Pune, India, July 17, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Encapsulated Fragrances Market Size Report, Share, Demand, Growth Strategy, Industry Trends and Forecast to 2028- COVID-19 Impact and Global Analysis – by Product Type, Application, and Geography,” the Encapsulated Fragrances market size is expected to grow from US$ 1.27 Billion in 2022 to US$ 1.67 Billion by 2028; it is estimated to register a CAGR of 4.7% from 2022 to 2028.
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Global Encapsulated Fragrances Market: Competitive Landscape and Key Developments
Some of the key players operating in the encapsulated fragrances market include Firmenich SA.; Givaudan SA; Ingredion Inc; International Flavors & Fragrances Inc; MikroCaps doo; Symrise AG; Glatt GmbH; Insilico Medicine Inc; Follmann GmbH and Co KG, Inc.; and Ashland Inc, among others.
Encapsulated Fragrances Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 1.27 Billion in 2022 |
| Market Size Value by | USD 1.67 Billion by 2028 |
| Growth rate | CAGR of 4.7% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 126 |
| No. of Tables | 92 |
| No. of Charts & Figures | 103 |
| Historical data available | Yes |
| Segments covered | Product Type, and Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | Firmenich SA.; Givaudan SA; Ingredion Inc; International Flavors & Fragrances Inc; MikroCaps doo; Symrise AG; Glatt GmbH; Insilico Medicine Inc; Follmann GmbH and Co KG, Inc.; and Ashland Inc |
Encapsulated fragrances refer to fragrances that are contained within tiny capsules or beads, which are designed to release the scent slowly over time. These capsules are typically made from materials such as gelatin or cellulose, and are often used in a variety of consumer products, including perfumes, air fresheners, and laundry detergents. The rising adoption of encapsulation technology in fabric softeners and cosmetic products favors overall market progress. Besides, key benefits including longer-lasting scent, improved fragrance stability, and reduced volatility are among the major factor contributing to the growth of the encapsulated fragrances market.
Encapsulated Fragrances Market: Segmental Overview
Based on product type, the encapsulated fragrances market is segmented into fragrance blends, aroma chemicals, and others. In 2022, the aroma chemicals segment dominated the market. Further, the others segment is expected to register the highest CAGR during the forecast period. Aroma chemicals are an essential additive in consumer products such as household detergent and laundry products. These complex compounds release a distinct scent that helps to enhance the aroma or fragrance of the formulations they are infused in. The others segment consists of essential oils and natural extracts. Essential oils act as a functional ingredient and offer ample benefits to the skin. A few highly valued essential oils that are used as fragrances are lavender, floral oils, citrus, eucalyptus, and tea tree. The rising popularity of natural ingredients would trigger the demand for essential oils in various applications in the coming years.
The encapsulated fragrances market is segmented into five main regions—North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. In 2022, North America dominated the global encapsulated fragrances market, and is expected to register a significant CAGR during the forecast period. Encapsulated fragrances market in Asia Pacific driven by steady growth in the personal care, cosmetics and cleaning products industries. Manufacturers are increasingly shifting toward encapsulated fragrances due to increasing consumer demand for long-lasting fragrances. Moreover, the preference for natural extracts and aroma chemicals in softeners and cosmetic formulations has urged these manufacturers to shift toward encapsulated fragrances.
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Impact of COVID-19 Pandemic on Encapsulated Fragrances Market
The manufacturers of cleaning products, cosmetics, personal hygiene products, and food & beverages were the major enablers of the growth of encapsulated fragrance market before the onset of the COVID-19 pandemic. In addition, rising research and development activities to improve encapsulated fragrance process efficiency further contributed to the market growth. After the onset of COVID-19, companies in the encapsulated fragrances market faced significant challenges due to supply chain constraints caused by nationwide lockdowns, trade bands, and travel restrictions. The outbreak hampered the sales of cosmetics, personal care products, perfumes, and fragrances, which resulted in a decrease in the sales of encapsulated fragrances. According to a report published by the NPD Group, in the second quarter of 2020, prestige beauty sales in the US dropped by 36% compared to the same period in 2019 and reached a value of US$ 2.8 billion. Moreover, the shortage of raw materials caused by supply chain disruptions hampered the production and distribution of encapsulated fragrances, leading to price hikes.
During the early phase of the COVID-19 pandemic, implementing lockdown restrictions and the shutdown of manufacturing units led to a production shortfall, creating a demand and supply gap. These factors hampered the profitability of encapsulated fragrances manufacturers. In 2021, several economies resumed operations as governments of various countries announced relaxations in the previously imposed restrictions. Manufacturers were permitted to operate at full capacity, which helped them overcome the demand and supply gaps and other challenges. Further, consumers became more conscious of personal and home cleanliness during the pandemic, resulting in an increased need for personal care products, home care and laundry products, propelling the demand for encapsulated fragrances
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