Fragrance Fixatives Market Size Forecast to Reach $2.8 Billion by 2027

Fragrance Fixatives Market Size Forecast to Reach $2.8 Billion by 2027

“Fragrance Fixatives Market | IndustryARC”
The Rising Skincare Sector Will Drive the Fragrance Fixatives Market Growth.

The Fragrance Fixatives Market globally is forecast to reach US$2.8 billion by 2027 after growing at a CAGR of 4.8% during 2022-2027. Fragrance fixatives are used in the formulation process of various products home care, color cosmetics, and skincare products to reduce the rate of evaporation and enhance the long-lasting aroma. The color cosmetic sector globally is expanding owing to the increasing awareness about personal grooming and this will drive the market’s growth in the forecast period. For instance, according to the November 2020 data by India Brand Equity Foundation, Swedish beauty company Oriflame launched a new range of color cosmetics in the Indian market. Furthermore, fragrance fixatives are used in the formulation of various skincare products such as moisturizers, sunscreens, anti-aging cream, and many more. The skincare sector globally is rising owing to the increasing awareness of pollution’s impact on the skin and this rise will drive the market’s growth in the forecast period. For instance, as per the data by trade.gov, in 2020, skincare cosmetics was the largest import category accounting for US$ 497 million of total cosmetic imports in Korea. Fine fragrances will drive the market’s growth significantly during the forecast period. Galaxolide is projected to witness the highest demand in the forecast period. Sclareolide and castoreum will witness significant demand. Strict environmental regulations regarding the use of fragrance fixatives derived from animal products might hinder the market’s growth in the forecast period.

COVID-19 Impact

The fragrance fixatives market was moderately affected by the COVID-19 pandemic. The market faced challenges in the form of supply chain disruption, temporary factory shutdown, procuring raw material, etc. Owing to the critical situation of the pandemic, the market players amplified their service methods. As per the March 2020 COVID-19 update by cosmetics ingredients company Givaudan, the company kept navigating every department to minimize the impact of the pandemic on its operations. Furthermore, the 2020 half-year results report by Givaudan shows that sales in fragrance ingredients were almost flat with a reduction of 0.1% LFL (like-for-like). However, the market bounced back robustly in the second half of 2020. Going forward, the market is expected to witness significant growth in the forecast period.

Fragrance Fixatives Market – By Product

Galaxolide dominated the fragrance fixatives market in 2021. Owing to the sweet, musky floral woody odor, this product is extensively used in the formulation of laundry soaps, body soaps, surface cleaners, air fresheners, and many more. Various governing bodies and research organizations provide details about the high usage of this product. For instance, as per the May 2021 galaxolide evaluation statement by the Australian Industrial Chemicals Introduction Scheme (AICIS), galaxolide is widely used as a fragrance ingredient in multiple cosmetic and consumer-use products with a global use volume in the thousands of tonnes per year. Such massive usage of galaxolide in various cosmetic and home care applications will encourage the market players and research organizations for its higher implementation, thereby increasing its demand in the forecast period.

Fragrance Fixatives Market – By Application

The skincare sector dominated the fragrance fixatives market in 2021 and is growing at a CAGR of 5.2% in the forecast period. Fragrance fixatives such as sclareolide, galaxolide, and castoreum are used in the formulation of several skincare products to prolong the aroma effect & reduce rapid evaporation. The skincare sector globally is witnessing robust demand and this will drive the market’s growth. For instance, as per the 2019 annual report by the UK-based Unilever, the skin care segment accounted for 8% of group revenue in 2019 which was 7% in the previous year. Similarly, as per the 2020 annual report by US-based cosmetics brand Loreal, Loreal announced the plan to acquire Japanese skincare company Takami Co. which will lead to the rapid development of skincare products in the coming years. Such high growth in the skincare sector will increase the demand for fragrance fixatives which in turn will drive the growth of the market in the forecast period. Color cosmetics and fine fragrances will drive the growth of the market significantly in the forecast period.

