Selbyville, Delaware, Nov. 03, 2021 (GLOBE NEWSWIRE) -- According to the latest report by Global Market Insights Inc., the Fragrance Ingredients Market was estimated at USD 14.5 billion in 2020 and is slated to reach a valuation of around USD 20 billion by 2027, registering a CAGR of 7.5% from 2021 to 2027. The research report gives a detailed assessment of market size & estimations, competitive scenario, top winning strategies, wavering market trends, drivers & opportunities, and major investment pockets.
Fragrance ingredients find wide usage in cosmetic products, including sunscreens, body lotion, deodorant, and cream, among others, to enhance their aroma. These ingredients are also commonly utilized in other products, such as shower gels, shampoos, body lotions, and shaving creams. Booming product uptake in different cosmetics and personal care products is foreseen to bolster industry expansion through the forecast period.
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The wood-based natural fragrance ingredients product segment is projected to register steady growth at a CAGR of about 7.5% through 2027. Wood-based fragrance ingredients include guaiac, cedar, and sandalwood, which are used in various perfumes. The proliferating men’s perfume sector, coupled with rising consumer interest in rugged fragrances, is likely to foster product outlook across the globe.
Key reasons for fragrance ingredients market growth:
- Growing prevalence in cosmetic products.
- Increased usage in fine fragrances & perfumes.
- Mounting prominence of natural fragrance ingredients.
- Soaring product adoption in soaps & detergents and toiletries.
2027 forecasts show ‘esters’ segment retaining its dominance:
Based on product, the esters synthetic fragrance ingredients segment is estimated to progress at approximately 9% CAGR through 2027. Esters, which are popular for their pleasant fragrance, are produced when carboxylic acid reacts with alcohol. Different combinations of carboxylic acid and alcohols create different esters, wherein each ester has a distinct aroma. These esters naturally occur in fruits & vegetables and are utilized in perfumes. Surging demand for consumer products like cosmetics, fine fragrances & perfume, soaps & detergents, and toiletries with a fruity fragrance is likely to boost segmental growth through 2027.
Europe to maintain top status in terms of revenue:
By region, the Europe fragrance ingredients market is anticipated to be valued at more than USD 8.5 billion by 2027. Europe is known to be the largest cosmetics industry in the world. Increasing beauty awareness among the population, surging tourist inflow, and rising disposable incomes would fuel cosmetics sales in Europe, which is expected to facilitate regional market growth from the cosmetics application. Escalating consumer consciousness pertaining to natural ingredient products is set to propel product uptake in Europe.
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Impact of COVID-19 pandemic on fragrance ingredients market:
The COVID-19 outbreak disrupted the global supply chain, impacting essentially all industries, including the fragrance ingredients market. Moreover, in order to curb the transmission of the novel coronavirus, there was an upsurge in the use of disinfectants, creating an upsurge in the demand for alcohol, which is a main component of sanitizers and disinfectants.
Since alcohol is one of the basic ingredients of perfumes and other cosmetics and personal care products, the lack of supply of alcohol adversely impacted the global business. However, with successful vaccination drives and growing focus on economic recovery, the industry is gradually regaining its pre-COVID momentum.
Leading market players:
Some key players operating in the fragrance ingredients industry include BASF SE, Firmenich SA, Givaudan SA, Frutarom Industries Ltd., Vögele Ingredients, and Treatt plc, among others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
