Fragrance Ingredients Market trends research for 2018-2024 Fragrance Ingredients Market | Page 2

preferences towards natural fragrance ingredients owing to their benefits and
technological advancements may stimulate the product demand.
Fragrance ingredients are bifurcated into aroma chemicals and essential oils, which
are commonly used in the food & beverage, cosmetics & toiletries sector. Essential
oils segment can be further divided into citronella, cedarwood, M. arvensis, orange,
Eucalyptus and others. Aroma chemicals include terpenes, heterocyclic compounds,
musk chemicals, aliphatic, benzenoids, and others.
North America, led by Mexico, Canada and the U.S. fragrance ingredients market size
may show steady growth pertaining to increasing anti-ageing product use caused by
rising awareness of ageing signs, increasing obesity and sedentary lifestyles. Rapidly
ageing population in the region has led to surging demand for fragrance-based anti-
wrinkle creams in the region. Increasing demand for cosmetics, soaps, toiletries and
detergents may drive growth of product market size. The anti-ageing product market
in the U.S was valued at over USD 50 billion in 2017 due to an ageing population,
technological advancements, and product improvements which led to increased
growth of product market size.
Asia Pacific fragrance ingredients market size, led by South Korea, Australia, Japan,
India and China is likely to show rapid growth in the forecast period owing to rapid
economic growth that has led to an increasing demand for products such as perfumes,
deodorants and mists, along with essential hygiene-related products. Rising
disposable incomes, increasing demand for wellness, personal care and household
care products is likely to accelerate natural product market growth in the region. Indian
deodorant market size is likely to grow at about 15% till 2024, driven by the rise of the
middle class, increasing demand from small markets and rising awareness of personal
grooming which presents growth opportunities for fragrance ingredients market
demand.
These products have certain health concerns owing to presence of toxic components
thereby restraining the fragrance ingredients market growth. Additionally, rising
research & development costs, uncertainty over patent regulations, and stringent
quality guidelines driving high production costs may further limit the market growth.
Fragrance ingredients market share is competitive and highly fragmented with
companies like BASF, Takasago international, MANE, Firmenich, Symrise and
Givuadan. Vendors are adopting strategies like capacity expansions and mergers &
acquisitions to deal with rising product demand.
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