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.
The report offers a detailed analysis of the impact of the COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios. – Get FREE Sample Report within MINUTES
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.
Is there any relief during this COVID-19 pandemic? Click to know
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.
Register for a free trial today and gain instant access to 17,000+ market research reports
Related Reports on Materials Include:
Global Aroma Chemicals Market – Global aroma chemicals market is segmented by chemical type (terpenes, benzenoids, musk chemicals, and others), application (soaps and detergents, cosmetics and toiletries, fine fragrances, and others), and geography (APAC, Europe, MEA, North America, and South America). Click Here to Get an Exclusive Free Sample Report
Global Flavors and Fragrances Market – Global flavors and fragrances market is segmented by functionality (fragrances and flavors), ingredients (formulated flavors and fragrances, aroma chemicals, and essential oils), and geography (APAC, North America, Europe, South America, and MEA). Click Here to Get an Exclusive Free Sample Report
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.
Technavio’s sample reports are free of charge and Gain competitive intelligence about market players. Track key industry trends, opportunities, and threats. Inform your marketing, brand, strategy, and market development. Request a free sample report
Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.