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Global Natural Fragrances Market to be Aided by the Growth of the Global Flavours and Fragrances Market, Projected to Grow at a CAGR of 5% between 2021 and 2026.

According to a new report by EMR titled, ‘Global Natural Fragrances Market Report and Forecast 2021-2026’, the global natural fragrances market is being driven by the market growth of flavours and fragrances. The global flavours and fragrances market stood at a value of around USD 29 billion in 2020. The industry is further expected to witness a CAGR of 5% between 2021 and 2026, to attain a value of around USD 39 billion by 2026.

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.

Market Breakup by Types, Applications, and Regions:

  • Based on type, the natural fragrances industry can be divided into flowers, fruits, musk, wood, and spice, among other natural fragrances.
  • The natural fragrances find their applications in soap and detergents, cosmetics and toiletries, fine fragrances, and household cleaners and air fresheners, among other sectors.
  • Region-wise, the global natural fragrances market can be divided into North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The growing demand for natural or organic products, with the rising health concern among consumers, is leading to the growth of the global natural fragrances industry. 
  • The growing food and beverage and personal care sector are providing further impetus to the industry.
  • Increasing urbanisation and rising disposable incomes, leading to the increased per capita spending on grooming, particularly in the emerging economies, is further propelling the industry forward.
  • With rapidly advancing technology and diversification in products' range, the industry is witnessing a further growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global natural fragrances market for the periods (2016-2020) and (2021-2026).
  • The report also offers historical (2016-2020) and forecast (2021-2026) information for the regional markets of natural fragrances.
  • It also provides an assessment of the market based on the Porter’s Five Forces model, along with a SWOT and value chain analysis.
  • A thorough assessment of the trade data has also been provided in the report, covering the value and volume of the major importing and exporting countries. 
  • The report looks in-depth into the regional historical (2016-2020) and forecast (2021-2026) price trends of natural fragrances.

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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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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