Fragrance ingredients Market may exceed USD 18.5 billion by 2024; according to a new research report. Increasing demand for premium aroma in cosmetics, toiletries, fine fragrances & perfumes are major driving factor towards fragrance ingredients market growth. Rising demand for premium and multifunctional material and has led to incorporation of sophisticated components like essential oils which may favor industry growth.
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Growing demand for beauty products along with increasing number of working women populations is likely to drive fragrance ingredients market. These ingredients are added to products in order to give pleasant aroma. Growing purchaser expenditure on beautification along with increasing aging population will promote cosmetics market, thereby driving product demand by 2024.
China terpenes fragrance ingredients market is projected to surpass USD 190 million by 2024. These are group of chemicals compounds that is found in essential oils and are used as perfumery component. Growing perfumery market in this region is likely to drive product demand due to its usage in luxury perfumes.
Beneficial government rules regarding use of natural ingredients along with strong R&D support to manufacture innovative products is likely to promote product demand. Additionally, governing policies by European Union associated to the use of safe chemicals in the region may act as critical contributing facet towards driving fragrance ingredients market.
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U.S. fragrance ingredients market from toiletries applications may witness gains at over 5.5% by 2024 owing to availability of superior brands through operative supply chain along with growing customer buying ability should escalate product demand. Baby toiletries market is anticipated to grow significantly in the region owing to increase in hygiene care for babies, which should stimulate product demand in forecast timeframe.
Italy fruit-based fragrance ingredients market may surpass 1.5 kilo tons in the predicted timeframe, owing to inclination towards natural products, which is positively affecting product demand. Growing skin care products market for sunscreens, facemasks, scrubs and lotions which extensively use these ingredients is likely to drive product demand by 2024.
Fragrance ingredients are widely used in air fresheners to adsorb unpleasant odor and cleanse air. It has application in pumps, aerosols, gels, beads, powders and pads air fresheners which is anticipated to foster industry growth. Ethers are used in these products which nullify bad odor and gives gentle smell.
UK fragrance ingredients market from fine fragrances & perfumes application is poised to witness gains of over 5% in by 2024, owing to growing market for personal care products in this region. Toiletries products can become contaminated or polluted which may lead to product deterioration and result in bad odor. These products help in preventing such problems, thereby driving product demand.
Global Fragrance ingredients market share is competitive as well as moderately fragmented among several participants including Firmenich, Treatt, Kalpa Sutra Chemicals, Vogele, Symrise, Ventos, BASF SE, Frutarom and Givaudan. Companies are balancing use of synthetic and natural and chemicals along with manufacturing high value products.
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