Selbyville, Delaware, November 03, 2021 (GLOBE NEWSWIRE) – According to the latest report from Global Market Insights Inc., the Perfume Ingredients Market was estimated at USD 14.5 billion in 2020 and is expected to reach a valuation of around USD 20 billion by 2027, registering a CAGR of 7.5% from 2021 to 2027. The research report gives a detailed assessment of the Market size and estimates, competitive scenario, best winning strategies, faltering market trends, drivers and opportunities and major pockets of investment.
Perfume ingredients are widely used in cosmetic products, including sunscreens, body lotions, deodorants, and creams, among others, to enhance their aroma. These ingredients are also commonly used in other products, such as shower gels, shampoos, body lotions, and shaving creams. The booming adoption of the products in various cosmetic and personal care products is expected to drive the expansion of the industry throughout the forecast period.
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The natural wood-based perfume ingredients product segment is expected to grow steadily at a CAGR of approximately 7.5% through 2027. Wood-based perfume ingredients include guaiac, cedar, and sandalwood, which are used in various perfumes. The proliferation of the men’s fragrance industry, coupled with growing consumer interest in robust fragrances, is likely to boost product prospects across the globe.
Main reasons for Growth of the perfume ingredients market:
- Growing prevalence in cosmetic products.
- Increased use in fine perfumes and fragrances.
- Increased importance of natural fragrance ingredients.
- Growing adoption of products in soaps, detergents and toiletries.
The 2027 forecasts show that the “esters” segment retains its dominance:
On a product basis, the ester synthetic fragrance ingredients segment is expected to grow at around 9% CAGR through 2027. Esters, which are popular for their pleasant scent, are produced when the carboxylic acid reacts with alcohol. Different combinations of carboxylic acid and alcohols create different esters, in which each ester has a distinct flavor. These esters are naturally present in fruits and vegetables and are used in perfumes. Rising demand for consumer products such as cosmetics, perfumes and fine fragrances, soaps and detergents, and toiletries with a fruity scent is expected to drive segmental growth through 2027.
Europe retains its status as a leader in terms of turnover:
By region, the European perfume ingredients market is expected to be valued at over $ 8.5 billion by 2027. Europe is known to be the world’s largest cosmetics industry. Rising awareness of the population for beauty, influx of tourists and increase in disposable income would fuel cosmetics sales in Europe which is expected to facilitate regional market growth from cosmetic application. Growing consumer awareness of products based on natural ingredients is expected to boost product adoption in Europe.
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Impact of the COVID-19 pandemic on perfume ingredients market:
The COVID-19 outbreak has disrupted the global supply chain, affecting essentially all industries, including the perfume ingredients market. In addition, in order to curb the transmission of the novel coronavirus, there has been an upsurge in the use of disinfectants, creating an increase in the demand for alcohol, which is a main component of sanitizers and disinfectants.
With alcohol being a staple ingredient in perfumes and other cosmetics and personal care products, the lack of alcohol supply has negatively impacted global business. However, with successful vaccination campaigns and a growing focus on economic recovery, the industry is gradually regaining its pre-COVID momentum.
Major market players:
Some key players operating in the perfume ingredient industry include BASF SE, Firmenich SA, Givaudan SA, Frutarom Industries Ltd., Vögele Ingredients and Treatt plc, among others.
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