Fragrance Ingredients Market to hit US$18.5 billion by 2024
The Fragrance Ingredients Market is set to grow from its current market value of more than $11.5 billion to over $18.5 billion by 2024; as reported in the latest study by Global Market Insights, Inc.
Growing penetration rate of international brands, rising demand for personal care products along with growth in cosmetics industry will drive overall fragrance ingredients market demand. These compounds are mixed with personal care products to improve aroma and give freshness to a product. Growing customer spending on beauty products including creams and perfumes supported by growing ageing population may boost industry growth.
Advantageous government policies regarding use of natural ingredients along with strong R&D assistance on ingredients production is likely to promote product demand. Additionally, supportive governing amendments by European Union related to the use safe chemicals in the region may act as crucial contributing aspect towards the growth of fragrance ingredients market.
Fragrance Ingredients Market
Global fragrance ingredients market size from soaps & detergents application is estimated to reach 500 kilo tons by 2024. Synthetic products including aldehydes, alcohols and esters has extensive use in household and industrial detergents used for dish washing, clothes washing, hair and body washing, and hard surface cleaning, which is likely to stimulate product demand.
Global fragrance ingredients market size from wood-based application is poised to exceed USD 750 million by 2024. These products provide warmth and depth aroma along with natural sensuality.
Fragrance ingredients manufacturers are replacing synthetic constituents with effective and safer product like fruits, flower and spice. Although, price of substitutes is reasonably higher, consumers are prepared to spend extra on non-toxic products, thus propelling industry growth.
High cost of natural ingredients owing to capital intensive production process may distress fragrance ingredients market price trends. Severe regulatory standards pertaining to use of synthetic chemicals may incur additional compliance cost, thus affecting industry profitability.
U.S. Synthetic Fragrance Ingredients Market Size, By Product, 2017 & 2024, (Kilo Tons)
Germany alcohols-based fragrance ingredients market size is likely to reach 30 kilo tons owing to its usage in anti-aging cremes, shampoos and sunscreen lotions and conditioners. These products have similar features as natural products due to high effectiveness and its application in wide range of perfume products is likely to enhance product demand.
China fragrance ingredients market demand from toiletries application may witness significant growth of over 6% in projected timeline. Growing living standard of consumers along with making these products more presentable will boost overall market for fragrance ingredients in this region.
Fragrance ingredients market is competitive and fragmented with key industry precipitants includes Ventos, Firmenich, Frutarom, BASF SE, Givaudan, Symrise, Vogele, and Treatt. Growing consumption of perfumes has impelled manufacturer to profoundly invest in R&D for making effective ingredients. Companies are spending more on Innovation, product design, commercialization and manufacturing phases.