According to the report, natural fragrances specify products such as essential oils or extracts obtained from natural ingredients, which are added to various products to provide a unique smell. These are obtained from natural raw materials that are physically obtained by plants by using extraction, expression and distillation processes. Natural fragrances have healthy demand from consumers owing to the rise in awareness on usage of natural fragrances over synthetic fragrances and low toxicity of these compounds.
The increase in demand for natural products and fragrances is expected to boost the growth of the global natural fragrance market over the forecast period. The change in lifestyle and preferences of consumers towards natural fragrances are going to be a driving factor to propel the natural fragrance market growth. Earth and musk fragrances have strong demand and will positively influence the market growth. The rise in use of natural fragrances over synthetic fragrances across various end-use industries such as cosmetics, food and beverages and fine fragrances is expected to drive the target market growth. One of the significant reasons for the increasing growth of natural fragrances is increasing consumer awareness regarding harmful effects of chemicals and other synthetic products on the human body.
The high cost involved in the production, research and development may restrict the growth of the natural fragrance market during this forecast timeframe. Also, the strong presence of counterfeit synthetic fragrances is expected to hinder the global natural fragrance market growth.
The global natural fragrance market is segmented into ingredients such as essential oils, natural extracts. Further, the market is segmented into application such as fine fragrances, personal care and cosmetics and household care.
Europe is expected to register as the largest market share in natural fragrance during the forecast period, in terms of value. The presence of various natural fragrance key players, such as Givaudan SA, Firmenich SA, Symrise AG, Mane SA, Robertet SA and CPL Aromas, has a positive impact the market. In addition, growth in fine fragrances, personal care and cosmetics and household care applications in the region is boosting the demand for natural fragrances.
North America is expected to hold second largest market share in the global market. The presence of premium customers in this region will create healthy growth opportunities for the natural fragrance market. The increase in income and increased exposure of premium fragrance brands to the consumers in this region will positively influence the market growth.