DIY Trend Likely to Exert a Significant Influence on Global Fragrance Oil Market
Changing individual mindset resulted in an upsurge of the unique DIY (Do-It-Yourself) trend that essentially implies that individuals carry out operations that usually need professional assistance. On the back of pervasive DIY trend, new tools supporting DIY such as online guides and video tutorials are being made available to the public, supporting them to do activities without tertiary human guidance.
The DIY trend has transformed and impacted several areas including fashion, construction to food cooking. Fragrance industry being no exception, individuals are relying on online platforms to gain knowledge and developing themselves as fragrance experts. Conducting new experiments at home with respect to use of fragrance oil has impacted the industry to a significant extent. By using simple homely methods, an individual can develop his own fragrance, use oil burners to scent rooms or apply it to clothing or in lotions to experience fragrance alongside skin benefits and with adequate know how using online channels, individuals can use fragrance oil combinations for their regular use. That said, the DIY trend is most likely to influence the fragrance oil market by providing new opportunities to manufactures.
COVID-19 Disruption on Supply Chain Scenario Impacts Global Fragrance Oil Market
COVID-19 had an impact on various businesses including supply chain disruption which has affected several sectors including the fragrance and flavour industry. Prior to the pandemic and associated lockdown restrictions, the fragrance industry witnessed a steady growth pace worldwide, with consumers inclined towards using fragrance oil for their aroma and refreshing abilities. However, with governments imposing lockdown to curb the infection, the logistics were challenged due to restrictions on inter and intra state transportation.
According to Fragrances and Flavours Association of India (FAFAI), 31 crucial fragrant raw materials, the Indian fragrance oil market was significantly impacted. Majority of fragrance oil is manufactured and exported from India to various national and international markets, which was hampered due to lockdown in 2020. However, the situation is expected to improve from 2022, albeit few issues regarding manpower and its availability. Yet at a slower pace, countries have been focused on resuming fragrance oil manufacturing operations amidst the prevalence of new COVID variants, thus providing a new pathway for the fragrance oil market in the years to follow.
Increasing Use in Cosmetic Applications to Complement Fragrance Oil Market Growth
Demand for fragrance oil in the development products such as cosmetics, perfume sprays, and other skin care products continues to influence the fragrance oil market worldwide. Manufacturers of fragrance oil are developing these self use products using different fragrances including but not limited to rose, jasmine, lavender, sandal, vanilla, and sweet orange. Moreover, they are focused on developing cosmetic products using novel formulations that facilitate enhanced relaxation and mood refreshment. Additionally, the fragrance oil market seeking opportunities in home improvement category. Fragrance oil, available at low cost offers a vast choice, which is a key reason for its use in cosmetics and personal care products. Against this backdrop, growing use in cosmetic applications is expected to bolster growth of the fragrance oil market.
Natural Fragrance Oils to Supersede Other Types
Growing inclination towards natural ingredients has significantly transformed the fragrance oil market. Given the health benefits of using natural sources coupled with the nature of fragrance oil to mimic natural scent for longer duration has pushed the demand of fragrance oils made from natural sources. Although natural fragrance oils are made in laboratories, they are produced by isolating natural complex components from scents such as rose, orange, etc. Moreover, characteristic features of natural fragrance oils such as higher variety, uniformity in terms of scent consistency, longevity, higher intensity, and cost-effectiveness are expected to fuel demand.
Asia Pacific to Show High Potential for Fragrance Oil Market
Emerging economies in the Asia Pacific are expected to showcase high potential apropos to use of fragrance oil. This can be attributed towards increasing personal care and cosmetic industry coupled with growing leisure activities such as massages and spas for relaxation. Use of fragrance oil in aromatherapy and other cosmetic products that facilitate mood lightening, easing stress and anxiety, and reducing depression is making them an apt choice for urban dwellers and youngsters seeking alternative therapies.
In addition, government bodies are also contributing towards development of the fragrance industry in the respective countries. For instance, Government of India is investing in non-recurring, recurring as well as indigenous equipment and apparatus. Manufacturers of fragrance oil can expect an optimistic scenario in the coming years and focus on tapping the Asia Pacific fragrance oil Market.
Global Fragrance Oil Market: Competitive Landscape
Few of the key players in the fragrance oil market include Symrise AG, Givaudan SA, PanAroma GmbH, International Flavours and Fragrances, and Firmenich SA.
Global Fragrance Oil Market is Segmented a Below:
By End Use
By Distribution Channel
Key Elements Included In The Study: Global Fragrance Oil Market
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