Increasing demand for natural fragrances with improved performance standards have led to increased uptake of perfume ingredient chemicals. Perfume ingredient chemicals market is dynamic in nature as new regulations and partnerships in market are constantly modifying growth. Furthermore, perfume ingredient chemicals companies continue to find opportunities in healthcare and personal care products, laundry care and cosmetic industry.
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Perfume ingredient chemicals market is expected to grow at 5% CAGR over the forecast period, reveals Fact.MR, in a recently published report on global perfume ingredient chemicals market.
Manufacturers are eyeing novel product launches by ensuring that they are in sync with changing customer requirements. Further, cost factor is expected to make market players go for synthetic products, even though there is global trend towards naturally produced chemical ingredients. This will create opportunities for essential oil products with amplifying customer preference for herbal products.
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Key Takeaways of Global Perfume Ingredient Chemicals Market
- Global perfume ingredient chemicals market is expected to create a value opportunity of around US$ 3 Bn during the forecast period, adding 1.6X more value in 2029 as compared to 2019
- Personal care industry will continue to dominate perfume ingredient chemicals market accounting for more than quarter of the global share, as a result of growing preference for fragrant cosmetics and other personal care products
- Asia Pacific is estimated to be the most lucrative market in terms of revenue generation, currently valued at US$ 1,198.0 Mn and is expected to show continuous expansion over the forecast period
- Global perfume ingredient chemicals market is highly fragmented in nature, with production clusters mainly centered in France, Spain and Germany
“Shift of customer preference towards natural products, has created significant opportunities for naturally occurring perfume ingredient chemicals. Thus, rapid adoption for environment and human-health friendly products, is projected to provide continuous momentum for perfume ingredient chemicals market”, says a Fact.MR analyst.
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Perfume Ingredient Chemicals Manufacturers Gravitating towards Natural Ingredients
Leading perfume ingredient chemicals manufacturers are emphasizing on developing vegan beauty products. Furthermore, strategic collaborations with firms manufacturing organic products is helping companies to compete in the growing landscape for organic and natural beauty products. Perfume ingredient chemicals manufacturing companies have shifted towards extraction of chemicals from natural resources.
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