A renowned Swiss company Givaudan has recently unveiled its ‘fragrance on the move’ concept, thereby depicting how fragrance ingredients market is continuing to reinvent itself in the recent years. In response to the growing consumer demand for more than a regular skincare and beauty routine, Givaudan Active Beauty has launched a category of 4 new products dedicated to one specific part of the body. Constituting of 10% fragrance from Givaudan’s portfolio and mixture of essential oils for skincare benefits, these sophisticated perfumes are deemed to offer a memorable sensory experience to the customers.
Symrise is another player in fragrance ingredients market that wants to be a “game changer” of fine perfumery. The company said that through its “World Tour Through Scent” focusing on a global cultural cartography of olfaction, it will be strengthening its position in fine perfumery. If industry experts are to be believed, these large-scale projects are not only expected to bring forth lucrative returns for the companies but are also likely to open up new growth avenues in the global fragrance ingredients market.
U.S. Synthetic Fragrance Ingredients Market Size, By Product, 2017 & 2024, (Kilo Tons)
The aforementioned instances stand as a valid substantiation to the fact that the global fragrance ingredients industry players are looking for much more than just supplying products for the usual purposes. The market is in fact actively responding to the changing consumer demands and daily beauty routine. Not to mention, the growing demand for natural products and use of natural ingredients over their synthetic, chemical, paraben, and silicon based counter parts has also been picking pace. It wouldn’t be wrong to quote that the extensive proliferation of the natural & clean products has exploded as a parallel beauty industry alongside the traditional one, and the fragrance ingredients market is this regard is no exception.
The technical advancements in extraction processes along with effective utilization of natural products have significantly impacted the fragrance ingredients market demand from natural products. Another pivotal factor that has been impacting the segment growth is the commitment of the cosmetics industry majors toward disclosing the list of fragrance ingredients. Recently in June, French personal care brand L'Oréal announced that it will be disclosing the fragrance ingredients, while also eliminating toxic chemicals from its products. Unilever is also doing the same with its beauty and personal care brands like Axe, Suave, and Dove.
These instances clearly reflect that consumers are preferring more natural or rather “safer” products when choosing from the gamut of brands available, and this trend will be significantly impacting the demand for natural fragrances. Growing at a much faster rate, the demand for naturally extracted scents in perfumes, deodorants, soaps, detergents, cosmetics, skincare, and hair care products will be further propelling natural based fragrance ingredients market growth, estimated to exceed USD 2.5 billion in the coming six years.
Speaking of natural products, it is prudent to mention that their demand has been particularly escalating across Europe, wherein regional industry majors, in line with the changing consumer demands, have been extensively experimenting with natural ingredients. In addition, the region houses a plethora of top beauty and cosmetic brands that have been striving to enhance their product base with natural fragrances as opposed to synthetic ones. Indeed, the benefits of favorable government policies with regards to the use of natural ingredients and a supportive R&D framework related to ingredients production will also aid Europe fragrance ingredients market from natural products. The European Union has been rather proactive in this regard, and has passed several amendments regarding the use of chemicals in fragrances, which is likely to impel the regional fragrance ingredients market.
With the beauty and cosmetics industry regulating itself with bans pertaining to artificial constituents, the synthetic fragrance ingredients market may witness some roadblocks in its otherwise steady growth. However, the robust product demand from cosmetics and toiletries application is expected to balance out the overall industry expansion. Speaking along similar lines, it is important to mention that fragrance ingredients market demand from the cosmetics application is anticipated to exceed 375 kilo tons in terms of volume by 2024.
In a nutshell, the shifting consumer trends for clean and natural products coupled with massive product demand from the cosmetics, soap & detergents, toiletries, and fine fragrances sector will have a notable impact on the business expansion. The profound participation of the industry players in brining product innovation, further ensures a profitable growth graph for this business space in the following years. An estimation shedding light on the same is of Global Market Insights, Inc., that claims fragrance ingredients market to be a sizeable 18.5-billion-dollar business by 2024.