Fragrance Ingredients Market Overview:
The fragrance ingredients market is enjoying popularity since millennia. Components for a luxury item that has its share of popularity in all the different state of the society. At present, it is witnessing a wider horizon regarding market opportunities due to various factors providing fragrance ingredients enough tailwind. The global fragrance ingredients market can maintain and better its current market hold during the forecast period (2023-2032), reveals Market Research Future (MRFR). The global Fragrance Ingredients Market Size was valued at $10.3 billion in 2022, and is projected to reach $13.5 billion by 2032, growing at a CAGR of 3.10% from 2023 to 2032.
The report further analyses lifestyle-related changes, urbanization influencing people, exposure to the fashion world, and an increasing amount of disposable income as major driving forces that can substantially affect the fragrance ingredients market growth. Research are also expected to play a significant role as they keep on expanding the range of perfume available and help in cater to the popular demand. At the same time, a modern trend of using essential oils in aromatherapy ad inclination towards the natural fragrance ingredients can spell prosperity for the fragrance ingredients market in the coming years.
On the flip side, the fragrance ingredients market can take a negative turn owing to the impact synthetic ingredients are having on human lives. This can dampen the expected market growth during the assessment period.
Competitive Insights:
Some of the key players profiled in the global fragrance ingredients market are Firmenich International SA (Switzerland), BASF SE (Germany), Givaudan SA (Switzerland), International Flavors & Fragrances Inc. (U.S.), Frutarom Industries Ltd. (Israel), Robertet Fragrances, Inc. (U.S.), Mane SA (France), and others. These companies mostly get involved in mergers, acquisitions, product launches, and other methods to take the market forward all the while in an endeavor to stay abreast in the intense fragrance ingredients market competition.
Firmenich International SA is acquiring Senomyx, a leader in taste innovation. Firmenich’s ability to commercialize product is expected to provide this merger an advantageous ground where both will benefit from each other’s expertise.
Givaudan SA is not far behind in its efforts to stay as a market influencer. It took over Expressions Parfumées, a French fragrance creation house that has pioneered natural fragrance compounds.
Segmentation:
The global Fragrance Ingredients Market Overview can be segmented by type, source, functional group, and application.
Type-wise segmentation of the fragrance ingredients market includes natural & synthetic. Synthetic segment holds the major market share. Meanwhile, essential oils such as citronella, eucalyptus, and cedarwood under the natural segment are having an extraordinary run in the market.
Based on source, the fragrance ingredients market can be segmented into flower, fruits, vegetables, plant extracts, insects, minerals, and others. Flower segment is dominating the market with considerable market share.
Based on functional group, the fragrance ingredients market can be segmented into alcohols & phenols, aldehydes, ketones, carboxylic acids, esters, & others. In this segment, alcohols & phenols category is having a great run in the market.
Application-wise, the fragrance ingredients market includes fine fragrances, personal care, and household care products. Personal hygiene has emerged as the main driving force for the personal care segment which is having a gala time in the market.
Regional Analysis:
Region-specific analysis of the fragrance ingredients market has its focus on namely North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
Europe has the edge over its competitors as countries with the maximum consumer are from this region such as France, Germany, and Switzerland. Research and developments are playing prominent roles in taking the fragrance ingredients market ahead. Personal care and home care products are also impacting the market.
North America is assuming the second spot. With demand for hygiene products rising, fragrance ingredients market is bound to prosper. The U.S. and Canada are countries with huge prospect and are likely to boost the regional market in the coming years.
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