Table of Content

1 INTRODUCTION 15
1.1 OBJECTIVES OF THE STUDY 15
1.2 MARKET DEFINITION 15
1.3 MARKET SCOPE 16
1.3.1 REGIONS COVERED 16
1.3.2 YEARS CONSIDERED FOR THE STUDY 17
1.4 CURRENCY 17
1.5 STAKEHOLDERS 17

2 RESEARCH METHODOLOGY 18
2.1 RESEARCH DATA 18
2.2 SECONDARY DATA 19
2.2.1 KEY DATA FROM SECONDARY SOURCES 19
2.3 PRIMARY DATA 20
2.3.1 KEY DATA FROM PRIMARY SOURCES 20
2.3.2 BREAKDOWN OF PRIMARY INTERVIEWS 21
2.4 MARKET SIZE ESTIMATION 21
2.4.1 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 22
2.4.2 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 22
2.5 DATA TRIANGULATION 23
2.6 ASSUMPTIONS 25

3 EXECUTIVE SUMMARY 26

4 PREMIUM INSIGHTS 29
4.1 ATTRACTIVE OPPORTUNITIES IN THE NATURAL FRAGRANCE MARKET 29
4.2 EUROPE: NATURAL FRAGRANCE MARKET, BY APPLICATION AND COUNTRY 29
4.3 NATURAL FRAGRANCE MARKET, BY REGION 30
4.4 NATURAL FRAGRANCE MARKET ATTRACTIVENESS 30

5 MARKET OVERVIEW 31
5.1 INTRODUCTION 31
5.2 MARKET DYNAMICS 31
5.2.1 DRIVERS 32
5.2.1.1 Changing lifestyle and customer preferences 32
5.2.1.2 Rising demand for natural products 32
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5.2.2 RESTRAINTS 32
5.2.2.1 High production and R&D costs 32
5.2.2.2 Compliance with quality & regulatory standards 33
5.2.3 OPPORTUNITIES 33
5.2.3.1 High growth potential in emerging economies 33
5.2.4 CHALLENGES 33
5.2.4.1 High switching cost from synthetic to natural sources 33
5.3 PORTER’S FIVE FORCES ANALYSIS 34
5.3.1 THREAT OF SUBSTITUTES 34
5.3.2 THREAT OF NEW ENTRANTS 35
5.3.3 BARGAINING POWER OF SUPPLIERS 35
5.3.4 BARGAINING POWER OF BUYERS 35
5.3.5 INTENSITY OF COMPETITIVE RIVALRY 36

6 NATURAL FRAGRANCE MARKET, BY INGREDIENTS 37
6.1 INTRODUCTION 38
6.2 ESSENTIAL OILS 39
6.2.1 INCREASING DEMAND FOR ESSENTIAL OILS IN NATURAL FRAGRANCE APPLICATIONS TO DRIVE THE MARKET 39
6.3 NATURAL EXTRACTS 43
6.3.1 INCREASING USE OF NATURAL FRAGRANCE INGREDIENTS TO
DRIVE THE MARKET 43

7 NATURAL FRAGRANCE MARKET, BY APPLICATION 44
7.1 INTRODUCTION 45
7.2 FINE FRAGRANCES 46
7.2.1 INCREASING DEMAND FOR NATURAL FRAGRANCE INGREDIENTS IN PERFUMES & COLOGNES TO DRIVE THE MARKET 46
7.3 PERSONAL CARE & COSMETICS 47
7.3.1 GROWING AWARENESS AMONG CONSUMERS ABOUT HEALTH CONCERNS AND HYGIENE TEND TO INCREASE THE DEMAND FOR NATURAL FRAGRANCE IN PERSONAL CARE PRODUCTS 47
7.4 HOUSEHOLD CARE 48
7.4.1 GROWING DEMAND FOR NATURAL FRAGRANCES IN DETERGENTS TO SIGNIFICANTLY BOOST THE MARKET 48

