Analysis of Perfume Ingredient Chemicals market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Perfume ingredient chemicals have gained widespread prominence in personal care, household and textile industry. In the recent past, demand for perfume ingredient chemicals has increased with its utilization in the food and beverages industry. Trend for halal certified products has enabled perfume manufacturing companies to ensure freshness of their products which is pushing the demand for natural ingredients.
Key players of perfume ingredient chemicals have introduced a category of niche chemicals dedicated towards targeted application, without affecting the overall characteristics of product. For instance, the perfume ingredient chemicals used in creams obviate discoloration.
Proliferation of personal care and health care industries will eventually push demand for perfume ingredient chemicals to a greater height. On this backdrop, the perfume ingredient chemical market is expected to grow at a CAGR of 5% during the forecasted period. However, dependency on petrochemical feedstock and high raw material costs are some of the factors that are restricting perfume chemical ingredients market growth.
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Personal care segment is poised to grow 1.5X times from 2019 to 2029. The role of key ingredients and its sustainability is aiding manufacturers in brand positioning. Increasing consumption of herbal cosmetic products, will enable market players to design a production framework that would help them maintain profitability and sustainability in a highly competitive market.
Trend for premium perfumes is expected to create a significant uptick in demand for fine fragrances during the forecast period. The fine fragrance industry is expected to grow by US $ 1 Bn, which includes a range of colors and perfumes.
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From regional perspective, Western Europe currently holds around one fourth of global perfume ingredient chemical market share. Countries such as France and Italy are home to some of the world’s most famous perfumeries such as the Maison Guerlain and Galimard Perfumery.
Furthermore, Asia Pacific excluding Japan is expected to be the most attractive region growing at the fastest CAGR throughout forecast period. Growth potential for China, and other Asia and Oceania countries such as India, Philippines, and Thailand are much higher as compared to mature markets of North America, and Japan. Market for organic perfume ingredient chemicals in Middle East countries is likely to create lucrative opportunities for manufacturers, with Halal certified perfume products being high on demand.
For instance, Mamta Polycoats, India based company has registered itself with World Perfumery Congress 2020, to introduce a new versatile fragrance ingredient known as Triethyl Citrate, which is a modified natural organic ingredient having 100% renewable carbon source.
These ingredients' applications include fine fragrance, flavor, cosmetics and personal care. Likewise, German-based beauty brand Henkel has re-launched its shampoo with a new vegan formula. Moving along with the trend, L'Oréal S.A. acquired vegan beauty product firm, to compete in expanding organic and natural beauty products.
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Fact.MR has studied the perfume ingredient chemicals market with detailed segmentation on the basis product type, application and key regions.
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Major key players present in the global market are: YingYang (China) Aroma Chemical Group, KDAC CHEM Pvt. Ltd, BASF SE, Godavari Biorefineries Ltd, Zhejiang Xinhua Chemical Co., Ltd, Harmony Organic.
The largest segment in the Perfume Ingredient Chemicals market is Product Type.
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