The natural fragrance market size is projected to reach USD 4.3 billion by 2024 from USD 2.7 billion in 2019, at a CAGR of 9.6% between 2019 and 2024. Rising growth in the personal care & cosmetic industry and growing demand for natural & organic products are driving the demand for the natural fragrance market. High production and R&D costs, as well as compliance with quality and regulatory standards, are restraining the growth of the natural fragrance market. On the other hand, a significant change in the lifestyle of consumers towards natural products over synthetic ones drives the demand for natural fragrances. The players in the natural fragrance market are mainly concentrating on expansions, new product launches, and acquisitions to meet the growing demand in various applications. New product launches help companies strengthen their product portfolio and meet the specific requirements of customers.
The growth of the natural fragrance market has been influenced mainly by expansions, new product launches, and acquisitions that took place between 2016 and 2019. Givaudan SA (Switzerland), Firmenich SA (Switzerland), International Flavors & Fragrances (US), Symrise AG (Germany), Takasago International Corporation (Japan) adopted expansions, new product launches, and acquisitions to remain competitive in the natural fragrance market.
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Givaudan (Switzerland) is the largest player in the natural fragrance market. The company is developing its natural fragrance business by acquisition and expanding in countries such as APAC and North America. The company mainly focuses on expansions and acquisitions to strengthen its position in the market. The company acquired Albert Vieille, a French company specialized in natural ingredients used in the fragrance and aromatherapy markets. It will help the company cater to the growing demand of customers for natural fragrances. As an expansion strategy, the company opened a new fragrance creative center in Mexico City, Mexico, in October 2017. The new center will help the company support its business growth in North America.
Firmenich SA (Switzerland)is one of the major manufacturers of fragrances. In March 2016, the company opened a manufacturing facility in Buenos Aires, Argentina. The expansion has helped the company strengthen its position in the fragrances market in Argentina. In July 2018, Agilex Fragrances, which is a part of Firmenich group, acquired Fragrance West (US). This acquisition will help the company strengthen its position in the fragrances market in the Americas.