8 NATURAL FRAGRANCE MARKET, BY REGION 49
8.1 INTRODUCTION 50
8.2 EUROPE 51
8.2.1 GERMANY 53
8.2.1.1 Growth in the personal care & cosmetics application to
boost the market for natural fragrances in Germany 53
8.2.2 ITALY 54
8.2.2.1 Increasing awareness regarding the environmental and
social aspects drives the natural fragrance market in Italy 54
8.2.3 FRANCE 54
8.2.3.1 Increasing consumption of natural products over synthetic ones drives the market 54
8.2.4 UK 55
8.2.4.1 Increasing demand for fragrance ingredients drives the market 55
8.2.5 REST OF EUROPE 56
8.2.5.1 Rise in per-capita income and increase in consumer spending drive the market 56
8.3 NORTH AMERICA 57
8.3.1 US 59
8.3.1.1 Increasing awareness about natural ingredients drives the market 59
8.3.2 MEXICO 60
8.3.2.1 Increasing disposable income of consumers to boost the market 60
8.3.3 CANADA 61
8.3.3.1 Increasing trend toward the use of natural source-based fragrances to drive the market 61
8.4 APAC 62
8.4.1 CHINA 64
8.4.1.1 China is the largest natural fragrance market in APAC 64
8.4.2 JAPAN 64
8.4.2.1 Increasing awareness regarding personal hygiene and health drives the market 64
8.4.3 INDIA 65
8.4.3.1 India is one of the fastest-growing natural fragrance markets globally 65
8.4.4 SOUTH KOREA 66
8.4.4.1 Increase in disposable income drives the market 66
8.4.5 REST OF APAC 66
8.4.5.1 Increasing consumption of beauty products drives the market 66
8.5 MIDDLE EAST & AFRICA 67
8.5.1 TURKEY 69
8.5.1.1 Rise in disposable income of the middle-class population to drive the market. 69
8.5.2 UAE 69
8.5.2.1 The UAE to witness the highest growth in the natural fragrance market 69
8.5.3 SAUDI ARABIA 70
8.5.3.1 Higher penetration of premium products among the high-income population to boost the market 70
8.5.4 REST OF MIDDLE EAST & AFRICA 71
8.5.4.1 Increasing population and rise in middle-class income to drive the market 71
8.6 SOUTH AMERICA 71
8.6.1 BRAZIL 73
8.6.1.1 Growing population and increase in consumer spending drive the market 73
8.6.2 ARGENTINA 74
8.6.2.1 Argentina is the second-largest market for natural fragrances in South America 74
8.6.3 REST OF SOUTH AMERICA 75
8.6.3.1 Growth in demand for personal care & cosmetic products boosts the market 75

9 COMPETITIVE LANDSCAPE 76
9.1 OVERVIEW 76
9.2 COMPETITIVE LEADERSHIP MAPPING (OVERALL MARKET) 76
9.2.1 VISIONARY LEADERS 76
9.2.2 DYNAMIC DIFFERENTIATORS 76
9.2.3 EMERGING COMPANIES 76
9.2.4 INNOVATORS 76
9.3 STRENGTH OF PRODUCT PORTFOLIO 78
9.4 BUSINESS STRATEGY EXCELLENCE 78
9.5 COMPETITIVE LEADERSHIP MAPPING (SMSE) 79
9.5.1 PROGRESSIVE COMPANIES 79
9.5.2 RESPONSIVE COMPANIES 79
9.6 STRENGTH OF PRODUCT PORTFOLIO 80
9.7 BUSINESS STRATEGY EXCELLENCE 81
9.8 KEY MARKET PLAYERS 83
9.8.1 GIVAUDAN 83
9.8.2 FIRMENICH SA 83
9.8.3 INTERNATIONAL FLAVORS & FRAGRANCES 84
9.9 COMPETITIVE SITUATION AND TRENDS 84
9.9.1 EXPANSION 84
9.9.2 NEW PRODUCT LAUNCH 86
9.9.3 ACQUISITION 86

