NEW YORK, Dec. 20, 2022 /PRNewswire/ — According to Technavio, the global fragrance ingredients market size is estimated to grow by USD 3,839.31 million from 2022 to 2027. The market is estimated to grow at a CAGR of 4.8% during the forecast period. Moreover, the growth momentum will progress. North America will account for 38% of the growth of the global market during the forecast period.
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Global fragrance ingredients market – Five forces
The global fragrance ingredients market is fragmented, and the five forces analysis covers–
Bargaining power of buyers
The threat of new entrants
Threat of rivalry
Bargaining power of suppliers
Threat of substitutes
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Global fragrance ingredients market – Parent market analysis
Technavio categorizes the global fragrance ingredients market as a part of the global specialty chemicals market, which covers companies engaged in manufacturing various types of products under organic and inorganic chemicals. Technavio calculates the size of the global specialty chemicals market based on the combined revenue generated by the manufacturers of organic and inorganic chemicals and all sub-categories.
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Global fragrance ingredients market – Customer landscape
The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global fragrance ingredients market – Segmentation assessment
Technavio has segmented the market based on application (personal care, fabric care, hair care, and others) and type (essential oils and aroma chemicals).
The personal care segment will contribute significantly to the growth of the global market during the forecast period. The growth of this segment is attributed to factors such as the rapid rise of the e-retail industry. In addition, the growing disposable income, rise in middle-class population, rapid urbanization, and numerous advertisements and promotions are some of the other factors that will influence the growth of the segment during the forecast period.
Based on geography, the global fragrance ingredients market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global fragrance ingredients market.
North America is estimated to account for 38% of the growth of the global market during the forecast period. This growth is attributed to factors such as the presence of key vendors, growing demand for fragrances in personal care industries, new product launches, and rising disposable income of people.
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Global fragrance ingredients market – Market dynamics
Key factor driving market growth
The growing demand for cosmetic products is notably driving the market growth.
The aging population globally is increasing the high demand for anti-aging products such as creams, moisturizers, and anti-wrinkle products.
Customers are investing significantly in new and effective anti-aging products to reduce blemishes, wrinkles, and dark spots.
Therefore, the high demand for cosmetic products due to the aging global population will drive the growth of the market during the forecast period.
Leading trends influencing the market
The growing preference for natural ingredients is a key trend in the fragrance ingredients market.
Natural fragrance ingredients are derived from plants, animals, or fruits. The demand for such products is higher when compared to synthetic aroma chemicals due to the growing awareness about the harmful effects of such chemicals on the skin.
Fragrance ingredients used in deodorants, hair oils, perfumes, and detergents can cause skin irritation when applied directly on the skin. Hence, many vendors are introducing fragrance ingredients made from natural products.
Therefore, the demand for natural fragrance ingredients is expected to grow when compared to synthetic chemicals, which, in turn, will support the global fragrance ingredients market during the forecast period.
Major challenges hindering market growth
The low shelf life is a major challenge in the fragrance ingredients market.
Essential oils are classified into top, middle, and base notes.
Top notes such as lemon, bergamot, cajuput, caraway, citronella, cumin, eucalyptus, grapefruit, lemongrass, lime, mandarin, niaouli, and orange essential oils are classified as highly volatile substances. However, high volatility can affect the shelf life of essential oils.
Therefore, the low shelf life of essential oils will affect their demand, which, in turn, may hinder the growth of the market during the forecast period.
Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find some insights from a sample report!
What are the key data covered in this fragrance ingredients market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the fragrance ingredients market between 2023 and 2027
Precise estimation of the size of the fragrance ingredients market and its contribution to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the fragrance ingredients market across North America, Europe, APAC, South America, and Middle East and Africa
A thorough analysis of the market’s competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of fragrance ingredients market vendors
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The size of the fragrances market in the Middle East is expected to increase to USD 1.24 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 6.5%. This report extensively covers market segmentation by distribution channel (offline and online) and geography (Saudi Arabia, United Arab Emirates, Jordan, and Rest of Middle East).
