & Challenges:||
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Fragrance Ingredients Market, By Product
Fragrance ingredients market demand from natural products is predicted to exceed USD 2.5 billion by 2024. Esters, aldehydes, alcohols, musk chemicals, and terpenes are extensively used for their effectiveness and inexpensive prices. Technical advancements in extraction process along with development of techniques which utilizes combination of natural and synthetic products will boost product demand.
Fragrance ingredient market demand from flower based products are projected to show gains of over 7.5% in forecast timeline. Natural ingredients are used in essential oils to impart scent and as an vital component of oil owing to their therapeutic properties. Products extracted from flower can be used for making essential oils, which can treat pain, insomnia, skin irritations and stress.
Fragrance Ingredients Market, By Application
Fragrance Ingredients market demand from cosmetics application may exceed 375 kilo tons in forecasted timeframe. Growing awareness about hair aroma has increased consumption of these products which contain fruits and flower extracts. These oils are effective in restricting fungi formation and saprophytic bacteria accelerate which are the major cause of bad odour supported by imparting medical benefits in beauty goods. These factors may contribute towards driving industry growth.
Fragrance ingredients market from toiletries application may observe gains over 6% owing to accessibility of quality brands through effective supply channel along with rising consumer purchase ability, which may escalate product demand. Perfumes are mixtures of aromatic compounds and essential oils which creates pleasant aroma. Growing perfume market globally is likely to contribute towards industry growth.
Fragrance Ingredients Market, By Region
Asia Pacific led by South Korea, Japan, India and China fragrance ingredients market demand is predicted to surpass USD 4 billion in the estimated timeframe due to rising men’s cosmetic product demand in the region. Mounting development of formulation with compatible fragrant agent to achieve maximum efficacy will fuel regional product demand.
Europe led by UK, Italy, France and Germany fragrance ingredients market demand may record robust gains over 5.5%. Stern regulations related to processing of beauty products and usage of safe ingredients has encouraged effective production of beauty goods which may stimulate product demand in the region.
Brazil fragrance ingredients market may witness strong gains due to growth in the perfume demand, which has led to increased demand of luxury aroma product, which may enhance regional market growth.
Competitive Market Share
Global fragrance ingredients market share is moderately fragmented and competitive with major manufacturers include Firmenich, BASF SE, Frutarom, Givaudan, Treatt, Vogele Ingredients, Symrise, Kalpa Sutra Chemicals and Ventos.
Market is characterised with product novelty by balancing use of natural and synthetic chemicals along with enunciating more persistent and high value products. Companies are involved in tactical associations including capacity expansion, joint ventures and mergers & acquisitions to adopt innovative technologies with increase in production capacity in order to cater escalating demand.
Fragrance Ingredients Industry Background
Fragrance ingredients are used as amalgamation of substances that gives each distinct scent. They are derived from natural or petroleum raw materials. Perfume manufacturer purchase these ingredients from companies that specify in developing products. Growing inclusion of these product in toiletries, cosmetics and fine fragrance is likely to have a positive outlook on product demand in the forecast timeframe.
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