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What are the Growth Drivers of Fragrance ingredients market? | BASF, Givaudan, Treatt, Vögele Ingredients, Symrise, Synthite, Ventos,
fragrance ingredients market
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Demand for natural products in Italy: The escalating demand for skincare products like facemasks, sunscreens, lotions and scrubs in Italy will emerge as a pivotal factor supporting the market growth in the country. Over the coming years, fruit-based fragrance ingredients market share in Italy will record consumption of nearly 1.5 kilo tons due to the superior inclination of citizens towards natural, chemical-free products.
Wide presence of retail brands across the U.S.: The presence of big retail brands in the U.S. due to high disposable income among the people and a robust supply chain will fuel advancements in the retail industry. Through 2024, the U.S. fragrance ingredients industry share is projected to register notable gains of more than 5.5%. The toiletry market for babies is likely to grow at a rapid rate due to the increase in the need for hygiene care for babies along with upcoming safe baby care products, driving fragrance ingredients market outlook across the region.
The fragrance ingredients market is anticipated to record profitable growth over the coming years owing to a noticeable surge in the purchase of premium aroma products. Products like toiletries, cosmetics, and perfumes nowadays include premium aroma that enhances overall user experience. Availability of multifunctional and premium raw materials has supported the development of appealing aroma products. Consumers are also willing to spend more on high-quality premium fragrance products.
Considering these aspects, Global Market Insights, Inc., suggests that the fragrance ingredients market could surpass USD 18.5 billion by the year 2024. Fragrance ingredients in skincare products are tailing heavy demand. Growing number of working women in cities coupled with increasing inclination towards beauty products could broaden the business horizon for fragrance chemical makers.
Firmenich International Sa, BASF SE, Frutarom Industries Ltd, Givaudan SA, Treatt, Vögele Ingredients, Symrise, Synthite, Kalpa Sutra Chemicals, Ventos, Aarav F & F, Fine Fragrances Private Limited, and Multiflora are top key players in the fragrance ingredients market.
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