Global Fragrance Ingredients Market to Reach US$ 15.2 Billion by 2032, Fostered by Rapid Expansion in the Cosmetic Industry

IMARC Group's latest report, titled "Fragrance Ingredients Market Report by Type (Natural Ingredients, Synthetic Ingredients), Source (Flower, Fruits, Vegetables, Plant Extracts), Application (Hair Care, Personal Care, Fabric Care, and Others), and Region 2024-2032," finds that the global fragrance ingredients market size reached US$ 9.6 Billion in 2023. Fragrance ingredients are numerous synthetic and natural aromatic substances blended in a unique, complex mixture and used as crucial components in various products to add a pleasant scent. These substances are carefully extracted from flowers, fruits, shrubs, and herbs to produce aromatic chemicals and essential oils. They are commercially available in essential oil and aromatic chemical product variants. At present, fragrance ingredients find extensive applications as a key component for manufacturing spray perfumes, cosmetics, soaps, detergents, incense, personal care, and household products across the globe. 

Global Fragrance Ingredients Market Trends:

The rapid expansion in the cosmetic industry and the rising demand for air fresheners and various personal care products, such as mist, creams, shampoos, toiletries, and perfumes, represent the primary factors driving the market growth. Moreover, the shifting consumer inclination toward natural fragrance ingredients extracted from plants, animals, and fruits due to the rising awareness about the harmful effects of using chemical-infused personal care products is positively influencing the market growth. Additionally, extensive investments by governments of numerous countries in research and development (R&D) activities to promote the uptake of safer, eco-friendly, and dermatologically tested products represent another major growth-inducing factor. Besides this, several international fragrance brands have been launched due to the rising mergers and acquisitions (M&A) among key players. These brands allow customers to custom-make their perfumes and experience contemporary fragrances with oriental notes, which in turn has catalyzed market growth. Furthermore, the increasing use of fragrances in aromatherapy treatments owing to their therapeutic advantages, including reducing stress, improving sleep quality, and boosting mood, is contributing to the market growth. Apart from this, the rising awareness about the importance of cleanliness and personal hygiene due to the widespread prevalence of infectious diseases is propelling the market growth. Other factors, including the surging adoption of smart marketing strategies, inflating consumer purchasing power, elevating lifestyles, and continual product innovations, are also anticipated to create a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 15.2 Billion by 2032, expanding at a CAGR of 5.2% during 2024-2032.

Market Summary:

• On the basis of the type, the market has been bifurcated into natural and synthetic ingredients. 
• Based on the source, the market has been segmented into flower, fruits, vegetables, and plant extracts.  
• The market has been categorized based on the application into hair care, personal care, fabric care, and others.  
• Region-wise, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and Middle East and Africa.
• The competitive landscape of the market has also been examined, with some of the key players being BASF SE, Fine Fragrance Pvt. Ltd, Firmenich SA (Sentarom SA), Givaudan, International Flavors & Fragrances Inc., Kalpsutra Chemicals Pvt. Ltd., Mane SA, Robertet Group, S H Kelkar & Co. Limited, Symrise AG, T.Hasegawa Co. Ltd., Takasago International Corporation, and Treatt.

Report Scope:

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