According to the report published by Allied Market Research, the global fragrance ingredients market generated $13.6 billion in 2019, and is projected to reach $16.1 billion by 2027, witnessing a CAGR of 3.8% from 2020 to 2027. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Increasing increase in penetration rate of international brands and rise in demand for personal care products along with growth in the cosmetics industry are expected to drive the market demand for overall fragrance ingredients. These compounds are combined with personal care products to enhance fragrance and give a product freshness. In addition, increase in consumer expenditure on beauty goods, including creams and perfumes is also expected to fuel growth in the industry.”
• The lockdown in several countries resulted in halt in operational, manufacturing, and distribution activities of personal care and beauty products across the world. This resulted in decline in demand for fragrance ingredients.
• Travel restrictions, ban on slow export-import activities, and disrupted supply chain created a huge supply-demand gap in some sectors such as retailers and salons & spas.
• However, the demand for manufacturing s
unitizers, soaps, disinfectants, and other products has been increased significantly with the rise in demand for these products during the Covid-19 pandemic.
The report offers detailed segmentation of the global fragrance ingredients market based on type, application, and region.
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Based on type, the natural ingredients segment is expected to grow at the highest CAGR of 4.3% from 2020 to 2027. However, the synthetic ingredients segment contributed to the largest market share in 2019, accounting for more than four-fifths of the global fragrance ingredients market, and is projected to maintain its lead position during the forecast period.
Based on application, the personal care segment held nearly three-fifths of the global fragrance ingredients market in 2019, and is expected to continue its dominant share in terms of revenue during the forecast period. However, the hair care segment is estimated to register the fastest CAGR of 4.1% from 2020 to 2027.
Based on region, Asia-Pacific contributed to the highest market share with more than one-third of the global fragrance ingredients market in 2019, and is expected to maintain its highest share by 2027. Moreover, this segment is expected to register the fastest CAGR of 4.7% from 2020 to 2027. This is due to increase in urbanization along with huge presence of personal care, hair care, and fabric care sectors.
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