CHICAGO, July 17, 2019 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets™, the Natural Fragrance Market size is projected to reach USD 4.3 million by 2024 from USD 2.7 million in 2019, at a CAGR of 9.6%.
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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.
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).
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