Natural Fragrances Market Size 2020: Opportunities and Challenges, Forecast 2020-2024
Market Analysis
Natural Fragrances Market is anticipated to touch USD 20.8 billion
at a 5.2% CAGR between 2019-2024, states the new Market Research Future (MRFR)
report. Natural fragrances, simply put, are complex fragrance compounds that
are exclusively made from natural aromatics. The ingredients used can be
absolutes, concretes, fractions, distillates, oleoresins, essential oils, and
others. These ingredients come from various natural sources. Natural fragrance
oils have an extensive range of applications, including Tiki lamps, kerosene,
light rings, potpourri, cologne, massage oils, aromatherapy, lotion,
conditioner, shampoo, soap, candles, and any application that needs an
oil-soluble fragrance.
Numerous factors are adding to the growth of the global natural
fragrances market. These factors, according to the latest Market Research
Future report, include growing demand for clean labeled products, increasing
health issues resulting from synthetic fragrances, rapid industrialization and
urbanization, increasing consumer preference for natural body fragrance made
with best natural fragrance oils, and changing lifestyle. Besides, the use of
organic fragrance oils in different applications, including household care, personal
care and cosmetics, and fine fragrances, are also adding to the market
growth.
On the contrary, the high production cost of natural fragrance or
organic fragrances, high cost of research and development, stringent
regulations, presence of counterfeit ingredients, and increasing restrictions
on the use of products having fragrance are factors that may hamper the global
natural fragrances market growth during the forecast period.
Market Segmentation
The Market Research Future report provides a
complete segmental analysis of the global natural fragrances market based on
application and source.
By source, the Global Natural Fragrances Market Opportunities is segmented into wood, spices, fruit-based,
flower-based, and others. Of these, the fruit-based segment will dominate the
market during the forecast period.
By application, the global natural fragrances
market is segmented into toiletries and detergents, food and beverages,
cosmetics, fine fragrances, and others. Among these, the fine fragrances
segment will have the maximum share in the market during the forecast period.
Meanwhile, the demand for the cosmetic segment is also on the rise for
consumer's preference towards cosmetic products that contain natural
ingredients.
Regional Analysis
By region, the global natural fragrances market
report covers the latest trends and growth opportunities across North America,
Europe, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these,
Europe will have the largest share in the natural fragrances market during the
forecast period for the increasing awareness of cosmetics among consumers,
coupled with a rising marketing campaign in the region.
The natural fragrances market in North America is predicted to
have favorable growth during the forecast period. The US is the leading
contributor in the region.
The natural fragrances market in the APAC region is projected to
grow at the fastest pace over the forecast period.
The natural fragrances market in the RoW will have steady growth
during the forecast period.
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