In recent years, there has been a significant shift in consumer preferences towards natural and eco-friendly products across various industries. This trend has not spared the fragrance market, where the demand for natural fragrances has witnessed a remarkable surge. Natural fragrances, derived from botanical sources, have become a popular choice for conscious consumers who seek to enhance their well-being while minimizing their environmental impact. This article explores the rise of the natural fragrance market and the factors driving its growth. 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.
Browse 69 market data Tables and 42 Figures spread through 115 Pages and in-depth TOC on “Natural Fragrance Market by Ingredients (Essential Oils, Natural Extracts), Application (Fine Fragrances, Personal Care & Cosmetics, Household Care), and Region (Europe, North America, APAC, South America, Middle East & Africa) – Global Forecast to 2024”
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Natural fragrances captivate consumers with their authentic and vibrant scents, carefully extracted from flowers, fruits, herbs, and other botanical sources. These fragrances offer a distinct olfactory experience that evokes a connection with nature, providing a refreshing alternative to synthetic counterparts. As consumers become more aware of the potential health hazards associated with synthetic chemicals, natural fragrances offer a safer and more sustainable option.
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.
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.
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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.
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).
