Essential Oils are the largest segment of the natural fragrance market

The natural fragrances market is projected to reach USD 4.3 billion by 2024, at a CAGR of 9.6% from USD 2.7 billion in 2019.

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.

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Based on the ingredient, the natural fragrance market has been segmented into essential oils and natural extracts. The essential oils natural fragrance ingredient is estimated to lead the natural fragrance market in terms of value. The awareness about health hazards due to the use of synthetic products has increased, hence creating a surge in demand for natural & organic products. Thereby, it increases the need for essentials oils and natural extracts.

Europe is expected to account for the largest share of the natural fragrance market during the forecast period.

Europe is expected to account for the largest market share in natural fragrance during the forecast period, in terms of value. The presence of various natural fragrance players, such as Givaudan SA (Switzerland), Firmenich SA (Switzerland), Symrise AG (Germany), Mane SA (France), Robertet SA (France), CPL Aromas (UK), Iberchem (Spain), and Dauper (Spain)., has a positive impact the market. In addition, growth in fine fragrances, personal care & cosmetics, and household care applications in the region is increasing the demand for natural fragrances.

Key Market 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 developing its mold release agents business by launching new products, expanding its R&D capabilities, and by acquiring smaller companies. Givaudan 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. It also acquired Centroflora’s Nutrition Division (Centroflora Nutra) (Brazil), a manufacturer of botanical extracts and dehydrated fruits for the food, beverage, and consumer goods sectors. The acquisition will help the company strengthen its global offering of natural extract and increase its presence in Brazil.