Market Scenario:
Market Research Future (MRFR) studied the fragrance ingredients market 2020 through the review period 2023. MRFR assessment reveals that fragrance ingredients market can rise at high CAGR to earn decent market share by 2023. The rise in demand for essential oils, such as citronella, mint, and widely popular eucalyptus, along with aromatic chemicals, such as terpenes and benzenoids can support expansion of the Fragrance Ingredient Market Share.
The easy availability of sources of fragrance, such as fruits, flowers, and herbs and shrubs can promote expansion of the favor the market expansion. Cosmetics, spray perfumes, incense, soaps & detergents, home care, and body care products significantly use fragrance ingredients. The high sales of these products can catalyse the market rise in the years to come.
Market Segment:
The segment study of the global fragrance ingredients market is done by source, type, application, and functional group.
The type-based segments of the fragrance ingredients market are synthetic and natural. The synthetic segment can secure the major market share by 2023. The rise in demand for essential oils, such as cedar wood, citronella, and eucalyptus under the natural segment are observed to exhibit extraordinary growth pace due to their high utility in soaps & detergents, cosmetics, incense, spray perfumes, home care, and body care products.
The source-based segments of the fragrance ingredients market are fruits, vegetables, insects, plant extracts, and minerals among others. The flower segment can dominate the market, following the plant extracts segment due to the high availability of their extracts used extensively as fragrance ingredient. The application of flowers as an ingredient for fragrance is observed to show huge demand, due to high consumer preferences towards any floral essence can support the market rise.
The functional group-based segments of the fragrance ingredients market are aldehydes, alcohols & phenols, esters, ketones, and carboxylic acids among others. The alcohols & phenols segment can dominate the market in the years to come.
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The application-based segments of fragrance ingredients market are personal care, fine fragrances, and household care products. The increase in demand for fragrance ingredients in the personal care products can is cause dominance of the segment in the forecast period. Rise in consumer awareness and their inclination towards maintaining personal hygiene can support expansion of the market in the near future. In addition, the rise in demand for fine fragrance products can draw in considerable revenue for the market in the approaching years.
Regional Analysis:
In Europe, the fragrance ingredients market can thrive, following North America. In France, the consumption of fragrance ingredients is considerably high, followed by Switzerland and Germany. The rise in the utility of pray perfumes, incense, cosmetics, soaps & detergents, home care products, and body care can favor the regional market. Further, rise in consumer awareness about personal hygiene and increase in demand for several fragrance ingredients across the fragrance and cosmetics industry can support the fragrance ingredients market rise in EU. In North America, the U.S., can lead the regional market across the course of market study. The rise of North America fragrance ingredients market can thrive in the review period owing to shifting interest of people towards natural fragrance ingredients and their adoption in wealthy consumer goods and cosmetic sectors. In APAC, the fragrance ingredients market can be attributed to the rise in sales of luxury item and growing popularity of aromatherapy.
Key Players:
BASF SE (Germany), Firmenich International SA (Switzerland), Givaudan SA (Switzerland), Frutarom Industries Ltd. (Israel), International Flavors & Fragrances Inc. (U.S.), Mane SA (France), and Robertet Fragrances, Inc. (U.S.) are some prominent players in the global fragrance ingredients market that are listed by MRFR.
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