Global Fragrance Ingredients Market: Overview
Fragrance ingredients consist of synthetic and natural substances which when added to the products give them desired smell. They are actively used in products such as detergents, cosmetics, soaps, toiletries, and others. Fragrance ingredients are a combination of different chemicals which try and give fragrance that is similar to an aroma. These ingredients are extracted from natural or petroleum raw materials. Fragrances are extensively used in the personal care and other consumer products.
Global Fragrance Ingredients Market: Growth Factors
Growing demand for natural fragrances and consumer inclination for aromatic cosmetics & personal care products anticipate boosting the global fragrance ingredients market growth. Increasing consumer base, continuous product innovation, and rising demand for air fresheners such as aerosol sprays, room fresheners, and car air fresheners expect to propel the global market growth. Increasing importance and rise in the awareness regarding aromatherapy due to improved living standards gives rise to the market growth. Increasing use of fragrance ingredients in the household products such as scent sticks and candles fuel the global fragrance ingredients market. Technological advancements and increasing preferences for natural fragrances show a considerable growth in the market. Owing to globalization and urbanization, expanding the middle class, and improved disposable income the global market is showing a positive impact. Huge capital investment is required for R&D programs, increasing production cost, and increasing health concerns regarding allergies and skin problems hamper the fragrance ingredients market to some extent.
Global Fragrance Ingredients Market: Segmentation
The global fragrance ingredients market is categorized based on its application, type, and geography. The application segment is classified as fine fragrances, cosmetics & toiletries, soaps & detergents, and others. The soaps & detergent segment is the leading segment while cosmetics & toiletries are the second largest. The type segment is segregated into aroma chemicals and essential oils. The aroma chemicals segment is further sub-segmented into musk chemicals, terpenes, heterocyclic compounds, benzenoids, aliphatic, and others. The essential oils are further sub-segmented into citronella, orange, cedarwood, M. arvensis, eucalyptus, and others.
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Global Fragrance Ingredients Market: Regional Analysis
Europe is the dominating region for fragrance ingredients across the globe followed by the North America. France, Switzerland, and Germany are major consumers of the fragrance ingredients due to its increased demand. Rising demand for fragrances such as deodorants, perfumes, and mists in the developing economies such as Asia Pacific and Latin America positively influence the market. Asia-Pacific is expected to show substantial growth owing to the improving standard of living and growing manufacturing industries in this region. Developing countries such as China and Japan accounted for the largest market share in Asia Pacific region whereas India anticipates growing at fastest rate in the future. Latin America is expected to witness significant growth in the near future owing to increasing demand for toiletries, soaps, and cosmetics. Increasing disposable income of consumers in Chile, Argentina, and Brazil has increased the market demand.
Global Fragrance Ingredients Market: Competitive Players
Major prominent players in the global fragrance ingredients market include BASF SE, Mane SA, Givaudan SA, Firmenich International SA, and International Flavors & Fragrances Inc.