Natural Fragrance Ingredients Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

The natural fragrance ingredients market is expected to grow from US$ 2.5 billion in 2022 to US$ 4.5 billion by 2031; it is estimated to grow at a CAGR of 7.5% from 2022 to 2031.

Natural fragrances are complex compositions of natural fragrant raw materials, including essential oils, isolates, essential oils fractions, exudates such as resins, distillates, extracts, and volatile concentrates. Various spice-based, floral-based, and fruit-based natural fragrance ingredients are available in the market. The ingredients generally have applications in fine fragrances, skincare, haircare, and fabric care. Natural fragrance ingredients are aromatic compounds usually incorporated into various products to impart a pleasing odor, mask the ingrained smell of ingredients, and improve the experience of using the product.

MARKET DYNAMICS

The innovations in the manufacturing of natural fragrance ingredients by the leading players play a vital role in the natural fragrance ingredients market growth. Owing to the rising awareness regarding the benefits of natural fragrance ingredients, consumers are drastically inclining toward natural ingredients over synthetic ingredients. Also, the low toxicity of natural fragrance ingredients further encourages consumers to opt for natural fragrance ingredients. Moreover, rare fragrances, such as musk, and earthy fragrances have strong demand in the premium category of natural fragrance ingredients, which bolsters the growth of the market. However, the high cost of premium natural fragrance ingredients hampers the market growth.

MARKET SCOPE

The "Global Natural Fragrance Ingredients Market Forecast to 2031"  report aims to provide an overview of the market with detailed market segmentation. It provides key statistics based on the performance of leading market players and offers major trends and opportunities in the market.

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Natural Fragrance Ingredients Market: Strategic Insights

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MARKET SEGMENTATION

The global natural fragrance ingredients market is bifurcated on the basis of type and application. Based on type, the market is segmented into spice based, flower based, fruit based, and others. Based on application, the market is segmented into fine fragrances, skincare, haircare, fabric care, and others.

REGIONAL FRAMEWORK

The global natural fragrance ingredients market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The report covers an analysis and forecast of 18 countries across the world, along with trends and opportunities prevailing in these regions.

Europe dominated the natural fragrance ingredients market in 2021. The market in Europe is majorly attributed to the rising health awareness among consumers and the increasing importance of aroma in products. According to the Centre for the Promotion of Imports from developing countries (CBI) report published on February 10, 2021, the imports of high-value essential oils increased by 21.6% owing to the surged demand for high-value essential oils in Europe. Also, rising personal care and cosmetics expenditures, changing lifestyles, and an increasing per capita incomes are a few key factors supporting the growth of the natural fragrance ingredients market across the region. 

Source: The Insight Partners Analysis

The report analyzes the factors, such as drivers, restraints, opportunities, and future trends, that impact the natural fragrance ingredients market. It also provides an exhaustive Porter's five forces analysis of the factors influencing the market in these regions.

IMPACT OF COVID-19 PANDEMIC

The COVID-19 pandemic has had a profound impact on the natural ingredients market. The natural fragrance ingredients are highly used in the cosmetics & personal care industry. During the pandemic, industries were forced to stop production for months, and offices were advised to shift to a work-from-home scenario. Work was affected, production was halted, orders were delayed, and the import/export supply chain was interrupted due to the adverse effects of the pandemic. Moreover, the COVID-19 patient suffered from sensory disturbances. Hence, fragrance ingredient companies faced challenges due to the impact of the sense of smell and taste.  Hence, the companies were unable to come up with the  new solutions. Also, disruptions in supply chain coupled with the closing of national and international boundaries for import & export majorly affected the natural fragrance ingredients market.

MARKET PLAYERS

Various companies in the natural fragrance ingredients market are focusing on organic growth strategies such as product launches, product approvals, patents, and events. Acquisitions, partnerships, and collaborations are a few inorganic growth strategic activities witnessed in the market. These activities have paved the way for business expansion and the customer base of market players. Market players are anticipated to experience lucrative growth opportunities in the coming years due to the rising demand for natural fragrance ingredients.

The report includes key company profiles operating in the natural fragrance ingredients market, along with their SWOT analysis and market strategies. It also focuses on leading industry players’  information, such as company profiles, components and services offered, financial information of the last three years, and key development in the past five years.

Key Companies Operating in the Natural Fragrance Ingredients Market

• Givaudan SA
• International Flavors and Fragrances (IFF)
• Takasago International
• Huabao Group
• Firmenich SA
• Symrise AG
• Robertet SA
• Mane SA
• Agilex Fragrances
• Carmi Flavor & Fragrance Co. Inc. 

The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.

Report Scope

Natural Fragrance Ingredients Market Regional Insights

The regional trends and factors influencing the Natural Fragrance Ingredients Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Natural Fragrance Ingredients Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Natural Fragrance Ingredients Market Report Scope

Natural Fragrance Ingredients Market Players Density: Understanding Its Impact on Business Dynamics

The Natural Fragrance Ingredients Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Natural Fragrance Ingredients Market are:

1. Givaudan SA
2. International Flavors and Fragrances (IFF)
3. Takasago International
4. Sensient Flavors and Fragrances.
5. Huabao Intl.

Disclaimer: The companies listed above are not ranked in any particular order.