Perfume Ingredients Chemicals Market to Reach US$11.3 Billion by 2028: Fragrance Industry on the Rise

Executive Summary:

The global perfume ingredients chemicals market is expected to grow at a CAGR of 5.6% during the forecast period from 2023 to 2028. The market size was valued at US$ 8.4 billion in 2020 and is expected to reach US$ 11.3 billion by 2028. The fragrance industry is on the rise due to the increasing demand for personal care products and changing consumer preferences towards luxury products. The market is driven by the rising demand for natural and organic perfume ingredients chemicals and the increasing trend of niche and artisanal fragrances.

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Key Market Drivers:

• Increasing demand for personal care products: The demand for perfume ingredients chemicals is driven by the growing demand for personal care products such as perfumes, deodorants, and body sprays. The increasing awareness about personal hygiene and grooming among consumers is expected to drive the growth of the perfume ingredients chemicals market.

• Changing consumer preferences towards luxury products: The growing middle class and increasing disposable income are leading to a shift in consumer preferences towards luxury products. This has resulted in an increased demand for premium and high-end fragrances, driving the growth of the perfume ingredients chemicals market.

• Rising demand for natural and organic perfume ingredients chemicals: Consumers are increasingly looking for natural and organic ingredients in their personal care products. This has led to a growing demand for natural and organic perfume ingredients chemicals, which are perceived as safer and healthier alternatives to synthetic ingredients.

• Increasing trend of niche and artisanal fragrances: The trend of niche and artisanal fragrances has been gaining popularity among consumers, especially among millennials. This trend is driving the growth of the perfume ingredients chemicals market, as it requires unique and high-quality ingredients to create unique fragrances.

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Key Market Restraints:

• High cost of natural and organic perfume ingredients chemicals: The high cost of natural and organic perfume ingredients chemicals is a major restraint for the growth of the market. These ingredients are more expensive than synthetic ingredients, which can make the final product more expensive and less affordable for some consumers.

• Stringent regulations on synthetic ingredients: The use of synthetic ingredients in personal care products is regulated by various authorities such as the FDA and EPA. Stringent regulations on synthetic ingredients may hinder the growth of the perfume ingredients chemicals market.

• Supply chain disruptions due to COVID-19: The COVID-19 pandemic has disrupted the global supply chain, resulting in shortages of raw materials and increased prices. This has affected the perfume ingredients chemicals market, as it relies heavily on raw materials from different parts of the world.

Key Players- 

• Givaudan
• International Flavors & Fragrances Inc
• MANE
• Firmenich SA
• BASF SE
• Avon Products, Inc
• Shiseido Company, Limited
• Chanel S.A, Clarins Fragrance Group
• Cacharel
• COTY INC.
• LVMH
• L'Oréal Group
• VIORYL S.A.
• Zanos Ltd
• Artiste
• INDESSO AROMA
• Aroma Chemical Services International Gmbh

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Segmentation Analysis:

The perfume ingredients chemicals market is segmented by product type, application, and region.

• By product type, the market is segmented into synthetic ingredients and natural ingredients. The synthetic ingredients segment holds the largest share of the market due to their low cost and high availability. However, the natural ingredients segment is expected to grow at a higher CAGR during the forecast period due to the increasing demand for natural and organic products.
• By application, the market is segmented into fine fragrances, personal care products, and others. The fine fragrances segment holds the largest share of the market due to the growing demand for luxury fragrances. However, the personal care products segment is expected to grow at a higher CAGR during the forecast period due to the increasing demand for personal care products such as deodorants and body sprays.
• By region, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Asia-Pacific holds the largest share of the market due to the growing demand for personal care products and the increasing disposable income of consumers. The region is expected to grow at the highest CAGR during the forecast period.

Request you to Read More-

Cosmetic Ingredients Market -https://www.persistencemarketresearch.com/market-research/cosmetic-ingredients-market.asp

https://www.einnews.com/pr_news/593528479/perfume-ingredients-chemicals-market-2022-industry-trends-sales-supply-demand-analysis-forecast-to-2031

https://www.einnews.com/pr_news/604812292/perfume-ingredients-chemicals-are-anticipated-to-reach-us-8-19-bn-at-a-robust-5-2-cagr-by-the-end-of-2027

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