The global fragrance ingredients market is expected to reach an estimated $21.94 billion by 2029 with a compound annual growth rate of 5.1%, according to a report published by intelligence provider MarketsandMarkets.
According to the report, consumer demand is rising in the fragrance market, driving the need for ingredients. This market is seeing growth in demand in the personal care, cosmetics, and food and beverage sectors. The report also lists challenges faced in the fragrance ingredients market, including the limited shelf life of natural ingredients and the high development and testing costs.
Report Highlights
- The Asia-Pacific market is projected to grow the fastest in the fragrance ingredients market.
- By form, liquid fragrance ingredients are preferred by manufacturers due to their versatile nature.
- The specialty ingredient segment of the market was valued at $8.95 billion in 2024.
“Fragrance plays a crucial role, not only in enhancing product appeal but also in masking less desirable odors from fatty acids, oils, and surfactants typically found in formulations,” said an analyst with MarketsandMarkets.
