LONDON--(BUSINESS WIRE)--The global fragrance ingredients market is expected to grow at an impressive CAGR of close to 6% during the forecast period, according to Technavio’s latest market research.
In this market research report, Technavio covers the market outlook and growth prospects of the global fragrance ingredients market for 2017-2021. The market report has further segmented the market based on type (essential oils and aroma chemicals) and geography (Americas, EMEA and APAC).
Technavio’s research analysts segment the global fragrance ingredients market into the following regions:
- Americas
- EMEA
- APAC
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Americas: largest fragrance ingredients market
Through the next five years, a large share in the fragrance ingredients market will be occupied by the Americas. The high demand for cosmetics, toiletries, and soaps and detergents are some aspects contributing to the growing market share. The high demand for natural and bio-based products, anti-aging and skin care products, and the availability of countless skin care brands in the region are some of the factors fueling the growth of the market. Apart from this, the fragrance ingredients market is growing due to the rising aging population in the region.
“Due to the high demand for cosmetics and toiletries in developing countries such as Brazil, Colombia, and Mexico, the fragrance ingredients market is expected to grow at a greater rate in Latin America. In 2016, a dominant share for liquid detergents was registered by North America and it is also one of the largest markets for the household and industrial detergents segments,” says Kshama Upadhyay, a lead specialty chemicals research expert from Technavio.
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Fragrance ingredients market in EMEA
Due to the presence of several key players in EMEA, the fragrance ingredients market in the region is expected to grow. The key contributing countries of the region include France, Germany, the UK, and Switzerland. In 2016, substantial shares were accounted by these countries in terms of consumption of fragrance ingredients. In the European market, the dominant application areas are skin care and toiletries segments.
“The consciousness concerning self-presentation is rising in the EMEA that has contributed to increasing demand for facial and eye makeup products in the region. Additionally, the surfactants market in the region is growing because of the high demand for biosurfactants as they possess properties such as biodegradability. The market for detergents in Europe is fully fledged and the liquid detergent is the dominant application segment,” says Kshama.
Fragrance ingredients market in APAC
In APAC, the demand for fragrance ingredients will be driven by the cosmetic and detergent market. There has been a rapid growth in the facial care market in this region. The potential markets comprise of the Association of Southeast Asian Nations (ASEAN), which includes Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, Laos, and Myanmar. To guarantee the safety of usage, the ASEAN Cosmetics Directive (2007) has expanded the ingredient labeling list. This is a major reason driving the demand.
The detergent market for both household and industrial use is expected to grow in the APAC region. Urbanization and strong industrial growth are the major factors contributing to this growth. The demand for fragrance ingredients in this region is predicted to rise because of the demand for detergents and personal care products.
The top vendors in the global fragrance ingredients market as highlighted in this market research analysis are:
- BASF
- Firmenich
- Givaudan
- International Flavors & Fragrances
- MANE
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