Taiwan Fragrance Ingredients Market Outlook 2021–2030
The Taiwan fragrance ingredients market size was valued at $5.9 million in 2020, and is projected to reach $7.7 million by 2030, growing at a CAGR of 2.74% from 2021 to 2030.
Fragrance is a broad term that refers to a variety of components that are used to create a scent. A perfume is made up of aromatic chemicals, essential oils, solvents, and fixatives. Perfume ingredient chemicals are complicated mixtures of manufactured and/or natural components used to give products a distinct aroma. These ingredients consist of natural and synthetic materials. Soaps and detergents, cosmetics and toiletries, fine perfumes, domestic products including incense sticks, scouring cleaners, candles, and woodwork, as well as aromatherapy and pesticides, all use fragrance ingredients.
The expansion of the Taiwan fragrance ingredients market is fueled by an increase in the use of personal care products, a rise in the consumption of eco-friendly, natural, and custom-made scents, and government-supported R&D activities. In addition, aromatherapy is becoming more popular as people's living standards improve, which is another element fueling the expansion of the fragrance components chemicals industry. However, the market's expansion is hampered by rising manufacturing costs and the negative side effects of chemical components in perfumes, such as skin disorders and allergies. In the next years, however, continued product advancements and an increase in product ads across multiple social media platforms will generate new opportunities.
The Taiwan fragrance ingredients market is segmented on the basis of type and application. By type, the market is classified into natural ingredients and synthetic ingredients. According to application, it is divided into hair care, personal care, fabric care, and others.
The manufacturers studied and profiled 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.
Taiwan fragrance ingredients market, by type
By type, the synthetic ingredients segment dominated the market and accounted for one-third share of the fragrance ingredients market in 2020, and is expected to retain its dominance throughout the forecast period. Synthetic fragrances are stronger than natural aromas. In composition, they are often more flexible than natural varieties, which are often limited to florals, musk, and botanicals, and thus are majorly preferred by the end users.
Synthetic Ingredients is projected as the most lucrative segment.
Taiwan fragrance ingredients market, by application
By application, personal care segment held a significant share in the Taiwan fragrance ingredients market in 2020. Rise in brand consciousness among individuals is one of the most crucial factors that propels the demand for fragrances in the market.
Personal Care is projected as the most lucrative segment.
Key Benefits For Stakeholders
- The report provides an in-depth analysis of the Taiwan fragrance ingredients market forecast along with the current and future market trends.
- This report highlights the key drivers, opportunities, and restraints of the market along with the impact analyses during the forecast period.
- Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the Taiwan fragrance ingredients industry for strategy building.
- A comprehensive Taiwan fragrance ingredients market analysis covers factors that drive and restrain market growth.
- The qualitative data in this report aims on market dynamics, trends, and developments.
Impact of Corona (COVID19) outbreak on the Taiwan fragrance ingredients market
- COVID-19 has spread across the globe and has affected almost all aspects of life.
- There is an uneven impact of COVID-19 pandemic on the fragrance ingredients market, owing to implementation of lockdowns worldwide to halt spread of the virus. This resulted in shutting off of almost all operations, manufacturing, and distribution of all industries.
- This has resulted in decrease in demand for cosmetic products from beauty shops, which, in turn, has led to declined growth of the market.
- Increase in demand for personal care & cosmetic products (sanitizers, soaps, and disinfectants) and other home cleaning chemicals also boost the growth of the fragrance ingredients market, which, in turn, tends to overcome effects of COVID-19 on this sector.
- Numerous beauty manufacturers, ingredient suppliers, and allies along the value chain are affected by the pandemic, owing to travel restrictions and slow export-import activities. Moreover, revenue of retailers and salons & spas is also hampered by the virus spread.
- The demand-supply gap, disruptions in raw material procurement, price volatility, and many other such factors are expected to hamper the growth of the chemical industry during the COVID-19 pandemic.
- The COVID-19 crisis has affected the chemical industry supply chain to a major extent; thus, having a major impact on raw material procurement.
Key Market Segments
- Natural Ingredients
- Synthetic Ingredients
- Hair care
- Personal Care
- Fabric care
Taiwan Fragrance Ingredients Market Report Highlights
Key Market Players
FIRMENICH INTERNATIONAL SA, THE DOW CHEMICAL COMPANY, GIVAUDAN SA, ARKEMA S.A., TAKASAGO INTERNATIONAL CORPORATION, INTERNATIONAL FLAVORS & FRAGRANCES INC., .SYMRISE, EASTMAN CHEMICAL COMPANY, FINE FRAGRANCES PRIVATE LIMITED, MANE, BASF SE, SODA AROMATIC CO., LTD., MORIMURA BROS. INC., LG CHEM LTD., TAIWAN TEKHO FINE-CHEM CO., LTD.
According to CXOs of leading companies in the market, increase in importance and surge in awareness regarding aromatherapy, owing to improved living standards boosts the market growth.
Asia-Pacific has emerged as a lucrative region for investors, owing to high growth rate, in terms of revenue. For instance, increase in demand for natural ingredients from various consumers across Taiwan drives growth of the fragrance ingredients market.
Moreover, stringent government regulations toward synthetic/chemical based personal care products has enforced industries and manufacturers to adopt natural ingredients, which, in turn, drives the demand for natural ingredients. Furthermore, owing to the COVID-19 pandemic, there is a huge effect on the production of fragrance ingredients. Thus, this is expected to affect the growth of the market in the next one or two years.