The report “Fragrance Ingredients Market by Type (Essential Oils and Aroma Chemicals), by Application (Cosmetics & Toiletries, and Soaps & Detergents) & by Geography - Global Trends & Forecasts to 2019” hasdefined and segmented the fragrance ingredients market with analyses and projection of the size and trends in terms of value. It has also identifiedthe driving and restraining factors for the market with analyses of opportunities, burning issues, and challenges. The market has been segmented on the basis of major regions such as North America, Europe, Asia-Pacific, Latin America, and Rest of the World (RoW); and their value has been projected. The size of the markets in the key countries have also been covered and projected for each region. The market has further been segmented on the basis of applications and their size has been projected.
The global market for fragrance ingredients was valued at $12,383.25 million in 2013. This market is projected to grow at a CAGR of 5.6% from 2014 to reach $17,104.21million by 2019. Europe dominated the market in 2013, which was followed by North America. Latin America is projected to be the fastest-growing market between 2014 and 2019.
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The fragrance ingredients market is segmented on the basis of end applicationsas cosmetics & toiletries, fine fragrances, soaps & detergents, and others (household products such as scouring cleaners, wall, woodwork, bathroom and toilet bowl cleaners, candles & incense sticks, and other products such as pesticides and aromatherapy).
Soaps & detergents are estimated to account for the largest share of the total fragrance ingredients market; and the cosmetics & toiletries segment is observed to be the second-highest consumer of fragrance ingredients. The market for fragrance materials is driven by new consumer products, especially skin and hair care products. Product innovation strategies with respect to cosmetics and toiletries have driven the overall growth of the market.Essential oils are mainly used as fragrance ingredients in cosmetics and toiletries. Aroma chemicals such as á-amyl cinnamaldehyde, p-anisaldehyde, benzyl acetate, benzyl benzoate, and coumarin are also used in cosmetics and toiletries.
The growth of the fragrance ingredients market is primarily driven by the change in the consumer preferences, increase in demand for natural fragrances, increase in demand from the developing nations, and significant technological advancements. However, factors such as R&D proving expensive and compliance with quality and regulatory standards are restraining the growth of the market.
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The fragrance ingredients market continues to grow due to high demand in most of the countries around the world and intensifying market opportunities. The market players are responding to these new opportunities by expanding their global presence and product lines.
The fragrance ingredients market is a diversified and competitive market with a large number of players. The fragrance ingredients market is dominated by various players, depending on their core competencies. The key players in the market are Mane SA (Germany), BASF SE (Germany), International Flavors & Fragrances Inc. (U.S.), Fermenich International SA (Switzerland), and Givaudan SA (Switzerland).
