Ken Research in its study “Global Natural Fragrances Industry Situation and Prospects Research report 2017 “ has mentioned that in Natural fragrances industry, the investment is generally feasible for the new innovative projects making it ideal source of information for manufacturers, suppliers, distributors, customers, investors and individuals who have interest in this market. It is well equipped with the statistics to make the information more reliable.
Fragrances are the unique combinations of some natural and synthetic substances that are added to the products to give them a distinctive scent. Perfumers keep on working on new fragrances using various fragrance ingredients and combine them in a unique way to produce fragrances which can be used for different purposes.
The global natural fragrance market is segmented by product and application:
- Product type
- Flower based
- Wood based
- Musk based
- Fruit based
- Spice based
- Others
- By application
- Household care
- Cosmetics
Geographically, the market for fragrance has been in the areas of the US, EU, Asia Pacific, and other regions. Among all these regions the Europe is expected to witness a robust growth in the coming few years. The Asia pacific region is expected to grow because of the rapid urbanization and globalisation.
Moreover in the developing countries customers are attracted to luxury products which are growing the demand in the market for the natural fragrances. Now days, the use of these fragrances are used in wide range of creams to car fresheners etc. The market is also benefitting from the rise of demand from natural fragrance because of the natural ingredients which is not harmful for both humans and environment.
Socially the progress is impeding towards the sustainable development goals (SDGs), particularly the goal of eradicating extreme poverty and creating decent work for all.
But the market for the fragrances face some challenges due to the high cost of extracting natural ingredients which results in the loss of natural resources. For instance, the musk deer faces the threat of extinction due to its continued poaching despite a ban for extracting musk.
The natural fragrance market is expected to witness a stable growth in the coming few years due to the rising standard of living and improved disposable income and the popularity among the middle class group. The investment in this market is rising, due the rise among the demand for natural fragrance.
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Ankur Gupta,
Head Marketing & Communications
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