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The global natural fragrances market is being driven by the product’s increased demand from the food and beverages and cosmetics industries. In the emerging economies like the Asia Pacific, the Middle East and Africa, and Central and South America, the demand for the product is expected to witness a robust growth in the forecast period due to the growing health concern coupled with the positive health impact of natural fragrances on the senses and the rising disposable incomes in the region. Eastern Europe will grow alongside due to the rising consciousness of personal hygiene. The demand for menthol, a kind of fragrance, and the increased use of mint fragrances in the cosmetic industry is further driving the fragrances industry forward. The leading natural fragrances producing countries are India, producing 80% of menthol, followed by China, producing 40% vanillin and 45% of gum turpentine.
The rising demand for natural products over artificial ones, particularly from the personal care and cosmetics sector, is influencing the manufacturers to opt for natural items. In September 2020, International Flavors & Fragrances (NYSE: IFF), a key player in the industry and a leading innovator of fragrance, flavour, and nutrition, and its affiliate, IFF-Lucas Meyer Cosmetics (IFFLMC), completed the acquisition of Speximo AB, a Swedish technology company focused on developing next-generation stabilisation and encapsulation products for use in the production of sustainable personal care and cosmetic products with application in multiple commercial areas. In July 2020, another key player in the industry, Givaudan (SWX: GIVN), announced its plan to acquire Drom, a global perfume house, to further extend its leadership in the global fragrance market and fulfill the rising demand for the product. Such developments are expected to drive the growth of the natural fragrance industry during the forecast period.
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The major players in the global natural fragrances market are Givaudan SA, Firmenich SA, International Flavors & Fragrances, Inc., Symrise AG, Symrise AG, Takasago International Corp, and Mane SA, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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