Natural Fragrance Market to Witness Comprehensive Growth by 2024| Givaudan SA, Firmenich SA, International Flavors & Fragrances, Symrise AG, and Others
The global natural fragrance market size is projected to reach USD 4.3 billion by 2024, at a CAGR of 9.6% between 2019 and 2024. Natural fragrance is a blend of complex fragrance compounds, which are made up of natural aromatics. These natural aromatic are made by extracting the volatile fractions from plants physically, without chemically altering them. These fragrances are mainly used to impart an appealing odor/scent for several fragrance applications.
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Based on ingredients, natural fragrances are segmented into essential oils and natural extracts. The essential oils ingredient segment accounted for the largest share, in terms of value, in 2018. Dominance is attributed to the growing demand for natural & organic products. Additionally, changing lifestyle and preferences of consumer’s acts as a driver.
Based on application, the natural fragrance market is segmented into fine fragrances, personal care & cosmetics, and household care. Fine fragrances application accounted for the largest share of the market in 2018, in terms of value. This is because of the increasing demand for fine fragrances applications such as perfumes and colognes. Personal care & cosmetic application is estimated to be the fastest growing segment during the forecast period.
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Europe is estimated to be the largest market for natural fragrances during the forecast period, in terms of value. Increasing disposable incomes of middle-class populations in emerging economies of the European region, coupled with the flourishing personal care industry, make the region an attractive market for natural fragrances. The usage of personal care, grooming, and hygiene products have increased tremendously. The use of cosmetics is not restricted to women as the industry has been able to gain the attention of men and teenagers as well by investing on the growing consciousness regarding personal hygiene and grooming among everyone. It has helped the personal care & cosmetics segment to flourish in the European region. Hence, the demand for natural fragrances in these products is also estimated to be high.
Givaudan SA (Switzerland), Firmenich SA (Switzerland), International Flavors & Fragrances (US), Symrise AG (Germany), Takasago International Corporation (Japan), Mane SA (France), Robertet SA (France), Sensient Technologies Corporation (US), T. Hasegawa Co., Ltd. (Japan), and Bell Flavors & Fragrances (US) are the leading manufacturers of natural fragrances. These players are focusing on new product launches to cater to specific demands of end customers and expansions to increase their geographic reach. Besides, they have adopted the strategy of acquisitions to increase their market reach, enhance their product portfolio, and strengthen their market positions.
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