10 COMPANY PROFILES 88
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*
10.1 GIVAUDAN SA 88
10.2 FIRMENICH SA 91
10.3 INTERNATIONAL FLAVORS & FRAGRANCES 93
10.4 SYMRISE AG 96
10.5 TAKASAGO INTERNATIONAL CORPORATION 99
10.6 MANE SA 101
10.7 ROBERTET SA 103
10.8 SENSIENT TECHNOLOGIES CORPORATION 104
10.9 T. HASEGAWA 105
10.10 BELL FLAVORS & FRAGRANCES 106
*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View might not be captured in case of unlisted companies.
10.11 OTHER MARKET PLAYERS 107
10.11.1 HUABAO 107
10.11.2 OGAWA & CO., LTD 107
10.11.3 CPL AROMAS 107
10.11.4 KAO CHEMICALS EUROPE. S.L. 107
10.11.5 YINGYANG (CHINA) AROMA CHEMICAL GROUP 107
10.11.6 S H KELKAR AND COMPANY LIMITED 107
10.11.7 AARAV FRAGRANCES & FLAVORS 107
10.11.8 IBERCHEM 107
10.11.9 ALPHA AROMATICS 108
10.11.10 LA SCENTEUR FRAGRANCE 108
10.11.11 BIO AROMA 108
10.11.12 RISDON INTERNATIONAL 108
10.11.13 FRAGRANCE OILS (INTERNATIONAL) LTD. 108
10.11.14 EPS FRAGRANCES 108
10.11.15 DAUPER 108
11 APPENDIX 109
11.1 INSIGHTS FROM INDUSTRY EXPERTS 109
11.2 DISCUSSION GUIDE 110
11.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 112
11.4 AVAILABLE CUSTOMIZATIONS 114
11.5 RELATED REPORTS 114
11.6 AUTHOR DETAILS 115



List of Figures



FIGURE 1 NATURAL FRAGRANCE MARKET: RESEARCH DESIGN 18
FIGURE 2 NATURAL FRAGRANCE: DATA TRIANGULATION 23
FIGURE 3 NATURAL FRAGRANCE MARKET ANALYSIS THROUGH PRIMARY INTERVIEWS 24
FIGURE 4 NATURAL FRAGRANCE MARKET ANALYSIS THROUGH SECONDARY SOURCES 24
FIGURE 5 MNM MARKET ANALYSIS- NATURAL FRAGRANCE MARKET (VALUE IN 2018) 24
FIGURE 6 NATURAL EXTRACTS TO BE THE FASTER-GROWING INGREDIENT IN
THE NATURAL FRAGRANCE MARKET 26
FIGURE 7 FINE FRAGRANCES TO BE THE LARGEST APPLICATION IN THE OVERALL
NATURAL FRAGRANCE MARKET 27
FIGURE 8 US TO BE THE LARGEST NATURAL FRAGRANCE MARKET 27
FIGURE 9 EUROPE ACCOUNTED FOR THE LARGEST SHARE OF THE NATURAL FRAGRANCE MARKET IN 2018 28
FIGURE 10 GROWTH OPPORTUNITIES IN THE MARKET DURING THE FORECAST PERIOD 29
