Sales of Floral Extract to Soar Steadily, as Cosmetic Manufacturers Reciprocate the ‘Clean Beauty’ Trend: FMI Study

Future Market Insights (FMI), in its new offering, investigates the floral extract market and provides critical insights for the forecast period of 2019-2029. The report expects that the global sales of floral extract will increase 4.5% year-over-year to reach ~US$ 2.3 billion in 2019, primarily driven by shifting consumer preference towards cosmetic and personal care products based on natural ingredients.

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The report opines that the floral extract market is likely to exhibit promising growth over the next decade, prominently driven by growing consciousness about health & wellness, especially among the millennial demographic, who are constantly rejecting conventional products and shifting to natural products.

As ‘green beauty’, ‘clean beauty’, or ‘natural beauty is fast becoming an industry buzzword, cosmetics manufacturers are voluntarily ceasing the use of toxic chemicals and disclosing the ingredients in their products. The expansion of the floral extract market has been working in tandem with greater awareness of natural cosmetics among the consumers and a rising number of celebrities exploiting the ill effects of conventional skincare and makeup on social platforms.

Floral Essential Oils Hold Significant Shares, Absolutes to Witness Rising Demand

While floral essential oils continue to influence the growth strategies, with a revenue share of 65% in 2018, manufacturers are focusing on increasing the production of absolutes to capitalize on the growing demand for premium fragrances and perfumes. On the one hand, floral concentrates will continue to represent a relatively low share as compared to the two types of floral extracts, according to the report.

Apart from serving as a natural ingredient in cosmetic and personal care products, floral extracts possess multi-functional properties such as medicinal and colorant, thereby increasing their application potential in the industry. The study forecasts that the sales of natural floral extracts to increase ~5% y-o-y in 2019, while rapid adoption of organic variants is likely to result in increased market share.

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Increased awareness about health & skincare beneficial products along with rising acceptance of organically sourced products will continue to fuel the growth of the floral extract market, as suggested by FMI’s analysis.

High Growth Opportunities Abound in East Asia
Regions such as Europe & North America are expected to hold prominent market shares in terms of value. However, the East Asia market for floral extract is expected to project lucrative growth over the forecast period of 2019-2029. Gains will remain propelled by the rapid growth of the cosmetic industry in the region, in the view of growing inclination towards personal grooming and increased disposable income available for purchasing high-end products.

According to the FMI’s research, a majority of key players in the floral extract market are directing their investments in R&D on extraction techniques. While distillation and solvent extraction methods are widely adopted for various flowers, manufacturers are targeted towards supercritical fluid extraction method that not only reduces the energy consumption but also eliminate residual solvent in the resulting extracts.

Significantly high application potential of floral extracts is identified in fragrances, which accounted for ~42% in 2018. The rise of vegan perfumes in line with a strong desire for cosmetics and fragrances to be cruelty-free will contribute to the overall sales of floral extract. Manufacturers are further exploring the capabilities of floral extracts as colorant and fragrance enhancers in skincare products as well as body care & toiletries.

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Sensing an increase in direct sourcing of floral extracts to avoid intermediates in the supply chain, manufacturers are focusing on deepening their collaboration with cosmetic producers. In addition, leading players in the floral extract market are aiming to introduce their product line of cosmetics and personal care.

For additional insights on the global floral extract market with specific coverage of cosmetics and personal care as key application areas, write to press@futuremarketinsights.com

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