April 22, 2020
As per the report titled ‘Global Aroma Ingredients Market Size study, by Type (Synthetic Ingredients, Natural Ingredients), by Application (Fine Fragrances, Toiletries and CosmeticsHomecare, Personal Care, Fine Fragrances and Perfumes, Others) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global aroma ingredients market was worth USD 2.29 billion in 2018 and is predicted to expand at 4.31% CAGR during 2019-2026.
Aroma ingredients are fragrance enhancing substances added to products to achieve desired odor. Extensive use of these ingredients in several consumer products including toiletries, fine fragrances and cosmetics is stimulating the growth of global aroma ingredients market. However, stringent government regulations towards the production of aroma ingredients along with high R&D cost may hamper the market growth during the forecast period.
Based on the type, natural ingredients segment is anticipated to witness considerable growth during the study period. The side-effects of synthetic/chemical- based products is shifting consumer focus towards natural personal care products, thereby augmenting the demand for natural aroma ingredients. According to Statista, natural & organic beauty industry is expected to reach USD 22 billion by 2024, indicating a high demand for natural aroma ingredients in the coming years.
Speaking of the application spectrum, market share from cosmetics segment is poised to see considerable gains over the forecast timeline. As per Statista, global cosmetic industry grew by 5.5% during 2017-2018. Rising disposable income, changing lifestyle, and growing consciousness among people regarding skincare, hair care, and oral care products are driving the segment growth.
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As per the regional outlook, aroma ingredients industry in Europe is slated to amass remunerative gains by the year 2026 due to large customer base in the region. Majority of perfume industry players are based in Italy, France, Germany, and UK. This factor in consort with dense presence of leading manufacturers of personal care products is supporting the growth of industry in Europe.
Prominent players of global aroma ingredients market are Givaudan, International Flavors & Fragrances Inc. (IFF), Firmenich SA, Symrise, Frutarom, Takasago International Corporation, Robertet SA, MANE, T. Hasegawa Co., Ltd., and Sensient Technologies Corporation.