Synthetic Musk Market Expected to Reach $187.4 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Synthetic Musk Market," The synthetic musk market was valued at $134.9 million in 2021, and is estimated to reach $187.4 million by 2031, growing at a CAGR of 3.4% from 2022 to 2031.

Synthetic musks are man-made chemicals synthesized in large quantities and used extensively in a vast array of scented consumer products, including cleaning products, air fresheners, detergents, perfumes, aftershaves, cosmetics, and personal care products. Synthetic musks are obtained in laboratories and these do not contain any organic or natural source. These are long lasting and cheap as compared to natural aromas.

Synthetic musk chemicals include aromatic compound-based chemicals such as terpenoids, nitro musk, polycyclic musk, and many others. Synthetic musks are obtained to replace the rare and expensive natural musks that are obtained from musk deer and musk ox. The demand for macrocyclic and polycyclic musk has increased in the home care products sector. These synthetic musks are biodegradable and have a low tendency to accumulate in the environment due to which it is widely preferred for the formulation of various detergents, surface cleaners, soaps, shampoos, air fresheners, and other consumer products.

Moreover, surge in trend for personal grooming products coupled with increase in demand for exotic and luxurious perfume, and the availability of a diversified product portfolio for various types of perfumeries is anticipated to fuel the market growth. Synthetic perfumes are petroleum-based and have potential side effects on human health, and it may cause skin irritation, headache, lung cancer, and many others.

Furthermore, the U.S. Environmental Protection Agency has provided a “Safer Choice” fragrance-free label, Green Seal, or ECOLOGO on fragrances. In addition, the rapid shift of consumers toward natural and bio-based synthetic chemicals has restrained the growth of the synthetic musk market. Several key manufacturers have increased their production capacity for natural and bio-based musk.

For instance, Citrus and Allied Essences Ltd and Kao Chemicals companies are actively engaged in offering natural and bio-based musk for various end-use industries. These factors are hampering the overall growth of the synthetic musk market. According to data published by Forbes in September 2019, the U.S. currently is the world’s largest beauty market, with about 20% share, followed by China (13%) and Japan (8%).

Synthetic musk imparts a pleasant fragrance as natural musk owing to which it has been widely used in the formulation of various skincare and beauty care products.  All these factors are increasing the potential sales of synthetic musk; thus, offering the most lucrative opportunities for the market. 

The synthetic musk market is segmented on the basis of type, end use industry, and region. By type, the market is segregated into nitro musk, polycyclic musk, macrocyclic musk, alicyclic musk, and others. The polycyclic musk segment dominated the global market, in terms of revenue in 2021, with 47% of total share.

According to an article published by the Ministry of Micro, Small & Medium Enterprise in July 2019, the global fragrance & flavor industry is worth $24.10 billion (about $74 per person in the U.S.), and India contributes approximately $500 million where polycyclic musk is extensively used in the formulation of various perfumes and home care products. This may act as one of the key drivers responsible for the growth of the synthetic musk market. Furthermore, polycyclic musks are ubiquitous pollutants widely used as additives in personal care products and household cleaners to lend them a long-lasting, pleasing odor.

By end use industry, the market is fragmented into cosmetic and personal care, homecare, food and beverages, and others. The cosmetic and personal care end use industry segment dominated the global market, with 73% of the total share in 2021.

According to data revealed by Economic Times in August 2022, The Indian beauty and personal care (BPC) market is the eighth largest in the world and accounted for $15 billion (about $46 per person in the U.S.) and is growing at ~10% every year. This substantial growth of the beauty care industry and increasing awareness of consumers about their appearance is positively impacting the overall market growth; thus, creating lucrative opportunities for the market. 

Region-wise, the synthetic musk market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific synthetic musk market size is projected to grow at the highest CAGR during the forecast period, and accounted for a 41% of the total share. Japan accounted for major shareholding of the synthetic musks market due to rise in assorted flavors of, Shushi, regional sea food, and perfumery industry, are responsible for the growth of synthetic musks in the Asia-Pacific region.

In addition, low cost of raw material and consumer preferences for distinct types of skin care and personal care products have enhanced the performance of the synthetic musk market in the region. These factors are escalating the demand for synthetic musk; thus, creating lucrative opportunities for the market.

Key players operating in the global synthetic musk market include A M Aromatic & Essential Oils, BARUTI PERFUMES, BMV Fragrances Pvt. Ltd., Düllberg Konzentra GmbH & Co. KG, Firmenich SA., NOMAD NOÉ, S.C. Johnson & Son Inc, The Brooklyn Perfume Company, The Good Scents Company, and Zanos Limited.

Key Findings:

• By type, the polycyclic musk segment is estimated to display the highest growth rate, registering a CAGR of 3.7% from 2022 to 2031.
• By end use industry the cosmetic and personal care segment is expected to register the highest growth rate in terms of registering a CAGR of 3.5% from 2022-2031.
• By region, the Asia-Pacific garnered the highest share of 55.7% in 2021, and is expected to grow at a CAGR of 4.8%.