Natural Fragrances Market has increased its sales having 5.7% CAGR forecast 2023

Market Definition:

Fragrances refer to composite blend of synthetic and/or natural ingredients which are added to the product in order to provide a unique smell. Natural fragrances comprise of natural aromatic raw materials such as essential oils, fractions of essential oils, isolates, and exudates such as resins, distillates, extracts and volatile concentrates that are extracted from natural botanical sources. Natural fragrances are gaining traction with the increase in demand for personal care and other consumer products.

Market Scenario:

The global natural fragrances market is witnessing an impressive growth over the last few years due to the various reasons. One of the significant reasons for the increasing growth of natural fragrances is the high consumer awareness regarding chemicals and other synthetic products among the consumers. Also, the per capita disposable income of the consumers is anticipated to be the significant reasons for the rising demand of natural fragrances during the forecast period. At present, natural fragrances product is in the nascent stage. So, various new products are launched by the key players and various new sources are discovered by the key players in order to launch new product which is expected to fuel the demand of natural fragrances product in the upcoming decade. Moreover, the mounting growth of ecommerce industry both in developed and developing economies is expected to further stimulate the sales of natural fragrances during the forecast period of 2017-2023. Furthermore, various government in developed economies have started promoting natural or organic product in order to reduce the sales of synthetic product which is expected to further augment the sales of natural fragrances in the near future. 

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Key Players:

The key players profiled in the natural fragrances market are Givaudan SA (Switzerland), Firmenich SA (Switzerland), Symrise AG (Germany), International Flavors and Fragrance (U.S.), Sensient Flavors and Fragrances (U.S.), Takasago International (Japan), and T.Hasegawa Co., Ltd (Japan)

Key Findings:

Europe dominates the natural fragrances market followed by North America

Asia Pacific is projected to witness a massive growth during the forecast period 2017-2023

China and India is estimated to create a favorable environment for the increasing growth of Asia Pacific region

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Regional Analysis

The Global Natural Fragrances Market is segmented into North America, Europe, Asia Pacific, and the rest of the world (RoW). Among these, Europe region is expected to retain its dominance throughout the forecast period of 2017-2023. The growth in Europe is attributed to the massive awareness of cosmetic products among the consumers. Also, the increasing marketing campaign in European countries is expected to upsurge the demand of natural fragrances product in the European countries during the forecast period of 2017-2023. North America is also estimated to account for more than one fourth of the market proportion in the global natural fragrances market. Among the North America, U.S. is estimated to account for the maximum market proportion in the global natural fragrances market. Asia Pacific region is projected to grow at a fast pace during the forecast period of 2017-2023.