Transparency Market Research has identified Givaudan SA, Firmenich SA., Symrise AG., and IFF as the leading players in the global natural fragrance ingredients market. The report suggests that these companies held a collective share of 56.5% in the global market in 2015. Most of these companies are expected to enter emerging economies to tap into the huge population base that is expected to show interest in commodities that are made from natural fragrance ingredients. According to the research report, the global natural fragrance ingredients market is expected to be worth US$5.3 bn by 2024 from US$3.3 bn in 2015. Between the forecast years of 2016 and 2024, the overall market is expected to expand at a CAGR of 5.8%.
Cosmetics to Remain Focal Point of Global Natural Fragrance Ingredients Market
“Of all the regions, the Europe natural fragrance ingredients market is expected to exhibit robust growth in the coming years. This regional market is expected to acquire a share of 29.74% in the overall market by the end 2024,” states the lead author of this research report. The remarkable growth of Europe will be attributable to the strong presence of leading companies. Meanwhile, changing consumer sentiment will tilt towards cosmetics, giving this segment a chance emerge as a leading segment between 2016 and 2024. The cosmetics segment will progress at a CAGR of 6.5% during the forecast period.
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Improving Standard of Living Coaxes Many to Buy Personal and Household Care Products
The rapid pace of urbanization and globalization have played a critical role in the development of global natural fragrance ingredients market. Developing economies and strengthening GDPs have allowed the consumers the chance to indulge in luxury products. Furthermore, it has given the overall population a chance to invest in personal care products as well as household care products. Thus, the growing demand for cosmetics has created several lucrative opportunities for the application of natural fragrance ingredients market. Today, these ingredients are being extensively used in a wide range of creams, soaps, lotions, car air fresheners, deodorants, perfumes, and several other products. The market is also benefitting from the rising demand for natural products over synthetic products as the latter are known to be harmful to both human body and the environment.
The rising standard of living has also had a positive impact on the trajectory of the global natural fragrances ingredients market over past few years. For instance, the demand for household care products has risen significant in the recent past and is expected to soar in the coming years due to the emerging economies in the region. The improved disposable income and the emergence of the mass middle class has also generated a noticeable demand for the natural fragrance ingredients through increased spending on a variety of personal and home care items. However, as leading manufacturers are trying to circumvent this issue by developing sustainability measures as a part of their core strategy to have continued supply of natural fragrance ingredients.
Negative Impact on Environment to Restrict Growth
The steady market drivers are being overshadowed by certain challenges. The high cost of extracting natural ingredients as opposed to manufacturing synthetic ones is the great hurdle in the overall market. Furthermore, the loss of important natural resources due to growing demand for natural fragrance ingredients is also expected to hamper the growth of the global market. For instance, the Musk Deer faces the threat of extinction due to its continued poaching despite a ban for extracting Musk.