FIGURE 11 FRANCE LED THE EUROPEAN NATURAL FRAGRANCE MARKET IN 2018 29
FIGURE 12 SOUTH AMERICA TO BE THE FASTEST-GROWING MARKET DURING
THE FORECAST PERIOD 30
FIGURE 13 ARGENTINA TO BE THE FASTEST-GROWING MARKET BETWEEN 2019 AND 2024 30
FIGURE 14 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES IN
THE NATURAL FRAGRANCE MARKET 31
FIGURE 15 NATURAL FRAGRANCE MARKET: PORTER’S FIVE FORCES ANALYSIS 34
FIGURE 16 ESSENTIAL OILS TO DOMINATE THE NATURAL FRAGRANCE MARKET
BETWEEN 2019 AND 2024 38
FIGURE 17 FINE FRAGRANCE APPLICATION TO DOMINATE THE NATURAL FRAGRANCE MARKET BETWEEN 2019 AND 2024 45
FIGURE 18 SOUTH AMERICA TO REGISTER THE HIGHEST CAGR IN THE NATURAL FRAGRANCE MARKET 50
FIGURE 19 EUROPE: NATURAL FRAGRANCE MARKET SNAPSHOT 51
FIGURE 20 NORTH AMERICA: NATURAL FRAGRANCE MARKET SNAPSHOT 57
FIGURE 21 APAC: NATURAL FRAGRANCE MARKET SNAPSHOT 62
FIGURE 22 NATURAL FRAGRANCE MARKET: COMPETITIVE LEADERSHIP MAPPING, 2018 77
FIGURE 23 STRENGTH OF PRODUCT PORTFOLIO, 2018 78
FIGURE 24 BUSINESS STRATEGY EXCELLENCE, 2018 78
FIGURE 25 SMALL AND MEDIUM-SIZED ENTERPRISES (SMSE) MAPPING, 2018 79
FIGURE 26 STRENGTH OF PRODUCT PORTFOLIO, 2018 80
FIGURE 27 BUSINESS STRATEGY EXCELLENCE, 2018 81
FIGURE 28 EXPANSION WAS THE KEY GROWTH STRATEGY ADOPTED BY THE MARKET PLAYERS BETWEEN 2016 AND 2019 82
FIGURE 29 MARKET SHARE ANALYSIS, BY COMPANY, 2018 83
FIGURE 30 GIVAUDAN SA: COMPANY SNAPSHOT 88
FIGURE 31 GIVAUDAN SA: SWOT ANALYSIS 90
FIGURE 32 FIRMENICH SA: SWOT ANALYSIS 92
FIGURE 33 INTERNATIONAL FLAVORS & FRAGRANCES: COMPANY SNAPSHOT 93
FIGURE 34 INTERNATIONAL FLAVORS & FRAGRANCES: SWOT ANALYSIS 94
FIGURE 35 SYMRISE AG: COMPANY SNAPSHOT 96
FIGURE 36 SYMRISE AG: SWOT ANALYSIS 97
FIGURE 37 TAKASAGO INTERNATIONAL CORPORATION: COMPANY SNAPSHOT 99
FIGURE 38 TAKASAGO INTERNATIONAL CORPORATION: SWOT ANALYSIS 100
FIGURE 39 MANE SA: COMPANY SNAPSHOT 101
FIGURE 40 ROBERTET SA: COMPANY SNAPSHOT 103
FIGURE 41 SENSIENT TECHNOLOGIES CORPORATION: COMPANY SNAPSHOT 104
FIGURE 42 T. HASEGAWA: COMPANY SNAPSHOT 105

