Natural Fragrances Market Overview
The natural fragrances market is anticipated to acquire USD 48.3 billion by the end of 2030. The report further predicts the market to thrive at a healthy CAGR of over 7.5% during the review timeframe.
A natural fragrance refers to the production of essential oil. Examples of essential oils include peppermint and lavender. There are several essential oils since many shrubs, flowers, and plants have pleasant-smelling oils. The global natural fragrances market has witnessed enormous growth in the last few years. The market's growth is credited to the factors such as growing awareness regarding the hazards and dangers of using artificial fragrances and heavy investments in research and development. On the other hand, the volatility of raw material prices can impede the market's growth.
The United States accounts for the largest share of the North America natural fragrances market, driven by a growing consumer preference for natural and organic products, and an increasing awareness of the health and environmental benefits of natural fragrances. Canada, although a smaller market, has also witnessed growth, with consumers showing a growing interest in natural and eco-friendly products.
Competitive Analysis
The natural fragrances market has an incredibly competitive landscape with the presence of a large number of players spread worldwide. The players across the market are actively investing, causing a surge in the market concentration. In addition, the players implement several new growth policies such as acquisitions, strategic partnerships, and mergers. Furthermore, the growing number of research & development activities to launch innovative products are likely to offer lucrative opportunities to players across the globe. The global natural fragrances market has prominent leaders such as Robertet SA (France), T.Hasegawa Co., Ltd (Japan), Sensient Technologies Corporation (US), Symrise AG (Germany), Givaudan SA (Switzerland), BMV Fragrances Private Limited (India), Ungerer and Company (US), Mane SA (France), Takasago International (Japan), International Flavours and Fragrance (US), Firmenich SA (Switzerland), Natural Fragrance Company Ltd. (UK), Bell Flavors & Fragrances (US), Akay Group Ltd. (UAE), and several others.
Segment Analysis
The global market for natural fragrances has been segregated into various segments based on source, application, and region.
Based on the source, the global natural fragrances market is split into wood, flower-based, spices, fruit-based, and others.
Based on application, the natural fragrances market is divided into toiletries and detergents, fine fragrances, food & beverage, cosmetics, and others.
Recent Developments
• March 2022- Symrise, a prominent supplier of flavours and fragrances, has announced that it has submitted a binding offer for the acquisition of fragrance house R. Romani - Société Française d’Aromatiques (SFA Romani), and Neroli Invest DL (Groupe Neroli). With these deals, Symrise aims to strengthen its fine fragrance presence across southern France, its effectiveness in creating fragrance compositions and expands its presence in prime nations in the Middle East, Africa, and Europe.
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