Global fragrance ingredients industry size is anticipated to cross $20 billion by 2027, as per estimates from a Global Market Insights Inc. report
In addition, an unprecedented demand for cleaning products has been witnessed since the wake of the pandemic, strengthening fragrance ingredients market outlook. Citing an instance, a major producer of surfactants and quaternary ammonium disinfectants, Stepan, witnessed a sales hike of over 8% in 2020 as compared to the previous year.
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Since the onset of the novel coronavirus pandemic, emotional wellness has become a key concern for consumers worldwide. Elements like fragrance are becoming increasingly popular in this regard, drawing more attention towards the beauty and personal care marketplace as the demand for at-home-spa experiences and mood-boosting aromas grows.
To efficiently increase affordability and access to soap and prevent pathogen transmissions, UNICEF also entered a partnership with a soap maker in Burundi. Under this partnership, over 43 million soap bars were produced at half the price of the non-subsidized soap between June and October 2020, potentially amplifying the use of fragrance chemicals in personal care products.
Growing emphasis on naturally sourced fragrance ingredients
Regulatory bodies worldwide are placing major emphasis on boosting the safety profile of cosmetic ingredients. Of the 2,947 ingredients listed by the IFRA (International Fragrance Association), fragrance mixtures contain many synthetic chemicals that emit harmful volatile organic compounds. As exposure to these chemicals may lead to health hazards, the use of natural perfume ingredients is slated to witness a major upsurge.
Over the past months, fragrance companies are focusing on the development of sustainable products to curb deforestation and its adverse impacts on the environment. To that end, in October 2021, Eurofragance unveiled a new perfumery ingredient, L’Âme du Bois, made from upcycled wood waste. Product launch activities like these will add impetus to the natural ingredients business, with a GMI report suggesting that the fragrance ingredients industry from the wood-based segment will depict a 7.5% CAGR through 2027.
Additionally, the use of natural ingredients like essential oils continues to surge, with various countries indulging in large-scale trading activities. According to the OEC’s data, essential oils recorded a total trade of $2.4 billion, with France becoming the top exporter with a value worth $382 million in 2019. In terms of imports, the U.S. led the chart with $472 million in the same year. Such escalating trading activities will augment the consumption of essential oils as natural fragrance ingredients in cosmetics and other beauty products.
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Mounting usage of sustainable beauty products in the U.S.
Burgeoning consumer spending on skincare products has made it one of the fastest-growing beauty industries in regions including the U.S. According to a report from SkinStore, Americans are predicted to spend around $15,000 on skincare products in their lifetime, with their current spending standing at an average of over $322.88 per year.
Americans are also gradually returning to pre-pandemic grooming and beauty routines, with 39% of U.S. consumers planning to increase their spending on beauty products in the coming months, as per an NCSolutions' survey. The survey also revealed that 55% of the consumers plan to increase the use of at least one beauty product. Additionally, the pandemic has driven interest in health, urging 41% of consumers to prioritize the use of sustainable beauty products.
Promising prospects such as these are expected to result in a gradual upward trajectory for beauty products sales. As a result, the U.S. will emerge as a lucrative revenue pocket for the fragrance ingredients market over the forthcoming years.
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