Taiwan Fragrance Ingredients Market Expected to reach $7.7 million by 2030

According to a new report published by Allied Market Research titled, “Taiwan Fragrance Ingredients Market by Type and Application: Opportunity Analysis and Industry Forecast, 2020–2027,” The Taiwan fragrance ingredients market was valued at $6.3 million in 2018, and is projected to reach $7.7 million by 2030, growing at a CAGR of 2.74% from 2021 to 2030.

Both natural and synthetic fragrances are a blend of wide variety of extracts and chemicals that impart a peculiar scent. The ingredients for fragrances primarily include extracts of fruits, flowers, trees, and spices.

Technological advances in production techniques have allowed development of chemicals, which also offer same scents. Processes such as extraction and distillation are used to transform raw materials into ingredients that are used for fragrance production. Fragrances are used in a wide variety of items such as perfumes, deodorants, hair oils, essential oils, personal skin care products, detergents, and home products. 

The Taiwan fragrance ingredients market has been analyzed on the basis of type, which includes natural ingredients and synthetic ingredients. The synthetic ingredients segment garnered highest growth rate 87.5% in the Taiwan fragrance ingredients market during 2021-2030. This is attributed to increase in demand for hair care, fabric care, and personal care products from developing economies along with increase in purchasing power of consumers.

In 2020, the personal care segment accounted for around 57.6% of the Taiwan fragrance ingredients market share. This is attributed to the increase in demand for cosmetics for skin, oral products, soaps, air fresheners, and toiletries from consumers across the globe. 

Some of the key players operating in the Taiwan fragrance ingredients market are Arkema, BASF SE, Dow, Eastman Chemical Company, Firmenich International SA, Fine Fragrances Private Limited., Givaudan, International flavor & fragrances Inc., LG Chem Ltd., Mane SA, Morimura Bros. Inc., Soda Aromatics Co. Ltd., Symrise, Taiwan Tekho Fine-Chem Co. Ltd., and Takasago International Corporation.

Key Findings Of The Study:

• By type, the synthetic ingredients segment emerged as the leader with more than 87.3% share in 2020. This is highly attributed to high demand for natural ingredients in various applications.
• By application, the personal care segment dominated the Taiwan fragrance ingredients market, with around 57.5% market share in 2020.