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Innovations in Delivery Technologies and Strong Consumer Inclination Towards Natural Fragrances are Boosting the Growth of Fragrances Market
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Fragrances are complex combinations of natural and/or man-made ingredients that are added to many consumer products to give them a distinctive scent. Many cosmetics and home care products list “fragrance” on the label, but very few name the specific ingredients that make up a “fragrance”, whether natural or synthetic. The scope of the study includes essential oils and aroma chemicals; chief raw materials used to manufacture fragrances. Aroma Chemicals are further studied with respect to source viz. natural aroma chemicals and synthetic aroma chemicals; and types viz. terpenes, benzenoids, and musk chemicals. This study primarily focuses on assessing the growth opportunities for the fragrances market with respect to natural fragrances and synthetic fragrances. By Application, the scope of the study includes personal care & cosmetics, aromatherapy, and home care. The factors driving the global fragrances market changing lifestyle, growth of the upper middle class in emerging economies, expansion of social networks, natural fragrances gaining momentum, rise in online beauty spending, and increase in the number of senior citizens.
By Product type, synthetic fragrances dominated the fragrances market in 2020, however is expected to show sluggish growth from 2020-2026 due to growing consumer inclination towards organic, herbal, or natural fragrance-based products. Natural fragrances segment is expected to grow at a higher growth rate from 2020-2026.
By Application, the personal care & cosmetics application segment dominated the fragrances market in 2020 due to strong use of both natural and synthetic fragrances in the industry. Home care is another major application segment of the fragrances market.
Moreover, aromatherapy application segment is expected to fastest growth due to fast growing spa culture, and changing consumer lifestyles globally.
The geographic scope of this study is global and includes the following regions: North America (NA), Europe, Asia-Pacific (APAC), and Rest of World (RoW). Europe accounted for the largest market share in the global fragrances market due to a rich history of invention and evolution of fragrances in the region. Presence of several renowned fragrance making companies such as Chanel, Guerlain, Nina Ricci, Christian Dior in the region is likely to support expansion of the regional fragrances market during the forecast period. Moreover, Latin America and Asia-Pacific markets are expected to grow at a rapid pace due to growing population, increasing per-capita income, and changing lifestyles in the regions.
The impact of the COVID-19 pandemic has been considered in this analysis. There observed an uneven impact of COVID-19 pandemic on the fragrance market. There witnessed increase in demand for personal care products (such as sanitizers, soaps, and disinfectants) and other home cleaning chemicals due to increase awareness about health and hygiene; while demand for cosmetic products (skin care, hair care, lip care, make-up products, and fine fragrances) decreased in 2020 due to travel restrictions and stay at home orders.
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