Fragrances are used in a wide variety of products such as perfumes, deodorants, cosmetics, wet-wipes, air fresheners, soaps, shaving creams, floor cleaners, detergents, candles and hair and body oils. They contain a variety of ingredients that are used to either provide refreshing aromas or mask unpleasant odours. These include a variety of plant-based ingredients such as derivatives from flowers, fruits, leaves, seeds, tree barks, spices, etc. and chemical and petroleum-based ingredients such as alcohols, aldehydes, esters, terpenes and musk chemicals.
The fragrance ingredients market is highly fragmented due to presence of several players at the local level. These players often enjoy benefits of low costs of fragrance extraction and governmental policies that aim to boost local industries. However, these players also lack the capital and resources to conduct extensive R&D, which is a key market requirement.
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Some of the key global players in the fragrance ingredients market include Fermenich International, BASF, Mane, International Flavors & Fragrances, Frutarom Industries, Robertet Fragrances, Givaudan, Godavari Biorefineries, Eternis, Treatt, Harmony Organics, Vogele Ingredients, YingYang Aroma Chemical Group, Symrise, Kalpa Sutra Chemicals, Kdac Chem and Ventos.
R&D into safe fragrance ingredients has been a key focus of manufacturers in recent years as harmful effects of several chemical-based products are being steadily realised through scientific research. This has increased public awareness about the need to limit the use of such ingredients, besides also propelling governments to ban some of these ingredients from finished products. Some key ingredients have been banned by several countries in recent years include atranol, phthalate and chloroatranol.
Concurrently, manufacturers have also been focussing their efforts on increasing the proportion of natural ingredients in their products and on eliminating the chemical component all together. However, manufacturers also face limitations with regards to access to natural products and the capability to extract these derivates in required volumes.
The increased focus on R&D and cost-intensive extraction technology has given an edge to global manufacturers in recent years. In the long run, this has the potential to reduce market fragmentation if national governments adopt a more globalised approach towards the market.
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