Global Natural Fragrance Ingredients Market: Overview
Natural fragrance ingredients are natural aroma raw materials derived from natural sources such as plants, animals, and fruits. Distillation and extraction processes are used for sourcing these ingredients that used for making various cosmetics. These ingredients play a key role in imparting signature fragrances to a wide range of cosmetics they are used in. Currently, natural fragrance ingredients are used for making deodorants, hair oils, perfumes, detergents, essential oils, and soaps amongst others.
Natural fragrance ingredients are used in essential oils not just to impart a fragrance but also as an important element of the oil due to their medicinal properties. Several of these extracts used for making essential oils are known for treating skin irritations, stress, pain, insomnia, and several other health problems. According to the research report, the opportunity in the global natural fragrance ingredients market is expected to be worth US$5.3 bn by 2024 as compared to US$3.3 bn in 2015. During the forecast years of 2016 and 2024, the global market is expected to surge at a CAGR of 5.8%.
Application of Natural Fragrance Ingredients in Affordable Commodities Benefits Market
The global natural fragrance ingredients market has gained a significant momentum due to changing pattern of demand. Several consumers and manufacturers are opting for natural ingredients over synthetic ones as the latter are known to contain toxic contents, which can lead to unnecessary effects on the user as well as the environment. The market is also benefitting from the usage of natural fragrance ingredients in several affordable consumer commodities such as soaps, creams, and deodorants. This trend has garnered the attention of several middle-class consumers from emerging economies, which has reflected in soaring revenue over the past couple of years.
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Demand for Natural Fragrance Ingredients Soars amid Rising Consumer Awareness about Side Effects of Synthetic Ingredients
On the basis of application the global natural fragrance ingredients market is segmented into household care and cosmetics. Presently, the household care segment holds a significant part of the global market due to the growing demand for products such as soaps, hair oils, creams, air fresheners, scented candles, detergents, and car fresheners amongst others. Based on the type of product the market is divided into flower-based, wood-based, musk-based, spice-based, and fruit-based amongst others. Despite the wide range of products, the market is still witnessing a strong demand for synthetic aromas due to the considerable price difference between the two. Analysts predict that demand for natural fragrance is expected to soar in the coming years due to the growing awareness amongst consumers about benefits of using natural products. Furthermore, increasing consciousness about the impact of synthetic products on the human body and the environment is expected to augment the demand for natural fragrance ingredients in the near future.
Europe Takes Lead as Strong Players Dominate Region
In terms of geography, the global natural fragrance ingredients market is segmented into North America, Asia Pacific, Europe, and Rest of the World. According to the research report, Europe holds a significant position in the global market due to the rising consumption of several consumers that require natural fragrance ingredients. The region is also benefitting from the strong presence of several leading players. The comprehensive analysis indicates that Asia Pacific will witness a rapid growth rate in the coming years due to emerging economies and growing demand for essential commodities pertaining to hygiene. The rising disposable incomes and increasing demand for wellness and other personal care items as well as household care products are expected to fuel the Asia Pacific natural fragrance ingredients market in the near future.
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Some of the leading players operating in the global natural fragrance ingredients market are Takasago International, Firmenich SA, Givaudan SA, Huabao Intl., Symrise AG, and International Flavors and Fragrances.