The growth of the fragrance ingredients market is boosted by the expanding cosmetics industry, prevalent uptake of soaps & detergents, and mounting consumer demand for fine fragrances & perfumes, says this report.
Selbyville, Delaware, Nov. 03, 2021 (GLOBE NEWSWIRE) -- According to the latest report by Global Market Insights Inc., the Fragrance Ingredients Market was estimated at USD 14.5 billion in 2020 and is slated to reach a valuation of around USD 20 billion by 2027, registering a CAGR of 7.5% from 2021 to 2027. The research report gives a detailed assessment of market size & estimations, competitive scenario, top winning strategies, wavering market trends, drivers & opportunities, and major investment pockets.
Fragrance ingredients find wide usage in cosmetic products, including sunscreens, body lotion, deodorant, and cream, among others, to enhance their aroma. These ingredients are also commonly utilized in other products, such as shower gels, shampoos, body lotions, and shaving creams. Booming product uptake in different cosmetics and personal care products is foreseen to bolster industry expansion through the forecast period.
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The wood-based natural fragrance ingredients product segment is projected to register steady growth at a CAGR of about 7.5% through 2027. Wood-based fragrance ingredients include guaiac, cedar, and sandalwood, which are used in various perfumes. The proliferating men’s perfume sector, coupled with rising consumer interest in rugged fragrances, is likely to foster product outlook across the globe.
Key reasons for fragrance ingredients market growth:
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Growing prevalence in cosmetic products.
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Increased usage in fine fragrances & perfumes.
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Mounting prominence of natural fragrance ingredients.
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Soaring product adoption in soaps & detergents and toiletries.
2027 forecasts show ‘esters’ segment retaining its dominance:
Based on product, the esters synthetic fragrance ingredients segment is estimated to progress at approximately 9% CAGR through 2027. Esters, which are popular for their pleasant fragrance, are produced when carboxylic acid reacts with alcohol. Different combinations of carboxylic acid and alcohols create different esters, wherein each ester has a distinct aroma. These esters naturally occur in fruits & vegetables and are utilized in perfumes. Surging demand for consumer products like cosmetics, fine fragrances & perfume, soaps & detergents, and toiletries with a fruity fragrance is likely to boost segmental growth through 2027.