Published By : 30 Nov 2016 | Published By : QYRESEARCH
Natural fragrance ingredients refer to aroma compounds that are derived from natural sources including grasses, spices, flowers, etc. The global natural fragrance ingredients market is primarily fuelled by the rising significance of utilizing natural fragrance ingredients and the growing disposable income of people. Additionally, the growing employment of natural fragrance ingredients in cosmetic products owing to growing health concerns in consumers, thus fuelling market growth.
Increasing Promotional Activities to Positively Impact Natural Fragrance Ingredients Market
Furthermore, the increasing promotional activities and advertising has also raised the online retailing of natural fragrance ingredients products. The growing consciousness regarding the toxic impact of synthetic products on human beings will further boost the growth of the market in forthcoming years. The global natural fragrance ingredients market was valued at US$3.3 bn in 2015 and is predicted to touch US$5.3 bn by 2024. This market is predicted to rise at a CAGR of 5.80% from 2015 to 2024.
In terms of application, the natural fragrance ingredients market is segmented into cosmetics and household care. As of now, the segment of household care holds a dominant share in the market owing to the increasing demand for products such as car fresheners, detergents, scented candles, fresheners.
Increasing Proliferation of Key Players to Support Europe Natural Fragrance Ingredients Market
On the basis of geography, the market is segmented into Europe, Asia Pacific, North America, and Rest of the World (RoW). Of these, the Europe natural fragrance ingredients market leads owing to the growing consumption rate of products that need natural fragrance ingredients. In addition, the penetration of numerous top players will also support the growth of the market in Europe. On the other hand, Asia Pacific is poised to experience a swift development in the market in forthcoming years owing to the developing economies and increasing demand for essential commodities. The reason for the growth of this market in Asia Pacific is owing to the growing demand for personal care and wellness items in this region.
The prime players operating in the global natural fragrance ingredients market are Takasago International, Firmenich SA, Givaudan SA, Huabao Intl., Symrise AG, and International Flavors and Fragrances.