Fragrance Ingredients Market Overview
Fragrances are an explicit blend of synthetic as well as natural ingredients. A single scent may contain as few as dozen to as many as couple of hundreds of ingredients or aroma chemicals in calibrated but minute amounts. These ingredients are usually used in products such as cosmetics, fine fragrances, soaps, detergents etc.
The Industry has witnessed a rise in the demand for natural fragrance ingredients recently, hence gaining interest from different companies in the market. Other important drivers for the fragrance ingredients market include, changing consumer preferences, increasing demand for cleaning products, significant advancement in technology. On the other hand, the market is facing some challenges and restraints as well, which include, expensive research and development and compliance with quality and regulatory standards. Concerns in relation with Synthetic product have also been one of the major factors holding back the market from its actual potential.
Fragrance Ingredients Market Forecast Report (2018-2023)
Middle East and Africa Fragrance Ingredients market is estimated to reach USD 1.70 billion by 2023 from a market value of USD 1.30 billion in 2018 at a CAGR of 5.462%.
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Fragrance Ingredients Market Segmentation
The Middle East & Africa Fragrance Ingredients market is segmented based on type and application. On the basis of type the market segmentation is done into essentials oils and aroma chemicals, that are further categorized into Orange, Eucalyptus, Mentha Arvensis, Citronella, Cedar wood and benzenoids, Terpenes, Musk Chemicals respectively. Based on segmentation by Application the classification is done under Cosmetics & toiletries, Soaps & Detergents, Fine Fragrances. The essential oils segment accounted for the largest market share based on segmentation by type and has twice the market share as that of aroma chemicals. On the basis of application the market is dominated by soaps and detergents, and on the other hand cosmetics and toiletries are expected to have the maximum growth rate in the coming years. On the basis of geography, the Middle East & Africa market is analyzed under two regions namely Middle East and Africa.
The major companies dominating this market for its products and services are
- Firmenich International SA
- BASF SE
- Frutarom Industries Ltd.
- International Flavors and Fragrances Inc.
- Givaudan SA
- Mane SA
- Symrise AG
- Robertet SA
- Takasago International Corp
- Hasegawa Co. Ltd.
The Fragrance Ingredients market is expected to show evident potential in the forecast period. The market continues to gain momentum with the rise in demand for personal as well as other consumer related products. This trend built momentum after the regulation, REACH was legislated in the European Union.
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