The fragrances market size is expected to rise by USD 11.49 billion from 2021 to 2026 at a CAGR of 4.71%. This report extensively covers market segmentation by type (natural and synthetic) and geography (North America, Europe, APAC, South America, and MEA).
Fragrance Ingredients Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 4.8%
Market growth 2023-2027
USD 3,839.31 million
YoY growth 2022-2023 (%)
North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution
North America at 38%
US, Canada, China, Germany, and UK
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
AARAV Flavors and Fragrances Pvt. Ltd., Alpha Aromatics Inc., BASF SE, BRENNTAG SE, CPL Aromas, Ernesto Ventos SA, Fine Fragrances, Firmenich SA, Givaudan SA, Huabao International Holdings Ltd, International Flavors and Fragrances, Joh. Vogele KG., Kalpsutra Chemicals Pvt. Ltd., La Scenteur Fragrance Technology Pvt. Ltd., Risdon International, Robertet SA, S H Kelkar and Co. Ltd., Sensient Technologies Corp., Symrise AG, Takasago International Corp, and The MANE Group
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Browse for Technavio’s materials market reports
Table of contents
1 Executive Summary
1.1 Market overview
2 Market Landscape
2.1 Market ecosystem
3 Market Sizing
3.1 Market definition
3.2 Market segment analysis
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
4 Historic Market Size
4.1 Global fragrance ingredients market 2017 – 2021
4.2 Application Segment Analysis 2017 – 2021
4.3 Type Segment Analysis 2017 – 2021
4.4 Geography Segment Analysis 2017 – 2021
4.5 Country Segment Analysis 2017 – 2021
5 Five Forces Analysis
5.1 Five forces summary
5.2 Bargaining power of buyers
5.3 Bargaining power of suppliers
5.4 Threat of new entrants
5.5 Threat of substitutes
5.6 Threat of rivalry
5.7 Market condition
6 Market Segmentation by Application
6.1 Market segments
6.2 Comparison by Application
6.3 Personal care – Market size and forecast 2022-2027
6.4 Fabric care – Market size and forecast 2022-2027
6.5 Hair care – Market size and forecast 2022-2027
6.6 Others – Market size and forecast 2022-2027
6.7 Market opportunity by Application
7 Market Segmentation by Type
7.1 Market segments
7.2 Comparison by Type
7.3 Essential oils – Market size and forecast 2022-2027
7.4 Aroma chemicals – Market size and forecast 2022-2027
7.5 Market opportunity by Type
8 Customer Landscape
8.1 Customer landscape overview
9 Geographic Landscape
9.1 Geographic segmentation
9.2 Geographic comparison
9.3 North America – Market size and forecast 2022-2027
9.4 Europe – Market size and forecast 2022-2027
9.5 APAC – Market size and forecast 2022-2027
9.6 South America – Market size and forecast 2022-2027
9.7 Middle East and Africa – Market size and forecast 2022-2027
9.8 US – Market size and forecast 2022-2027
9.9 Canada – Market size and forecast 2022-2027
9.10 Germany – Market size and forecast 2022-2027
9.11 China – Market size and forecast 2022-2027
9.12 UK – Market size and forecast 2022-2027
9.13 Market opportunity by geography
10 Drivers, Challenges, and Trends
10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
10.4 Market trends
11 Vendor Landscape
11.2 Vendor landscape
11.3 Landscape disruption
11.4 Industry risks
12 Vendor Analysis
12.1 Vendors covered
12.2 Market positioning of vendors
12.3 AARAV Flavors and Fragrances Pvt. Ltd.
12.4 Alpha Aromatics Inc.
12.5 BASF SE
12.6 BRENNTAG SE
12.7 CPL Aromas
12.8 Ernesto Ventos SA
12.9 Fine Fragrances
12.10 Firmenich SA
12.11 Givaudan SA
12.12 Huabao International Holdings Ltd
12.13 La Scenteur Fragrance Technology Pvt. Ltd.
12.14 Risdon International
12.15 Robertet SA
12.16 Symrise AG
12.17 The MANE Group
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
13.3 Currency conversion rates for US$
13.4 Research methodology
13.5 List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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