The growing health concern and recently tailored lifestyle have made words such as organic, natural, chemical-free, eco-friendly, and others extensively significant. Be it the food and beverage industry or the cosmetic sector, consumers are inclining towards natural products. Several reports highlight that health is a key issue that consumers look forward to when it comes to purchasing cosmetics and toiletries, thereby escalating the fascination for natural and organic products. The growing demand for makeup, skincare, beauty products, and others escalated by disposable income is increasing the natural fragrance ingredients market. The fragrance is an integral part of any product and the natural trend mixed with it is compelling investors to come up with innovations to get profitable returns from the natural fragrance ingredients market. For instance, Firmenich SA in June 2018 launched EcoScent Compass™, which is the first tool of the industry that can holistically measure a fragrance’s sustainability footprint, ranging from its environmental and social impact to its intricate green properties. This path-breaking fragrance transparency will help the current conscious consumer to make a better decision while purchasing any product. Therefore the natural fragrance ingredients market will witness an increase in the upcoming years following this innovation.
As of 2018, the natural fragrance ingredients market size was estimated at 3.9 billion, which is expected to heighten at a CAGR of 7% during the forecast period 2019-2025. The report details natural fragrance ingredients market size by type and market size by applications, natural fragrance ingredients market share by top 5 companies and also the market share by startups.
Natural Fragrance Ingredients Market Analysis: Key Application
Natural fragrances derived from plants such as cascarilla, osmanthus, scented geranium, agarwood, and others are extensively implemented in perfume oil, toiletries, household products, and others. However, the major utilization of natural fragrance ingredients can be witnessed in essential oils, whose application is expected to witness increment at a CAGR of 5.8% during the forecast period 2019-2025. The widespread adoption of aromatherapy, which deploys essential oils to lessen the stress attacks and hinder the related diseases is emerging as a primary trend in the essential oils market. Almost 71% of adults in the UK had observed stress and anxiety frequently in 2018, which could have been tackled by aromatherapy, involving essential oils such as release oil. In 2018, essential oils market, which uses natural fragrance ingredients was valued at $7.0 billion to $7.5 billion in 2018 and is projected to witness growth at a healthy CAGR of around 8%-9% during the forecast period 2019-2025. This increasing sector will create a positive disruption in the natural fragrance ingredients market, benefiting the investors in the upcoming years.
Europe Natural Fragrance Ingredients Market Overview:
Fragrance contributes to the sense of well-being and often design the moods and emotions that nothing else does. Fragrance blends may contain up to 250 different ingredients, creating and supplying 80,000 unique proprietary blends. In 2018, Europe grabbed the largest natural fragrance ingredients market share with almost 35% amidst the global market. Shifting consumer behavior, rising ingredient sourcing initiatives and several certification processes are driving the Europe natural fragrance market. The cosmetic industry contributes $32.06 trillion to the European economy annually that deploys usage of natural fragrance ingredients. Therefore, the Europe natural fragrance ingredients market size is going to be stable as well as increase in the upcoming years, paving opportunities to the investors.
Natural Fragrance Ingredients Trends & Growth Drivers:
Almost 19% of shoppers expressed their urge to purchase all-natural products, which is further escalating due to the growing concern for health. The global flavors and fragrance market valued $28.2 billion as of 2018 and expected to grow at a CAGR of 4.90% during the forecast period 2019-2025. A part of this is attributing to the growth of the natural fragrance ingredients market. Perfumes worth $19.8 billion were imported by different countries across the world in 2018. This value is reflective of the rising demand for fragrances, a part of which is natural, as people across the world delve more into personal care with an increase in disposable income. Here are the trends and growth drivers contributing to the expansion of the natural fragrance ingredients market –
· Hair Perfumes to Boost the Natural Fragrance Ingredients Market Share –
Haircare has been limited to oils, sprays, and others. However, with the evolving world, several investors have designed perfumes and fragrance for enriching the smell of the hair. For instances, Hedonista Hair Perfume made from essential oils of Roman Chamomile, Lemon, and Clary Sage has become an instant favorite of the consumers. This new trend will, therefore, create an impact on the natural fragrance ingredients market.
· Perfume Pens to Create an Upsurge in the Natural Fragrance Ingredients Market Size –
In an era when smart packaging market is ruling, perfume makers have adapted an innovation called perfume pens, which keeps the perfume in a smaller bottle. These are extensively used by people who are traveling and need perfume on the go. The concept has been further elevated and made popular by prominent marketing strategy and media influencers. This innovation will bring a positive disruption in the natural fragrance ingredients market, as perfume manufacturers are inclining towards natural ingredients to suffice the consumer need.
Natural Fragrance Ingredients Market: Competitive Landscape
The principal business leaders who are currently holding maximum natural fragrance ingredients market shares in the world and are focusing on the expansion of their manufacturing capacity to gain an edge over other market players are Givaudan, Firmenich SA, International Flavors & Fragrances, Inc., Symrise AG, Takasago International Corporation, Mane SA, Robertet Group, Sensient Technologies Corporation, T. Hasegawa Co., Ltd., Bell Flavors & Fragrances, and others.
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