According to Future Market Insights, the global perfume ingredient chemicals market is anticipated to reach a valuation of USD 7.09 billion in 2023 and is projected to grow to USD 12.4 billion by 2033, with a CAGR of 5.7% during the forecast period.
This market growth is driven by increasing consumer spending on premium quality products, including herbal fragrances, and a broader interest in cosmetics. The preference for natural beauty products and herbal fragrances is boosting demand for high-quality chemical ingredients in perfumes.
Additionally, the rising demand for hair and skin care products further propels the market. Consumer awareness and the preference for new brands positively impact the perfume industry. Innovations, research and development, and new product launches in cosmetics and toiletries are expected to drive market growth, particularly in the toiletries and cosmetic products segment. These factors are crucial for expanding and maintaining a strong customer base in the perfume ingredient chemicals market.
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The market is experiencing a surge in the development of natural-based chemical ingredients to meet the increasing demand for natural fragrances among consumers. With a growing focus on sustainability, consumers are paying more attention to fragrances, especially in personal care and home care products. As a result, market players are concentrating on creating more natural-based ingredient chemicals.
For instance, MANE introduced GREENCATCHER in July 2020, an advanced specialty ingredient with a powerful fruity herbal note that finds applications in personal care and fine fragrance products. Similarly, in March 2019, Givaudan launched Sensityl, a new active ingredient for cosmetics. The development of such natural ingredient solutions is expected to boost the demand for perfume ingredient chemicals, driving market growth during the forecast period.
Perfume ingredient chemicals, including synthetic aroma chemicals and essential oils, are widely used in various personal care products like aftershaves, shampoos, shaving creams, moisturizers, and facial serums. Thus, increasing global demand for personal care products is expected to drive the market’s growth during the forecast period.
Key Takeaways from the Market Study
- The demand for perfume ingredient chemicals in Sweden is projected to rise with a promising CAGR of 6% during the forecast period.
- The market in North America is expected to thrive with a CAGR of 5.8% during the forecast period.
- By product type, the essential oil segment is anticipated to generate sales with a CAGR of 6.5% during the forecast period.
“The thriving personal care product industry is expected to drive the demand for perfume ingredient chemicals during the forecast period,” – comments an FMI Analyst
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Competitive Landscape
The perfume ingredient chemicals market is highly competitive, with key industry players making substantial investments to enhance their manufacturing capabilities.
Some recent developments in the perfume ingredient chemicals market are:
- In May 2022, DSM Group, a Dutch company, acquired Firmenich, a Switzerland-based perfume manufacturer.
- In December 2021, Givaudan acquired Custom Essence, a fragrance creation house based in the US, which allowed Givaudan to enhance its natural perfumery capabilities.
- In October 2021, L’Oréal Groupe, a leading personal care company from France, introduced a new fragrance disclosure model to inform customers about the ingredients used in its global portfolio of brands and products, beginning with the U.S. rollout.
- In July 2021, German-based flavors and fragrances company, Symrise, unveiled a unique fragrance raw material called Lilybelle.
Key Companies Profiled
- Sensient Technologies Corporation
- BASF SE
- Eternis Fine Chemicals
- YingYang (China) Aroma Chemical Group
- KDAC CHEM Pvt. Ltd.
- Frutarom
- Harmony Organics Pvt. Ltd.
- Atul Ltd.
- Godavari Biorefineries Ltd.
- Givuadan
- Firmenich
- International Flavors and Fragrances Inc.
- Symrise
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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global perfume ingredient chemicals market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the perfume ingredient chemicals market, the market is segmented on the basis of product type, application and region.
Key Segments Profiled in the Perfume Ingredient Chemicals Industry Survey
By Product Type:
- Synthetic Aroma Chemicals
- Essential Oils
By Application:
- Fine Fragrance
- Home Care
- Laundry Care
- Personal Care
- Cosmetics
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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