The global fragrance ingredients market is slated to observe robust expansion by 2027 owing to mounting demand for cosmetics and personal care products across the globe.
Recently, rising climate consciousness has created massive growth potential in the fragrance ingredient sphere. To that effect, manufacturers have been exploring innovative methods to make products, which has been favorable for the overall product landscape. To cite an instance, in October 2021, Eurofragance, a midsize Spanish perfume company, launched its novel fragrance ingredient, dubbed L'Ame du Bois, which has been made from naturally upcycled wood waste.
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For extensive analysis, the fragrance ingredients market has been bifurcated in terms of product, application, and region. Based on product, the market has further been divided into natural (fruit based, flower based, spice based, and wood based) and synthetic (aldehydes, esters, musk chemicals, alcohols, terpenes, and others).
The fruit based natural product segment is anticipated to be valued at over USD 415 million by the end of 2027, expanding at a sturdy CAGR through the assessment timeframe. Under synthetic product, the fragrance ingredients market from the others segment is estimated to register substantial growth at a CAGR of above 6.5% over the review timeline.
With respect to application, the market has been segregated into cosmetics, soaps & detergents, fine fragrances & perfumes, toiletries, and others. In 2020, the toiletries segment was valued at around USD 3.20 billion and is expected to witness optimistic growth over 2021-2027. Increasing demand for cleansing and hygiene products is likely to fuel segmental growth in the coming years.
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The fine fragrances & perfumes segment held a considerable revenue share in the market in 2020 and is estimated to see notable growth to attain a valuation of more than USD 4.60 billion by the end of 2027. The booming cosmetic & personal care industry is set to propel segmental demand through the study timeframe. The others application segment is projected to exceed a valuation of USD 600 million by the end of 2027, growing at a steady pace over 2021-2027.
On the regional spectrum, the Latin America fragrance ingredients market is projected to grow significantly at more than 6.5% CAGR over the analysis timeline. Rising health consciousness and various side effects of chemical products have resulted in a shift in consumer preferences for plant-based products, which is foreseen to promote product uptake in LATAM in the forthcoming years.
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