Natural Fragrance Global Market Expected to Reach $5.23 Billion at a CAGR of 8.9% By 2028 | Givaudan SA, Firmenich SA, Symrise AG, Mane SA, CPL Aromas

The Natural Fragrance Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Natural Fragrance Global Market Report 2024, The natural fragrance market size has grown rapidly in recent years. It will grow from $3.36 billion in 2023 to $3.71 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to consumer preference for natural products, shift towards clean and green beauty, rising demand for cosmetics and personal care products, increased per capita grooming spending, strong demand for natural and organic products.

The natural fragrance market size is expected to see strong growth in the next few years. It will grow to $5.23 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to increased investment in research and development, digital transformation in marketing, rising interest in aromatherapy, expansion of niche and artisanal brands, focus on transparency and traceability. Major trends in the forecast period include innovations in extraction techniques, expansion of home fragrance and wellness products, blockchain for traceability and transparency, collaborations and partnerships, biodegradable and eco-friendly packaging.

The rising demand for cosmetics and personal care products is driving the growth of the natural fragrance market. Cosmetics and personal care products encompass a wide range of consumer goods aimed at personal grooming, hygiene, and appearance enhancement. Natural fragrances are commonly used in personal care and cosmetics due to their pleasant scents, potential benefits to the skin, additional natural marketing image, versatility, and consumer demand. For instance, in May 2023, according to the report published by The Cosmetic, Toiletry, and Perfumery Association, a UK-based organization, the sales of color cosmetics reached 118,172,000 units in 2022, compared to 112,257,000 units in 2021. Therefore, rising demand for cosmetics and personal care products will propel the growth of the natural fragrance market going forward.

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The natural fragrance market covered in this report is segmented –
1) By Type : Essential Oils, Natural Extracts
2) By Source: Flower-Based, Fruit-Based, Spices, Wood, Other Sources
3) By Distribution Channel: Conventional Retail, Online Sales, Business-To-Business (B2B), Business-To-Business(B2B) Third Party (TP)
4) By Application: Fine Fragrances, Personal Care And Cosmetics, Household Care, Soap And Detergents, Other Fragrances

Major companies operating in the natural fragrances market are developing innovative products like plant-based fragrance oils to strengthen their position in the market. Plant-based fragrance oils in natural fragrances help to create high-quality, sustainable, and innovative fragrance products that appeal to consumers seeking natural and eco-friendly options. For instance, in October 2023, Natural Sourcing LLC, a US-based fragrance and perfumery manufacturer, launched a line of plant-based fragrance oils derived from natural botanical sources, including essential oils and extracts. These oils are derived from natural, raw botanical sources such as essential oils, absolutes, extracts, and aromatic isolates. They are well-suited for use in clean beauty, personal care, soap making, and home framing applications where cost-effective fragrance is required without the use of synthetic additives.

The natural fragrance market report table of contents includes:
1. Executive Summary