The natural fragrance market size is projected to reach USD 4.3 billion by 2024 from USD 2.7 billion in 2019, at a CAGR of 9.6%. Rising growth in the personal care & cosmetic industry and growing demand for natural & organic products are driving the demand for natural fragrance market. High production and R&D costs, as well as compliance with quality and regulatory standards, are restraining the growth of the natural fragrance market. On the other hand, a significant change in the lifestyle of consumers towards natural products over synthetic ones drives the demand for natural fragrances. The players in the natural fragrance market are mainly concentrating on expansions, new product launches, and acquisitions to meet the growing demand in various applications. New product launches help companies strengthen their product portfolio and meet the specific requirements of customers.
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The growing use of fine fragrances in applications such as perfumes, colognes, and deodorants have driven its demand, which in turn drives the demand for natural fragrances. Rising sales of these personal care & beauty products are anticipated in further driving the growth of the segment.
Essential Oils are the largest segment of the natural fragrance market. The demand for essential oils is growing because of the health hazards caused due to synthetic ingredients and increasing demand for natural and organic products. Additionally, rising consumer awareness regarding the numerous health benefits of essential oils as topical application and aromatherapy are expected to drive the growth of the market.
Europe is expected to account for the largest market share in natural fragrance, in terms of value. The presence of various natural fragrance players, such as Givaudan SA (Switzerland), Firmenich SA (Switzerland), Symrise AG (Germany), Mane SA (France), Robertet SA (France), CPL Aromas (UK), Iberchem (Spain), and Dauper (Spain)., has a positive impact the market. In addition, growth in fine fragrances, personal care & cosmetics, and household care applications in the region is increasing the demand for natural fragrances.
The key market players profiled in the report include as Givaudan SA (Switzerland), Firmenich SA (Switzerland), International Flavors & Fragrances (US), Symrise AG (Germany), Takasago International Corporation (Japan), Mane SA (France), Robertet SA (France), Sensient Technologies Corporation (US), T. Hasegawa Co., Ltd. (Japan), Bell Flavors & Fragrances (US).
Givaudan (Switzerland) is developing its mold release agents business by launching new products, expanding its R&D capabilities, and by acquiring smaller companies. Givaudan acquired Albert Vieille, a French company specialized in natural ingredients used in the fragrance and aromatherapy markets. It will help the company cater to the growing demand of customers for natural fragrances. It also acquired Centroflora’s Nutrition Division (Centroflora Nutra) (Brazil), a manufacturer of botanical extracts and dehydrated fruits for the food, beverage, and consumer goods sectors. The acquisition will help the company strengthen its global offering of natural extract and increase its presence in Brazil.
International Flavors & Fragrances (US) focused on expansion and acquisition strategy, as the company for the growth of natural fragrance business. The company had acquired Frutarom, which is one of the largest manufacturers of flavors & fragrances. This acquisition will strengthen the company’s product portfolio, and also will help the company to expand its customer base globally.
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