 

List of Tables



TABLE 1 NATURAL FRAGRANCE MARKET SIZE, BY INGREDIENTS 2017–2024 (USD MILLION) 38
TABLE 2 PLANT PARTS: SOURCE OF ESSENTIAL OILS 39
TABLE 3 ESSENTIAL OIL PLANTS - PRODUCING REGIONS 40
TABLE 4 ESSENTIAL OILS MARKET SIZE, BY REGION, 2017–2024 (USD MILLION) 40
TABLE 5 KEY SOURCES OF ESSENTIAL OILS AND THEIR PRODUCERS 42
TABLE 6 NATURAL EXTRACTS MARKET SIZE, BY REGION, 2017–2024 (USD MILLION) 43
TABLE 7 NATURAL FRAGRANCE MARKET SIZE, BY APPLICATION 2017–2024 (USD MILLION) 45
TABLE 8 NATURAL FRAGRANCE MARKET SIZE IN FINE FRAGRANCES, BY REGION 2017–2024 (USD MILLION) 46
TABLE 9 NATURAL FRAGRANCE MARKET SIZE IN PERSONAL CARE & COSMETICS BY REGION, 2017–2024 (USD MILLION) 47
TABLE 10 NATURAL FRAGRANCE MARKET SIZE IN HOUSEHOLD CARE, BY REGION 2017–2024 (USD MILLION) 48
TABLE 11 NATURAL FRAGRANCE MARKET SIZE, BY REGION, 2017–2024 (USD MILLION) 50
TABLE 12 EUROPE: NATURAL FRAGRANCE MARKET SIZE, BY COUNTRY 2017–2024 (USD MILLION) 52
TABLE 13 EUROPE: NATURAL FRAGRANCE MARKET SIZE, BY INGREDIENT 2017–2024 (USD MILLION) 52
TABLE 14 EUROPE: NATURAL FRAGRANCE MARKET SIZE, BY APPLICATION 2017–2024 (USD MILLION) 52
TABLE 15 GERMANY: NATURAL FRAGRANCE MARKET SIZE, BY APPLICATION 2017–2024 (USD MILLION) 53
TABLE 16 GERMANY: NATURAL FRAGRANCE MARKET SIZE, BY INGREDIENT 2017–2024 (USD MILLION) 53
TABLE 17 ITALY: NATURAL FRAGRANCE MARKET SIZE, BY APPLICATION 2017–2024 (USD MILLION) 54
TABLE 18 ITALY: NATURAL FRAGRANCE MARKET SIZE, BY INGREDIENT 2017–2024 (USD MILLION) 54
TABLE 19 FRANCE: NATURAL FRAGRANCE MARKET SIZE, BY APPLICATION 2017–2024 (USD MILLION) 55
TABLE 20 FRANCE: NATURAL FRAGRANCE MARKET SIZE, BY INGREDIENT 2017–2024 (USD MILLION) 55
TABLE 21 UK: NATURAL FRAGRANCE MARKET SIZE, BY APPLICATION 2017–2024 (USD MILLION) 55
TABLE 22 UK: NATURAL FRAGRANCE MARKET SIZE, BY INGREDIENT 2017–2024 (USD MILLION) 55
TABLE 23 REST OF EUROPE: NATURAL FRAGRANCE MARKET SIZE, BY APPLICATION 2017–2024 (USD MILLION) 56
TABLE 24 REST OF EUROPE: NATURAL FRAGRANCE MARKET SIZE, BY INGREDIENT 2017–2024 (USD MILLION) 56
TABLE 25 NORTH AMERICA: NATURAL FRAGRANCE MARKET SIZE, BY COUNTRY 2017–2024 (USD MILLION) 58
TABLE 26 NORTH AMERICA: NATURAL FRAGRANCE MARKET SIZE, BY INGREDIENT 2017–2024 (USD MILLION) 58
TABLE 27 NORTH AMERICA: NATURAL FRAGRANCE MARKET SIZE, BY APPLICATION 2017–2024 (USD MILLION) 58
TABLE 28 US: NATURAL FRAGRANCE MARKET SIZE, BY APPLICATION 2017–2024 (USD MILLION) 59
TABLE 29 US: NATURAL FRAGRANCE MARKET SIZE, BY INGREDIENT 2017–2024 (USD MILLION) 59
TABLE 30 MEXICO: NATURAL FRAGRANCE MARKET SIZE, BY APPLICATION 2017–2024 (USD MILLION) 60
TABLE 31 MEXICO: NATURAL FRAGRANCE MARKET SIZE, BY INGREDIENT 2017–2024 (USD MILLION) 60
TABLE 32 CANADA: NATURAL FRAGRANCE MARKET SIZE, BY APPLICATION 2017–2024 (USD MILLION) 61
TABLE 33 CANADA: NATURAL FRAGRANCE MARKET SIZE, BY INGREDIENT 2017–2024 (USD MILLION) 61
TABLE 34 APAC: NATURAL FRAGRANCE MARKET SIZE, BY COUNTRY 2017–2024 (USD MILLION) 63
TABLE 35 APAC: NATURAL FRAGRANCE MARKET SIZE, BY INGREDIENT 2017–2024 (USD MILLION) 63
