Fragrance Ingredients Market Size, Share, Trends, Growth 2030

Fragrance Ingredients Market Industry Perspective

The global fragrance ingredients market size was evaluated at $15 Billion in 2022 and is slated to hit $25 Billion by the end of 2030 with a CAGR of nearly 7.6% between 2023 and 2030.

The market report is an indispensable guide on growth factors, challenges, restraints, and opportunities in the global marketplace. The report covers the geographical market along with a comprehensive competitive landscape analysis. Additionally, the report explores the investor and stakeholder space to help companies make data-driven decisions.

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Global Fragrance Ingredients Market: Synopsis

Fragrances are unique blends of synthetic and natural ingredients that are added to any product to impart a distinct aroma. Moreover, they are used in perfumes as well as in different consumer goods such as personal care, home cleaning chemicals, soaps, detergents, sanitizers, cosmetics, disinfectants, toiletries, and others. Reportedly, fragrance ingredients are a combination of various chemicals which give a fragrance that coincides with an aroma. The ingredients of fragrances are derived from natural as well as petroleum raw materials.

Key Insights

• As per the analysis shared by our research analyst, the global fragrance ingredients market is projected to expand at the compound annual growth rate of around 7.6% over the forecast timespan (2023-2030)
• In terms of revenue, the global fragrance ingredients market was evaluated at nearly $15 billion in 2022 and is expected to reach $25 billion by 2030
• The global market is anticipated to record massive growth over the forecast period with escalating demand for natural fragrances and growing end-user preference for personal care & skin care products.
• Based on type, the personal care segment to contribute the highest share of the global market over the forecast period
• In terms of application, the natural ingredients segment is predicted to account for a major share of the global market during the predicted timespan.
• Region-wise, the Asia-Pacific fragrance ingredients market is projected to register the fastest CAGR over the assessment timeline.

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Fragrance Ingredients Market: Growth Factors

Surging consumer preference for cosmetic and beauty products to embellish the growth of global fragrance ingredients market over forecasting years

Escalating demand for natural fragrances and growing end-user preference for personal care & skin care products to boost the global market trends. Expanding consumer base, constant product innovation, and growing sales of air fresheners to propel the expansion of the fragrance ingredients market across the globe. Rise in awareness about aromatherapy owing to enhanced living standards will prop up the expansion of the global fragrance ingredients market. Large-scale use of fragrance ingredients in household items including candles and scented sticks will embellish the size of the fragrance ingredients market.

Globalization and swift urbanization along with an increase in per capita income will chart a profitable growth graph for the fragrance ingredients market globally. Huge fund allocation for research activities pertaining to the production of fragrance ingredients will scale up the fragrance ingredients business globally in the years ahead.

Fragrance Ingredients Market: Hindrances

Rising production costs and skin problems can put brakes on the global industry

Surging production costs and a rise in health issues such as rashes on the skin and allergies can hinder the expansion of the global fragrance ingredients industry.

Fragrance Ingredients Market: Opportunities

Escalating use of soaps & detergents in households to open new growth opportunities for the global market

Extensive application of soaps & detergents in various households and schools will open new growth opportunities for the global market.

Fragrance Ingredients Market: Challenges

Oscillating raw material costs is a big challenge to the global industry expansion

Volatility in the cost of raw materials to pose a major challenge to the growth of the global fragrance ingredients industry. Furthermore, the short shelf life of fragrance ingredients and the hazardous effects of synthetic fragrance ingredients on an individual’s health can be a key challenge to the global industry surge.

Fragrance Ingredients Market: Segmentation

The global fragrance ingredients market is sectored into application, source, type, and region.

In terms of type, the global fragrance ingredients market is sectored into natural ingredients and synthetic ingredients segments. Apparently, the natural ingredients segment, which lead the global market share in 2022, is set to continue its overall market domination over the forecast timeline. The segmental surge can be credited to rapidly changing consumer tastes and purchasing patterns. Furthermore, an increase in the therapeutic application of essential oils and a surge in customer spending on personal care & beauty products will steer the global fragrance ingredients market growth.

The market, by source, is divided into flowers, vegetables, fruits, and plant extracts.

Based on the application, the global fragrance ingredients industry is bifurcated into hair care, personal care, fabric care, and others segments. Furthermore, the personal care segment, which garnered the largest share of the global industry in 2022, will continue to dominate the overall industry growth even in foreseeable future. The growth of the segment over the analysis period can be owing to the massive use of fragrance ingredients in the personal care segment.

Recent Breakthroughs

• In the second quarter of 2020, Firmenich Group, a key player in the fragrance ingredients industry,  acquired Les Dérives Résiniques Et Terpéniques SA, a key chemical manufacturing firm. The move will help in reinforcing the position of Firmenich in the renewable ingredients market. The initiative will also boost the expansion of the fragrance ingredients industry across the globe
• In the first half of 2020, Givaudan SA, a key fragrance & cosmetic ingredients producer based in Switzerland, launched Koffee Up, a premium coffee oil produced using cycling methods. The move will expand the scope of the growth of the fragrance ingredients market across the globe.

Fragrance Ingredients Market Report Scope:

Fragrance Ingredients Market: Regional Insights 

Fragrance Ingredients Market in the Europe To Account for a Major Market Share Over 2023-2030

The European fragrance ingredients market is projected to witness massive growth over the forecasting years. With the massive demand for fragrance in countries such as France, Germany, and Switzerland, the fragrance ingredients market in Europe is projected to expand by leaps and bounds in the years ahead.

The Asia-Pacific fragrance ingredients market is set to register the highest CAGR during the forecast timeline. The growth of the regional market in forecasting years can be owing to escalating demand for fragrance ingredients in the countries such as China and India. Apart from this, thriving skin care, personal care, and cosmetics industries will prop up product penetration in the sub-continent in the coming decade.

Fragrance Ingredients Market: Competitive Space

The global fragrance ingredients industry profiles key players such as

• Symrise AG
• Fleur De Fragrances
• Veera Fragrances Pvt Ltd.
• BASF SE
• Mane SA
• Givaudan SA
• BMV Fragrances Pvt. Ltd.
• Fermenich International SA
• Fine Fragrances Private Limited
• Vimal LifeSciences Pvt. Ltd
• Kalpsutra Chemicals Pvt Ltd
• A. B. Enterprises
• International Flavors
• Fragrances Inc.

The global fragrance ingredients market is segmented as follows:

By Type

• Natural Ingredients
• Synthetic Ingredients

By Application

• Hair Care
• Fabric Care
• Personal Care
• Others

By Source

• Flowers
• Vegetables
• Fruits
• Plant Extracts

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa