Fragrance Ingredients Market to Grow Almost $2.8 Billion During 2020-2024 | Growing Demand for Cosmetic Products to Emerge as Key Driver | Technavio
LONDON–(BUSINESS WIRE)–The fragrance ingredients market is expected to grow by USD 2.48 billion during 2020-2024, expanding at a CAGR of over 3%. The report also throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges market players can expect. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Fragrance Ingredients Market: Growing demand for cosmetic products to drive growth
The growth of the aged population, the increasing importance of grooming, and the desire to look younger have resulted in a rise in the demand for anti-aging products such as creams, moisturizers, and anti-wrinkle products. Also, the market is witnessing increasing consumer spending on new and effective anti-aging products that reduce blemishes, wrinkles, dark spots, improve fairness, and any other marks. To capitalize on this demand, personal care product manufacturers are introducing new and innovative products to capture consumer interest. These factors are expected to influence the growth of the global fragrance ingredients market during the forecast period.
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As per Technavio, the growing demand for detergents will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Fragrance Ingredients Market: Growing demand for detergents
The growing awareness about hygiene among consumers has significantly increased the demand and consumption of soap, washing powder, and synthetic detergent. Besides, the global laundry market is expected to grow at a CAGR of over 8% during the forecast period. This is expected to further increase the demand for detergents. In addition, the market is observing high demand for bio-based detergents and eco-friendly surfactants that have less impact on the environment. These factors will be crucial in driving the demand for fragrance ingredients during the forecast period.
“Growth in pulp and paper industry and expansion of product portfolios by vendors will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Fragrance Ingredients Market: Segmentation Analysis
This market research report segments the fragrance ingredients market by Type (essential oils and aroma chemicals) and Geography (North America, Europe, APAC, South America, and MEA).
The North American region led the fragrance ingredients market in 2020, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the high concentration of prominent vendors in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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