TABLE 36 APAC: NATURAL FRAGRANCE MARKET SIZE, BY APPLICATION 2017–2024 (USD MILLION) 63
TABLE 37 CHINA: NATURAL FRAGRANCE MARKET SIZE, BY APPLICATION 2017–2024 (USD MILLION) 64
TABLE 38 CHINA: NATURAL FRAGRANCE MARKET SIZE, BY INGREDIENT 2017–2024 (USD MILLION) 64
TABLE 39 JAPAN: NATURAL FRAGRANCE MARKET SIZE, BY APPLICATION 2017–2024 (USD MILLION) 65
TABLE 40 JAPAN: NATURAL FRAGRANCE MARKET SIZE, BY INGREDIENT 2017–2024 (USD MILLION) 65
TABLE 41 INDIA: NATURAL FRAGRANCE MARKET SIZE, BY APPLICATION 2017–2024 (USD MILLION) 65
TABLE 42 INDIA: NATURAL FRAGRANCE MARKET SIZE, BY INGREDIENT 2017–2024 (USD MILLION) 66
TABLE 43 SOUTH KOREA: NATURAL FRAGRANCE MARKET SIZE, BY APPLICATION 2017–2024 (USD MILLION) 66
TABLE 44 SOUTH KOREA: NATURAL FRAGRANCE MARKET SIZE, BY INGREDIENT 2017–2024 (USD MILLION) 66
TABLE 45 REST OF APAC: NATURAL FRAGRANCE MARKET SIZE, BY APPLICATION 2017–2024 (USD MILLION) 67
TABLE 46 REST OF APAC: NATURAL FRAGRANCE MARKET SIZE, BY INGREDIENT 2017–2024 (USD MILLION) 67
TABLE 47 MIDDLE EAST & AFRICA: NATURAL FRAGRANCE MARKET SIZE, BY COUNTRY, 2017–2024 (USD MILLION) 67
TABLE 48 MIDDLE EAST & AFRICA: NATURAL FRAGRANCE MARKET SIZE, BY INGREDIENT, 2017–2024 (USD MILLION) 68
TABLE 49 MIDDLE EAST & AFRICA: NATURAL FRAGRANCE MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 68
TABLE 50 TURKEY: NATURAL FRAGRANCE MARKET SIZE, BY APPLICATION 2017–2024 (USD MILLION) 69
TABLE 51 TURKEY: NATURAL FRAGRANCE MARKET SIZE, BY INGREDIENT 2017–2024 (USD MILLION) 69
TABLE 52 UAE: NATURAL FRAGRANCE MARKET SIZE, BY APPLICATION 2017–2024 (USD MILLION) 69
TABLE 53 UAE: NATURAL FRAGRANCE MARKET SIZE, BY INGREDIENT 2017–2024 (USD MILLION) 70
TABLE 54 SAUDI ARABIA: NATURAL FRAGRANCE MARKET SIZE, BY APPLICATION 2017–2024 (USD MILLION) 70
TABLE 55 SAUDI ARABIA: NATURAL FRAGRANCE MARKET SIZE, BY INGREDIENT 2017–2024 (USD MILLION) 70
TABLE 56 REST OF MIDDLE EAST & AFRICA: NATURAL FRAGRANCE MARKET SIZE BY APPLICATION, 2017–2024 (USD MILLION) 71
TABLE 57 REST OF MIDDLE EAST & AFRICA: NATURAL FRAGRANCE MARKET SIZE BY INGREDIENT, 2017–2024 (USD MILLION) 71
TABLE 58 SOUTH AMERICA: NATURAL FRAGRANCE MARKET SIZE, BY COUNTRY 2017–2024 (USD MILLION) 71
TABLE 59 SOUTH AMERICA: NATURAL FRAGRANCE MARKET SIZE, BY INGREDIENT 2017–2024 (USD MILLION) 72
TABLE 60 SOUTH AMERICA: NATURAL FRAGRANCE MARKET SIZE, BY APPLICATION 2017–2024 (USD MILLION) 72
TABLE 61 BRAZIL: NATURAL FRAGRANCE MARKET SIZE, BY APPLICATION 2017–2024 (USD MILLION) 73
TABLE 62 BRAZIL: NATURAL FRAGRANCE MARKET SIZE, BY INGREDIENT 2017–2024 (USD MILLION) 73
TABLE 63 ARGENTINA: NATURAL FRAGRANCE MARKET SIZE, BY APPLICATION 2017–2024 (USD MILLION) 74
TABLE 64 ARGENTINA: NATURAL FRAGRANCE MARKET SIZE, BY INGREDIENT 2017–2024 (USD MILLION) 74
TABLE 65 REST OF SOUTH AMERICA: NATURAL FRAGRANCE MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 75
TABLE 66 REST OF SOUTH AMERICA: NATURAL FRAGRANCE MARKET SIZE, BY INGREDIENT, 2017–2024 (USD MILLION) 75
TABLE 67 EXPANSION, 2016–2019 84
TABLE 68 NEW PRODUCT LAUNCH, 2016–2019 86
TABLE 69 ACQUISITION, 2016–2019 86