According to Future Market Insights, the global perfume ingredient chemicals industry is expected to attain a valuation of US$ 7.09 billion in 2023. The market is further projected to reach US$ 12.4 billion by 2033, exhibiting a CAGR of 5.7% during the forecast period.
The demand for perfume ingredient chemicals is expected to rise due to the rising demand for hair and skin care products. Consumer awareness and preference for new brands positively impact the perfume market. Product innovations, research and development activities, and new product launches in cosmetics and toiletries are expected to drive market growth, especially in the toiletries and cosmetic products segment. These factors contribute to the expansion and retention of the customer base in the perfume ingredients chemicals market.
The growth of the perfume ingredients chemical market is fueled by the rising expenditure on premium quality products, including herbal fragrances, and the increasing consumer spending on cosmetics. The market is also positively impacted by consumer preferences for herbal fragrances and natural beauty products, driving the demand for premium chemical ingredients in perfumes.
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The market is experiencing a surge in the development of natural-based chemical ingredients to meet the increasing demand for natural fragrances among consumers. With a growing focus on sustainability, consumers are paying more attention to fragrances, especially in personal care and home care products. As a result, market players are concentrating on creating more natural-based ingredient chemicals.
For instance, MANE introduced GREENCATCHER in July 2020, an advanced specialty ingredient with a powerful fruity herbal note that finds applications in personal care and fine fragrance products. Similarly, in March 2019, Givaudan launched Sensityl, a new active ingredient for cosmetics. The development of such natural ingredient solutions is expected to boost the demand for perfume ingredient chemicals, driving market growth during the forecast period.
Perfume ingredient chemicals, including synthetic aroma chemicals and essential oils, are widely used in various personal care products like aftershaves, shampoos, shaving creams, moisturizers, and facial serums. Thus, increasing global demand for personal care products is expected to drive the market’s growth during the forecast period.
Key Takeaways from the Market Study
- The demand for perfume ingredient chemicals in Sweden is projected to rise with a promising CAGR of 6% during the forecast period.
- The market in North America is expected to thrive with a CAGR of 5.8% during the forecast period.
- By product type, the essential oil segment is anticipated to generate sales with a CAGR of 6.5% during the forecast period.
“The thriving personal care product industry is expected to drive the demand for perfume ingredient chemicals during the forecast period,” comments an FMI Analyst
Competitive Landscape
The perfume ingredient chemicals market is highly competitive, with key industry players making substantial investments to enhance their manufacturing capabilities.
Some recent developments in the perfume ingredient chemicals market are:
- In May 2022, DSM Group, a Dutch company, acquired Firmenich, a Switzerland-based perfume manufacturer.
- In December 2021, Givaudan acquired Custom Essence, a fragrance creation house based in the US, which allowed Givaudan to enhance its natural perfumery capabilities.
- In October 2021, L’Oréal Groupe, a leading personal care company from France, introduced a new fragrance disclosure model to inform customers about the ingredients used in its global portfolio of brands and products, beginning with the U.S. rollout.
- In July 2021, German-based flavors and fragrances company, Symrise, unveiled a unique fragrance raw material called Lilybelle.
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Top Key Players in the Global Market
- Sensient Technologies Corporation
- BASF SE
- Eternis Fine Chemicals
- YingYang (China) Aroma Chemical Group
- KDAC CHEM Pvt. Ltd.
- Frutarom
- Harmony Organics Pvt. Ltd.
- Atul Ltd.
- Godavari Biorefineries Ltd.
- Givuadan
- Firmenich
- International Flavors and Fragrances Inc.
Key Segmentation
By Product Type:
- Synthetic Aroma Chemicals
- Essential Oils
By Application:
- Fine Fragrance
- Home Care
- Laundry Care
- Personal Care
- Cosmetics
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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