Chemicals for Fragrance Ingredients Market Expected to reach a CAGR of ~ 5.5% and US $ 5,254.1 million during the forecast period 2017-2027 – Industrial IT
Global fragrance ingredient chemicals sales revenue was valued at US $ 5,254.1 million in 2017 and is expected to reach a market value of US $ 8,967.3 million by the end of 2027, increasing at a CAGR of 5.5.% during the forecast period, that is, between 2017 and 2027. According to a new publication from Future Market Insights titled “Perfume Ingredients Chemicals Market: Global Industry Analysis (2012 – 2016) and Opportunity Assessment (2017 – 2027)” “, most companies making chemical ingredients for perfumes focus on making perfumes and materials with synthetic chemicals. Expert analysts from Future Market Insights have observed that the personal care and cosmetics industry will experience major growth opportunities and is ready to help market players increase their market share and trade revenue.
Global Chemicals Market for Fragrance Ingredients: Constraints
- High cost of raw materials and lack of low-level manufacturing
- Low awareness of greener products and low production growth
- High cost of raw material extraction and expensive research and development programs
- Fluctuations in commodity prices and the high cost of petroleum-based fuels
- Growing concerns about the harmful effects of using harsh ingredients
Rising consumer awareness of natural / herbal fragrances is expected to drive the growth of the global fragrance chemical ingredients market
An ever-growing world population, rapid urbanization, a growing pharmaceutical sector and growing geriatric population are some of the important factors influencing a constant change in consumer preferences.
Another major factor responsible for the unprecedented growth of the perfume ingredient chemicals market is the increasing saturation of industries that process products such as soaps, detergents, cosmetics, and personal care products.
Natural and organic cosmetics are in great demand around the world. There is no other alternative to natural ingredients. This is the reason why when launching any new cosmetic product containing natural ingredients, manufacturers first make sure to label the product as not harmful to the environment and that its effectiveness will remain intact. .
This is one of the main reasons why natural fragrances are preferred by people. In the sub-Saharan Africa region, there is a huge demand for cosmetic perfumes from the young population. Another reason for the growth of the global perfume ingredient chemicals market is increasing economic growth, increasing per capita income and specific orientation of various MEA countries towards retail sector.
Global Fragrance Ingredient Chemicals Market: Forecast By Application
On the basis of application, the global perfume ingredient chemicals market is segmented into fine perfumery, home care, linen care, personal care, cosmetics, and others. The fine perfume segment represented a significant market share of 22.3% in 2017, followed by the personal care segment. The personal care segment is expected to remain dominant through 2027. This segment is also expected to remain the most lucrative during the forecast period.
Global Perfume Chemical Ingredients Market Forecast by Product Type
The segmentation by product type includes synthetic aromatic chemicals and essential oils. The synthetic aromatic chemicals segment is further segmented into alcohols, esters, ethers, ketones and others. The essential oils segment is sub-segmented into orange, lemongrass, peppermint, eucalyptus, and others. Synthetic Flavor Chemicals segment is expected to experience the highest CAGR value of 5.7% in the global Fragrance Ingredient Chemicals market. The cost factor should encourage market players to adopt synthetic products; Furthermore, a global trend towards green products is expected to create lucrative opportunities for essential oil manufacturers due to a growing consumer preference for herbal products.
Global Perfume Chemical Ingredients Market: Forecast by Region
Asia-Pacific is estimated to be the most lucrative regional market in terms of revenue generation in the global fragrance chemical ingredients market, valued at US $ 1,198.0 million in 2017 and is expected to grow at a CAGR of 6 , 2% over the forecast period. Within the Asia-Pacific region, China and India are expected to remain dominant in the demand for chemicals for perfume ingredients. In terms of growth, after Asia-Pacific are several European countries such as Italy, France and the United Kingdom. A notable increase in sales in other developing markets such as Brazil, Russia, Turkey, GCC countries and South Africa is expected during the forecast period.
Global Perfume Chemical Ingredients Market: Key Players
Sensient Technologies Corporation, BASF SE, Eternis Fine Chemicals, YingYang (China) Aroma Chemical Group, KDAC CHEM Pvt. Ltd., Frutarom Harmony Organics Pvt. Ltd., Atul Ltd, GODAVARI BIOREFINERIES LTD, Givuadan Firmenich, International Flavors and Fragrances Inc., Symrise, Takasago International Corporation, MANA SE, Robertet SA, T. Hasegawa USA, Huabao International Holdings Limited, Zhejiang, Xinhua Chemical Co., Ltd , Henkel AG & Co KGaA ADR and Charkit Chemical Company LLC are some of the main
By product type
- Synthetic aromatic chemicals
- Others (Thiols, DiÃ©nals, etc.)
- Essential oils
- Pepper mint
- Others (Rose, Sandalwood,
- oranges, etc.)
- Fine fragrance
- Home Care
- Laundry care
- Personal care
- Beauty products
- North America
- Latin America
- Asia Pacific excluding Japan (APEJ)
- Western Europe
- Eastern Europe