The natural fragrance market size is projected to reach USD 4.3 billion by 2024 from USD 2.7 billion in 2019, at a CAGR of 9.6% between 2019 and 2024. Rising growth in the personal care & cosmetic industry and growing demand for natural & organic products are driving the demand for natural fragrance market. High production and R&D costs, as well as compliance with quality and regulatory standards, are restraining the growth of the natural fragrance market. On the other hand, a significant change in the lifestyle of consumers towards natural products over synthetic ones drives the demand for natural fragrances. The players in the natural fragrance market are mainly concentrating on expansions, new product launches, and acquisitions to meet the growing demand in various applications. New product launches help companies strengthen their product portfolio and meet the specific requirements of customers.

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The report analyzes the global natural fragrance market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the natural fragrance market industry.

Rising demand for natural products and increased use of natural fragrances in various applications such as fine fragrances, personal care & cosmetics, and household care, are expected to drive the natural fragrances market. Additionally, rapid urbanization and industrialization in countries such as China, Japan, Brazil, and Argentina will increase the demand for various end-use products such as fine fragrances, personal care & cosmetics, and household care. This factor is estimated to drive the natural fragrance market.

Global Natural Fragrance Market: Overview

The aroma compounds that are obtained physically from the spices, plants, and fruits by procedures such as extraction, distillation, and expression are known as fragrance chemicals that are obtained naturally. These chemicals are highly preferred over the synthetic fragrance chemicals as it doesn’t contain any toxic substances, thus are highly preferred by the consumers that are health conscious. The cost of these natural fragrance chemicals are relatively high owing to its non-toxic nature and it also depends upon the aroma.

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Natural Fragrance Market Key Players

The key market players profiled in the report include as Givaudan SA (Switzerland), Firmenich SA (Switzerland), International Flavors & Fragrances (US), Symrise AG (Germany), Takasago International Corporation (Japan), Mane SA (France), Robertet SA (France), Sensient Technologies Corporation (US), T. Hasegawa Co., Ltd. (Japan), Bell Flavors & Fragrances (US).

Givaudan (Switzerland) is the largest player in the natural fragrance market. The company is developing its natural fragrance business by acquisition and expanding in countries such as APAC and North America. The company mainly focuses on expansions and acquisition to strengthen its position in the market. The company acquired Albert Vieille, a French company specialized in natural ingredients used in the fragrance and aromatherapy markets. It will help the company cater to the growing demand of customers for natural fragrances. As an expansion strategy, the company opened a new fragrance creative center in Mexico City, Mexico, in October 2017. The new center will help the company support its business growth in North America.

Natural Fragrance Market Segments

Based on the ingredients

• Essential Oils
• Natural Extracts

Essential Oils are the largest segment of the natural fragrance market.

The essential oils segment is estimated to lead the market, in terms of value, in 2019. The demand for essential oils is growing because of the health hazards caused due to synthetic ingredients and increasing demand for natural and organic products. Additionally, rising consumer awareness regarding the numerous health benefits of essential oils as topical application and aromatherapy are expected to drive the growth of the market.

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On the basis of Application

• Fine Fragrances
• Personal Care & Cosmetics
• Household Care

Fine fragrances application is estimated to be the largest segment of the natural fragrance market during the forecast period.

The fine fragrances application is estimated to be the largest segment of the natural fragrance market, in terms of value, during the forecast period. The growing use of fine fragrances in applications such as perfumes, colognes, and deodorants have driven its demand, which in turn drives the demand for natural fragrances. Rising sales of these personal care & beauty products are anticipated in further driving the growth of the segment.

Based on the Region

• Europe
• North America
• APAC
• South America
• Middle East & Arica

Europe is estimated to be the largest market for natural fragrances during the forecast period.

Europe is the largest natural fragrances market and is expected to continue dominating the global market during the forecast period. Increased investments in the manufacturing industries primarily drive the market. Improving living standard has been driving the growth of the personal care & cosmetic industry, which is expected to drive the natural fragrances market.

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The report provides insights on the following pointers: 

• Market Penetration:Comprehensive information on the product portfolios of the top players in the Natural Fragrance market. 
• Product Development/Innovation:Detailed insights on the upcoming technologies, R&D activities, and product launches in the market. 
• Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market. 
• Market Development:Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies. 
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Natural Fragrance market.

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