Perfume Ingredients Market: Introduction
- A perfume is a mixture of fragrant aroma compounds and essential oils, solvents, and fixatives. Perfume ingredient chemicals are complex combinations of synthetic and/or natural substances, which provide a distinctive scent to the perfume. These ingredients consist of herbal and synthetic materials. The common ingredients found in perfume are benzyl alcohol, acetone, linalool, ethanol, ethyl acetate, benzaldehyde, camphor, formaldehyde, methylene chloride, and limonene.
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Key Drivers of Global Perfume Ingredients Market
- Increase in demand for natural fragrances and changing consumer preferences towards aromatic cosmetics and personal care products are projected to drive the global perfume ingredients market. Moreover, rise in demand for fragrances, such as perfumes, mists, and deodorants from emerging economies, including Asia Pacific and Latin America is expected to propel the global perfume ingredients market.
- Increase in demand for natural/herbal fragrances and shifting consumer preferences toward personal care and aromatic cosmetic products are anticipated to propel the global perfume ingredients market. The trend for herbal perfumes and increased spending on fragrant cosmetics is boosting the growth of the global perfume ingredients market.
- Increase in disposable income and growing usage of perfumes by young consumers are other factors driving the global market
Increase in Production Cost of Perfumes Likely To Hamper Market
- Increase in production cost due to quality compliance and expensive research and development programs are factors restraining the global perfume ingredients market. Ban on key raw ingredients, such as phthalate, atranol, and chloroatranol, in most countries and variable cost parameters are expected to increase, owing to the adherence of stringent regulatory guidelines.
- High cost of extracting raw ingredients and environmental issues, are expected to hamper the global perfume ingredients market. Synthetic musk in fragrances is of a particular concern due to its ability to persist and bioaccumulate in the environment.
Synthetic Aroma Chemicals Product Segment to Offer Growth Opportunities
- In terms of product, the synthetic aroma chemicals segment of the perfume ingredients market is expected to expand at a rapid pace during the forecast period. Perfume ingredients are complex combinations of synthetic and/or natural substances, which provide a distinctive scent to the perfume. Adoption of synthetic aroma chemicals, owing to their cost efficiency and ease of extraction is likely to create lucrative opportunities for manufacturers.
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Europe to Hold Large Share of Global Perfume Ingredients Market
- Europe is expected to held the major share of the global perfume ingredients market
- In Europe, the demand for perfumes is high in countries such as the U.K., Italy, France, and Germany. Stern regulations related to processing of perfume and usage of safe ingredients have resulted into effective production of perfume, which likely to drive the global market in the region. Latin America is projected to be the rapidly expanding market during the forecast period due to rise in disposable income of consumers and change in consumer preferences. Latin America registered the highest per capita consumption of fragrances in 2018, which is likely to boost the perfume ingredients market in the region.
- This market in Brazil is anticipated to expand at a rapid pace during the forecast period due to increase in perfume demand, which has led to high demand for luxury aroma products
- Asia Pacific held a major share of the global perfume ingredients market due to rising cosmetic product demand in countries such as South Korea, Japan, India, and China. In China, perfumes play an important role in the growth of luxury brands, as there is a high demand for perfumes in the country from middle-class consumers and millennials.
Key Players Operating in the Global Market
Demand of perfume ingredients market is highly concentrated with top manufacturers accounting approximately 45%–50% share of the market. Key players operating in the global perfume ingredients market include:
- BASF SE
- Kdac Chem Pvt. Ltd.
- International Flavors & Fragrances Inc.
- Harmony Organics Pvt. Ltd.
- GODAVARI BIOREFINERIES LTD.
- YingYang (China) Aroma Chemical Group, China
Global Perfume Ingredients Market: Research Scope
Global Perfume Ingredients Market, by Product
- Synthetic Aroma Chemicals
- Essential Oils
Global Perfume Ingredients Market, by End-use Industry
- Fine Fragrance
- Home Care
- Laundry Care
- Personal Care
Global Perfume Ingredients Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.