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
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