Natural Fragrances Market Insights 2019 | Growth, Size, Share, Industry Trends, Business Opportunities, Demand and Forecast by 2023
“Natural Fragrances Market is projected to grow at a CAGR of 5.7% by 2023, and Global Natural Fragrances Market is segmented by Type, and Application”
Pune, India – August 1, 2019 /MarketersMedia/ —
Market Highlights
The global Natural Fragrances Market is expected to obtain a CAGR of 5.30% during the forecast period (2017-2023), reports Market Research Future (MRFR). The market’s future is marked with favorable gains, considering the rising health awareness the world over.
Market Drivers and Primary Challenges
With the soaring importance of personal hygiene combined with rising grooming among women as well as men, the Natural Fragrances Market market is bound to get a substantial boost in the coming years. Elevated awareness with regards to physical fitness and the subsequent surge in the number of gym-goers promotes the need for body odor controller products like deodorants. This aspect will be a growth-inducing point for the market in the coming years.
Another equally important driver is the increasing disposable income of customers in emerging countries of India, Thailand, China, and Indonesia. This has led to increased spending on personal care products that ensure health and hygiene. Apart from this, the hike in the number of working women and mounting awareness about cosmetic products have resulted in the market position to achieve greater heights in recent years.
Growing spending on advertisement, promotional activity by FMCG companies like P&G and Unilever and attractive packaging have augmented market visibility of Natural Fragrances Market products. High demand for candles, sprays, gels, and incense sticks also favors market growth. Additionally, rising preference for aromatherapy among consumers aids in expanding the market size to a great extent.
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Esteemed Companies
Esteemed companies contributing to the worldwide Natural Fragrances Market market include V. MANE FILS SA (France), Firmenich International SA (Switzerland), Symrise AG (Germany), Takasago International Corporation (Japan), Givaudan SA (Switzerland), International Flavors & Natural Fragrances Markets, Inc. (U.S.), Sensient Technologies Corporation (U.S.), among others.
Latest Developments
February 2019
Rivona Naturals (India) launched a soap that is made entirely from organic and natural ingredients. The company expects to accrue a substantial share in the Indian market by developing Natural Fragrances Market-based products to cater to consumer sentiment.
Market Segmentation
The global market for Natural Fragrances Market has been segmented on the basis of type and application.
Type-based segments covered in the report are natural and synthetic Natural Fragrances Market. The synthetic Natural Fragrances Market segment, with the largest share, could project the best growth at the rate of 4.80% during the review period.
Application-wise, the global Natural Fragrances Market market includes fine Natural Fragrances Market (perfumes), cosmetics & toiletry (without haircare), hair care, essential oils & aromatherapy, household & air care, soap, detergent, tobacco, and others. Between these, the cosmetics & toiletry (without haircare) segment could achieve the highest growth rate of 5.20% from 2017 to 2023.
Regional Insight
The primary markets for Natural Fragrances Market are Europe, North America, Asia Pacific (APAC), and the Rest of the world (RoW).
North America is expected to have an unparalleled growth during the assessment period at the rate of 4.80%. The United States (U.S.) presides over countries and is predicted to achieve a substantial CAGR of 4.72% from 2017 to 2023, says MRFR. Renowned manufacturers in the region are launching a series of latest products to outplay their rivals. Citing a reference, in March 2019, JO Malone London, part of Estée Lauder Companies, came out with a new range of perfumes called WILD FLOWERS & WEEDS. These were available in five Natural Fragrances Markets, which were Hemlock & Bergamot, Willow & Amber, Nettle & Wild Achillea, Lupin & Patchouli, and Cade & Cedarwood. With the rising efforts in this field, the region has managed to gain the top spot in the worldwide market in recent years.
With the fastest growth rate of 6.20% during the forecast period, Asia Pacific is ranked among the strongest contenders in the global market. Various Natural Fragrances Market manufacturers sense opportunities in India and China, which is apparent from the growing demand for Natural Fragrances Market products, mainly cosmetics and toiletries. Given the potential in the region, ambitious players are developing new products to cater to the expanding number of consumers. To illustrate, in October 2018; Creed Boutique LLC. and Berkeley Beauty Brands Pvt. Ltd. had launched its maiden store in India. Additionally, with more and more online stores and self-owned outlets cropping up within the region, the resulting enhanced customer experience will stimulate market growth. The market will also soar with the introduction of Natural Fragrances Market-based products for certain demographics, including the elderly, young, and working women populace.
The Natural Fragrances Market market’s penetration in Europe is likely to be high in the coming years. Trade pundits believe the reason to be the increasing number of manufacturers striving to cater to the olfactory senses of customers. This is marked by the presence of renowned brands based in the region, commanding a robust demand despite new companies gaining entry into the market. The brands are continuously revamping product formulations to come up with premium offerings, which helps them maintain their market position. Hence, the strong affinity for expensive perfumes in the region is poised to bring in favorable revenues for the market in the ensuing years.
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