The global fragrance ingredients market was valued at $13.6 billion in 2019, and is projected to reach $16.1 billion by 2027, growing at a CAGR of 3.8% from 2020 to 2027.
Fragrance ingredients are natural and synthetic substances, which when added to products give them desired smell. They are used extensively in products such as detergents, cosmetics, soaps, toiletries and so on. Ingredients for fragrances are generally extracted from natural or petroleum raw materials and are used widely in personal care and other consumer goods.
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Rise in demand for natural fragrances and customer inclination toward aromatic cosmetics and personal care products fuel the Global Fragrance Ingredients Market Growth. Growth in customer base, continuous product development, and rise in demand for air fresheners such as aerosol sprays, air purifiers, and car fresheners are expected to propel the global market growth. Growth in value and rise in knowledge of aromatherapy, owing to improved quality of living. Moreover, increase in use of fragrance ingredients in home products such as perfume sticks and candles fuel the global demand for fragrance ingredients. Technological developments and rise in preference for natural fragrances indicate significant market growth. The global economy has a positive effect on the market, owing to globalization and urbanization and growth in disposable income of middle class. Huge capital investments are required for R&D projects, increase in manufacturing costs and rise in health issues such as allergies and skin problems are expected to hamper the demand of fragrance ingredients.
The global fragrance ingredients market is segmented on the basis of type, application, and region. By type, the market is classified into natural ingredients and synthetic ingredients. By application, it is divided into hair care, personal care, fabric care, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Some of the key players operating in the global fragrance ingredients market are 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, and Treatt.
IMPACT OF COVID-19 ON GLOBAL FRAGRANCE INGREDIENTS MARKET
• COVID-19 has spread across the globe and affected almost all aspects of life.
• Some major economies that have suffered severely from the COVID-19 crises include Germany, France, Italy, Spain, the UK, and Norway.
• There is an uneven impact of COVID-19 pandemic on the fragrance ingredients market, owing to the implementation of lockdowns worldwide to halt spreading of the virus. This resulted in shutting off of almost all operations, manufacturing, and distribution of all industries.
• This has resulted in decrease in demand for cosmetic products from beauty shop which, in turn, has led to sluggish growth of the market.
• Increase in demand for personal care & cosmetic products (sanitizers, soaps, and disinfectants) and other home cleaning chemicals boosts growth of the fragrance ingredients market, which in turn, tends to overcome the effects of COVID-19 on this sector.
• Numerous beauty manufacturers, ingredient suppliers, and allies along the value chain are affected by the pandemic, owing to travel restrictions and slow export-import activities. Moreover, revenue of retailers and salons & spas is also hampered by the virus spread.
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