According to a new market report published by Transparency Market Research “Natural Fragrance Ingredients Market (By Product Type – Flower Based Natural Fragrance Ingredients, Wood Based Natural Fragrance ingredients, Musk Based Natural Fragrance Ingredients, Fruit Based Natural Fragrance Ingredients, Spice Based Natural Fragrance Ingredients and Other product types, By Application – Household Care and Cosmetics) –Global Industry Analysis, Trend, Size, Share and Forecast, 2016 – 2024.”, the market was valued at USD 3,302.9 Million in 2015 and is expected to reach USD 5,329.7 Million in terms of revenue by 2024, growing at a CAGR of 5.8% from 2016 to 2024.
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The natural fragrance ingredients market finds its application across various sectors. In the scope of research household care and cosmetics segment have been included. Household care segment includes products like, detergents, floor cleaners, incense sticks and others use natural fragrance ingredients to induce smell. Cosmetics segment includes face creams, shampoo, conditioners and other products which includes application of natural fragrance ingredients. Flower based ingredients are widely used in both the household care and cosmetics segment. These segments are imbibing the use of natural ingredients to provide safe products to the consumers. Based on product type, various categories of natural fragrance ingredients include flower based ingredients, wood based, musk based, fruits based, spice based and others. By application, the market can be bifurcated into household care and cosmetics. On the other hand, geographically, the market can be further bifurcated into North America, Europe, Asia Pacific, Middle East and Africa (MEA) and Latin America. The natural fragrance ingredients market across the globe is predicted to show increasing growth during the forecast period from 2016 to 2024.
This report provides a forecast of the global natural fragrance ingredients market during the period from 2016 to 2024 and also highlights the market trends. The study also put emphasis on the current market situation along with various driving and restraining factors that are predicted to affect the demand and supply of natural fragrance ingredients across various regions.
The natural fragrance ingredients market across the globe is majorly driven by the Europe region in terms of revenue.Europe accounts for the largest market share in the natural fragrance ingredients market. Europe consists of legendary perfumery schools which produces natural ingredients widely used in household care products.France, UK, Italy and Germany are major countries in Europe, and these countries are expected tofuel the growth of natural fragrance ingredients market during the forecast period. Market openness and technological innovation are the building blocks in booming natural fragrance ingredients market in Europe.
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However, North America held the second largest market share fornatural fragrance ingredients market in terms of revenueamong the various regions globally.High standard of living and awareness regarding health issues supports the growth of natural fragrance ingredients market in U.S. and will continue to grow over the forecast period.Canada holds the second largest market share of natural fragrance ingredients in North America and Mexico is expected to follow suit during the forecast period.
Although the market share of Europe and North America are the first and second largest respectively, they are already mature markets. The Asia Pacific region is a potential market and is expected to grow at higher rates over the forecast period. Improvement in socio economic and macro-economic performance has lead huge investments by leading manufacturers of fragrance ingredients in Asia Pacific. China holds the largest market share owing to its highly developed economy, both in terms of technological advancements in the manufacturing sector and in terms of the per capita income of its population as reflected by the country’s Gross Domestic Product. India is expected to follow China and capture the second largest market share in terms of revenue. In Middle East and Africa (MEA), UAE is the leading the market followed by South Africa. MEA is rising as a potential market with investment opportunities for leading companies. With the presence of abundant natural resource, this region is expected to turn out to be a major supplier of natural fragrance ingredients over the forecast period.In Latin America, Brazil is leading the economy which is driving the market for natural fragrance ingredients market. Huge investments followed by structural changes in the economy, has led to its economic prosperity which will continue to be more strongly applicable over the years. In Brazil, soaps, shampoos, conditioners and perfumes are widely used.
Some of the key players operating in the natural fragrance ingredients market across the globe are, Givaudan SA (Switzerland), Firmenich SA (Switzerland), International Flavors and Fragrances (U.S.), Symrise AG (Germany), Takasago International (Japan), and Sensient Flavors and Fragrances among others.
Global natural fragrance ingredients market can be segmented as follows;-
Global Natural Fragrance Ingredients Market, By Product Type
- Flower Based
- Wood Based
- Musk Based
- Fruit Based
- Spice Based
Global Natural Fragrance Ingredients Market, By Application
- Household care
Global Natural Fragrance Ingredients Market, By Geography
- North America
- The U.S.
- The U.K.
- Asia Pacific
- Middle East and Africa
- South Africa
- Latin America