What is the future of Natural Fragrance Market? Know Covid Impact on Size, Share & Forecasts
Mar 18,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Natural Fragrance Market.
It was estimated prior to this unanticipated outbreak that the Natural Fragrance Market was expected to grow at a CAGR of 9.8% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Natural fragrance is extracted primarily from natural ingredients such as plant essential oils, essential oil blends or blends that contain naturally derived plant isolates. They are obtained through distillation, CO2 extractions, cold pressing, and fermentations. On the basis of ingredients used, they can be categorized as essential oils and natural extracts. They are widely used in personal care and household products as consumers are demanding for more of natural-based products.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the ingredient type, the market is segmented as essential oils and natural extracts. The essential oil segment held the larger share of the market in 2019, and is expected to remain dominant during the forecast period. Growing demand for natural products and increasing consumer spending power are the major factors driving the natural fragrance market.
Based on the application type, the market is segmented as fine fragrance, personal care & cosmetics, and household care. Fine fragrance application dominated the market in 2019 and is expected to maintain its position during the forecast period. Fine fragrance is increasingly used in perfumes, colognes, and deodorants.
In terms of regions, Europe is estimated to be the largest market for natural fragrance during the forecast period. Presence of a large number of natural fragrance suppliers, presence of a fair number of personal care & cosmetic brands in the region, and huge consumer base are the major factors behind the dominance of the region in the global market.
Asia-Pacific is expected to be the fastest-growing market during the forecast period. Significant economic development in the Asia-Pacific region, growing spending power of consumer, and rapid urbanization, are the major factors driving the growth of the Asia-Pacific’s natural fragrance market. North America is also expected to offer significant growth opportunity during the forecast period.
Key Players:
Some of the major Natural Fragrance manufacturers are-
- Givaudan SA
- Firmenich SA
- International Flavors & Fragrances
- Symrise AG
- Takasago International Corporation
- Mane SA
- Robertet SA
- Sensient Technologies Corporation
- T. Hasegawa Co., Ltd.
- Bell Flavors & Fragrances.