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A06174 | Pages: 400 | Charts: 52 | Tables: 164 |
The global synthetic musk market was valued at $134.9 million in 2021, and is projected to reach $187.4 million by 2031, growing at a CAGR of 3.4% from 2022 to 2031.
Report Key Highlighters:
[COVIDIMPACTSTATEMENT]
Synthetic musks are a class of synthetic aroma compounds used primarily in different consumer products, scents, and in perfumes to replicate the smell of deer musk and other animals such as castoreum, louisianan musk rat and civet cat. In addition, it imparts attractive fragrance and odor due to which it is used as favoring and fixative agent in the formulation of various products such as consumer products, deodorants, perfumes, and many others. It has a wide range of applications in various end use industries such as cosmetics, toiletries, soaps & detergent, and many others.
Stringent government norms and regulation on synthetic musk is expected to hamper the market. For instance, according to an article published by the Campaign for Safe Cosmetics, due to the environmental concerns Japan has banned musk xylene and other nitro-musks. In addition, the European Commission banned musk xylene, while musk ketone and tonalide restricted long-lasting exposure of synthetic musk owing to its adverse health effects on humans. These factors together are expected to hamper the growth of synthetic musk in the market.
Increase in the penetration of synthetic musk in various detergents, soaps, perfumes, and others are projected to boost the market. In addition, fast moving consumer goods is one of the booming sectors across the globe and with household, personal care sector accounting for 50% of FMCG sales in India, the industry is an important contributor to India’s GDP where synthetic musk is widely used for the formulation of various detergent, soaps, shampoos, and other personal care products. This factor is likely to create new opportunities for the synthetic musk market.
Furthermore, imposition of stringent norms on import and export of natural animal musk is the major factor driving the synthetic musk market. In addition, BMV Fragrances Pvt. Ltd, offering Nitrolide that has been developed to offer perfumers a safe ingredient with the qualities of the Nitro Musk. These factors are increasing the potential sales of synthetic musk; thus, offering most lucrative opportunities for the market.
The global synthetic musk market analysis is done on the basis of type, end use industry, and region. Depending upon type, it is divided into nitro musk, polycyclic musk, macrocyclic musk, alicyclic musk, and others. On the basis of end use industry, it is classified into cosmetics and personal care, homecare, food and beverages, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The major companies profiled in this report 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.
[REGIONGRAPH]
Asia-Pacific market size is projected to grow at the highest CAGR during the forecast period, and accounted for a major synthetic musk market share in 2021, with 41% of the total share and growing at CAGR of 4.2%. Synthetic musks are mainly used in large scale as a flavoring agent in dairy, convenience goods, confectionery, drinks & beverages, and other products for providing exotic and niche flavors to the products. In addition, the well-established cosmetics and personal care industry, food and beverages sector, home care sectors, and among others have increase the potential sales of synthetic musk.
Synthetic musks such as nitro-musk, polycyclic musk, and alicyclic musk are widely used for the formulation of various skin care and fast-moving consumer products. Furthermore, diacetyl, ketones, phthalate, benzaldehyde, limonene, ester, methyl anthranilate, and among other synthetic musks are widely used in food & beverage industry as a flavoring agent and does not disturb the authentic flavor of food due to which the demand for synthetic musk is increasing in the Asia-Pacific region. These factors are expected to increase the demand for synthetic musk during the forecast period.
[TYPEGRAPH]
In 2021, the polycyclic musk segment was the largest revenue generator, and is anticipated to grow at a CAGR of 3.7% during the forecast period. This is attributed to the fact that, the FMCG companies are coming out with a variety of personal care and skin care products in different price ranges, and consumption patterns of cosmetics among teenagers went up substantially between 2005 and 2015 because of increasing awareness and desire to look good.
According to an article published by India Brand Equity Foundation in December 2017, beauty and cosmetics are the grooming market in India and are expected to reach US$ 20 billion by 2025 from US$ 6.5 billion in 2017. The polycyclic musk-based synthetic musks are extensively used in the personal care and beauty care sector in the form of lotions, ointments, creams, foundations, perfumes, scent, and among others. This is anticipated to increase the demand for synthetic based synthetic musk during the forecast period.
[ENDUSEINDUSTRYGRAPH]
By end use industry, the cosmetic and personal care segment dominated the global market in 2021, and is anticipated to grow at a CAGR of 3.5% during forecast period. The growing population coupled with improvements in the standard of living, changing lifestyles, and increased focus in the personal care & beauty care industry have surged the demand for synthetic musk where it is used as a fragrance ingredient in the formulation of various skin care products such as body soaps, lotions, face creams, perfumes, and many others. This is expected to increase the demand for synthetic musk in the cosmetics industry. Cosmetics products include lotion, creams, foundation, and many others where synthetic musk-containing cosmetic products are preferred due to which the market for synthetic musk is expected to increase in the future.
COVID-19 Impact Analysis:
The synthetic musk market had a negative impact due to the wake of the COVID-19 pandemic, owing to the disruptions in the supply chain of various synthetic musk products. The supply of synthetic musk containing cosmetics and consumer products is held within and across the border during the first quarter of 2020. In addition, there are several cosmetics companies that have faced declining sales amid pandemic. For instance, according to an article published by The Economic Times in June 2021, Lakme Lever sales declined by 19% and slipped into losses during FY2020-2021.
Furthermore, several personal care and beauty care products including fragrances, colon cosmetics, skincare, haircare products, and others has been affected owing to strict government norms and regulation in 2020. In response to this, complete imposition of lockdown in food and beverages, fragrance, consumer products, and other end use sector are being lifted in the year 2021 and growth of synthetic musk market will come to its original pattern, and it is expected to recover soon owing to the rise in the production unit of both developed and developing economies.
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