The North America's fragrance ingredients market was valued at USD 5.47 billion in 2023 and is anticipated to reach USD 5.78 billion in 2024 from USD 8.99 billion by 2032, growing at a CAGR of 5.68% from 2024 to 2032.
Fragrances are an intricate blend of natural and synthetic ingredients. A single scent might contain as little as ten to as many as a couple of hundreds of ingredients or aroma chemicals in calibrated but minute amounts. These ingredients are basically used in products such as fine fragrances, soaps, cosmetics, detergents, etc.
The Fragrance Ingredients market is predicted to show enormous potential in the forecasting period. The market continues to show momentum with the rise in demand for personal and other consumer products. The trend has gained momentum since the regulation of REACH was legislated in the European Union.
The Industry has been witnessing a rise in the demand for natural fragrance ingredients lately, thus catching the interest of various companies in the market. Other important factors driving the fragrance ingredients market include changing consumer preferences, increasing demand for cleaning products, and significant advancements in technology. On the other hand, the market faced some challenges and restraints as well, which include, expensive research and development and compliance with quality and regulatory standards. Concerns with Synthetic products have also been one of the major factors holding down the market from reaching its actual potential.
Based on type, the market segmentation is done into essential oils as well as aroma chemicals, which are further classified into Orange, Eucalyptus, Mentha Arvensis, Citronella, Cedarwood and Terpenes, Musk Chemicals, and benzenoids, respectively. On the basis of Application, the segmentation is done into Cosmetics & Toiletries, Soaps & Detergents, and Fine Fragrances. The essential oils accounted for the largest market share in segmentation by type and have a market share of almost twice as that of aroma chemicals. On the basis of application the market is dominated by soaps and detergents, when on the other side cosmetics and toiletries are forecasted to show the highest CAGR in the coming years.
Some of the major companies leading the North American market share include BASF SE, T. Hasegawa Co. Ltd., Firmenich International SA, Givaudan SA, Frutarom Industries Ltd., International Flavors and Fragrances Inc., Robertet SA, Mane SA, Symrise AG, Takasago International Corp.
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