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The global fragrance ingredients market size reached US$ 8.46 Billion in 2021. Looking forward, the market is expected to reach US$ 12.25 Billion by 2027, exhibiting a CAGR of 6.36% during 2021-2027. This according to the new report: "Fragrance Ingredients Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" from Research and Markets.
According to this report, demand for fragrance ingredients is driven by the expansion of the cosmetics industry as well as the demand for air fresheners and personal care products (creams, shampoos, toiltetries, mists and perfumes). Rising consumer awareness on the dangers of chemical-infused personal care products has resulted in a shifting inclination toward natural fragrance ingredients extracted from plants, animals, and fruits. This is also supported by rising investments in R&D activities by governments of various nations to promote the use of safer, eco-friendly, and dermatologically tested goods, which, in turn, is propelling the market growth.
Fragrance ingredients are commercially available in essential oil and aromatic chemical product variants. (Photo © Nayneung1 | Dreamstime.com)
Fragrances which are known to have therapeutic effects, are increasingly used in aromatherapy for reducing stress, enhancing sleep patterns, and uplifting mood.
Mergers and acquisitions (M&A) among key players have led to the introduction of several international fragrance brands across the globe. These establishments have enabled consumers to custom-make their own perfumes and experience contemporary fragrances with oriental notes, which is supporting the market growth. Other factors, such as continuous product innovations and the widespread adoption of smart marketing strategies, are creating a positive outlook for the market.
The report also considers the impact of COVID-19 on different end use industries. These insights are included in the report as a major market contributor.
