Fragrance Ingredients Market Size

Fragrance Ingredients Market Size

Fragrance Ingredients Market size exceeded USD 14.5 billion in 2020 and is estimated to grow at a CAGR of over 7.5% from 2021 to 2027 owing to increasing consumer spending on premium fine fragrances & perfume products. Rapid expansion in the cosmetic industry along with increasing inclusion of fragrance ingredients in cosmetics & toiletries and fine fragrances & perfumes is creating favorable opportunities for business growth.

The emergence of arachnology and the use of fragrances in therapeutic applications to reduce stress & improve mood have provided a positive outlook to fragrance ingredients across the globe. Furthermore, manufacturers are infusing scents with natural essences, which are safe, effective, and therapeutic than synthetic alternatives.

Rising health consciousness and various side effects of chemical products are resulting in the shifting consumer preference for plant-based products, boosting the demand for naturally sourced fragrance ingredients. Increasing applications of fragrance ingredients in soap & detergent products are projected to fuel the demand for synthetic fragrance ingredients market from application segments.
 

Rising consumer awareness regarding the importance of cleanliness and personal hygiene owing to the increasing prevalence of infectious diseases and the rapid spread of the COVID-19 infection is likely to raise the demand for cleaning agents such as detergents. Moreover, increasing cases of hospitalization due to the growing prevalence of chronic health diseases in the U.S. are likely to raise the cases of Hospital Acquired Infection (HAI) among patients.