A well balanced mixture of aroma compounds, solvents and fixatives known as perfume gives an agreeable scent to a living space, human body and other living/ non-living thing. Perfume ingredient chemicals play a pivotal role in production of perfumes and fragrant products to deliver pleasant smell and enhance interior environment. The rising disposable income of global population had led to increase purchasing power of consumer to spend on luxury items like premium cosmetics, perfumes, personal and home care products. Thereby, according to Future Market Insights report, the global perfume ingredient chemicals market was valued at US$ 5,254.1 Mn and estimated to reach US$ 8,967.3 Mn by the end of 2027. The market is expected to register a CAGR of 5.5% during the forecast period.
What are the market dynamics to surge demand for perfume ingredient chemicals?
- Increasing demand for fragrant products
- Growing consumer preference for natural, organic and healthy perfumes products
- Introduction of new perfume and chemical ingredients in order to meet consumer ever-changing preference for fragrant products
- Strong focus to expand product portfolio in order to promote brand image and gain market presence across the globe
In addition to this, perfume ingredient chemical manufacturers are focusing to establish long term relationships with distribution channels and attain maximum direct sales from targeted customer base.
However, high cost of raw material and extracting raw ingredient is anticipated to have adverse impact on market gains. Moreover, growing concern over the harmful effects of using low quality perfumes ingredient chemicals coupled with a lack of awareness on using eco-friendly ingredients are some of the restraining factors to restrict perfume ingredient chemicals market growth avenues during the forecast period.
Which type of perfume ingredient chemicals are expected to witness strong demand globally?
Perfume ingredients are basically classified into two forms named as essential oils and synthetic aroma chemicals. Essential oils such as citronella, orange, eucalyptus and peppermint among others are mostly used chemicals in perfume ingredients whereas alcohol, esters, ethers and ketone are categorized under synthetic aroma chemicals. Based on the increasing consumer preference for naturally derived chemicals, market players involved in production of essential oils are expected to account for remarkable opportunities in perfume ingredient chemicals market in the near future.
Where can perfume ingredient chemical producers find potential opportunities to gain large customer base among applications?
Perfume ingredient chemicals find wide applications in a variety of fragrant products. This includes fragrant products in home care, laundry care, personal care, fine fragrance and cosmetic products. Among these, increasing demand for fine fragrance products is expected to have positive impact on consumption of perfume ingredient chemicals during the forecast period. Moreover, growing personal care industry owing to rising awareness regarding personal hygiene is expected to surge demand for perfume ingredient chemicals during the forecast period.
Who are the major players in perfume ingredient chemicals market?
The Asia-Pacific excluding Japan (APEJ) is identified as a profitable regional market to offer numerous opportunities in perfume ingredient chemicals market. Emerging economies such as India and China are expected to witness substantial growth for perfume ingredient chemicals owing to the increasing demand for luxury items with the rising customer base in this region. Other countries in the Europe like France, Italy and the U.K. are expected to represent outstanding market opportunities in the near future. Moreover, companies operating in manufacture of fragrant products are anticipated to witness robust growth in the Middle East & Africa (MEA) owing to high demand for fine fragrance products during the forecast period.
Major companies like Takasago International Corporation, Zhejiang, Xinhua Chemical Co., Ltd., Sensient Technologies Corporation, Frutarom Harmony Organics Pvt. Ltd., Henkel AG & Co KGaA ADR, Charkit Chemical Company LLC, Atul Ltd, YingYang (China) Aroma Chemical Group, Frutarom Harmony Organics Pvt. Ltd. and KDAC CHEM Pvt. Ltd. are operating in perfume ingredient chemicals market.
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