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Fragrance Fixatives Market – By Geography

The Asia-Pacific region held the largest market share in the fragrance fixatives market in 2021 with a market share of up to 32%. The high demand for fragrance fixatives is attributed to expanding skincare sector in the region owing to the increasing awareness among consumers about skin protection from pollution. For instance, in November 2019, US-based multinational company Estee Lauder which deals with skin care products acquired South Korean skincare brand Dr. Jart+ and expanded its skincare portfolio in the Asia Pacific region. Similarly, as per the 2020 results and 2021 outlook report by Japanese cosmetics company Shiseido, the company’s business in the Asia Pacific is recovering gradually owing to the high demand for skincare products in the region. Such high demand for skincare products in the Asia-Pacific region will increase the demand for fragrance fixatives in the forecast period. The North American region is expected to witness significant demand for fragrance fixatives in the forecast period owing to the increasing demand for color cosmetics in the region. For instance, as per the August 2021 report by Coty Inc., demand for color cosmetics increased in the fourth quarter of 2021. Such growth in color cosmetics will increase the demand for fragrance fixatives in the forecast period.

Fragrance Fixatives Market Drivers

The rising skincare sector will drive the market’s growth

Fragrance fixatives such as galaxolide and castoreum are implemented in the formulation process of various skincare products. The global skincare application is on the rise, witnessing high demand and this will drive the market’s growth in the forecast period. For instance, as per the 2020 annual report by France-based cosmetics company Loreal, the skincare business segment accounted for 42% of the total cosmetics market, making it the largest segment in 2020. Similarly, as per the September 2021 data by Japan Cosmetics Industry Association (JCIA), skincare cosmetics accounted for 52.2% of the total cosmetic shipment, making it the largest category under shipment in 2020. Such high demand for skincare products will amplify the need for Fragrance fixatives in the formulation process which will drive the growth of the market in the forecast period.

Expanding color cosmetics will drive the market’s growth

The demand for color cosmetics globally is witnessing a steady growth. Fragrance fixatives are used in the formulation of color cosmetics like lip gloss, lipsticks, face makeup, etc., and the growing color cosmetics will drive the market’s growth in the forecast period. For instance, in October 2020, Coty Inc., a US-based cosmetics leader which ranks third in color cosmetics globally, introduced its direct-to-consumer (D2C) website for the kylie skin brand in Australia, Germany, France, and the UK. Similarly, as per the February 2021 data by the India Brand Equity Foundation, Loreal India acquired augmented reality (AR) company Modiface to offer virtual facial makeup trails to meet the growing demand for makeup applications among consumers. Such high demand for various color cosmetics applications will require a high quantity of fragrance fixatives which will drive the market’s growth in the forecast period.

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Fragrance Fixatives Market Challenges

Strict government regulations regarding the use of fragrance fixatives derived from animal products might hinder the market’s growth

Strict regulations about the use of fragrance fixatives derived from animal products have been a challenge in the fragrance fixatives market. Various fragrance fixatives such as ambergris, civet, and musk are derived from animal products. However, the regulations about the safety of animals are restricting the extraction of these fragrance fixatives. For instance, ambergris is derived from the digestive system of sperm whales. The US has banned the use of whale-derived products in the commercial marketplace. Furthermore, the US government has listed eight whales as endangered species that including sperm whales. The situation is quite similar in Australia where possession and trade of ambergris are banned. Such strict rules and regulations might affect the growth of the market in the forecast period.

Fragrance Fixatives Market Industry Outlook

Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in the fragrance fixatives market. Major players in the fragrance fixatives market are:

Eastman Chemical
Tokos BV
Lotioncrafter LLC
Paris Fragrances
SVP Chemicals
Firmenich SA
Zhonglan Industry
Synthodor Company
PFW Aroma Chemicals
Zaki Perfumes Company Limited
Schulke and Mayr
Landmark Perfumes and Aromatics
The Essential Oil Company
Givaudan
Others

Recent Development

In October 2019, Switzerland-based cosmetic ingredients producing company Givaudan developed a natural fragrance fixative named Ambrofix through fermenting sustainably sourced sugar cane. Such developments will contribute to the expansion of the fragrance fixatives market in the forecast period.

Key Takeaways:

Galaxolide is leading the fragrance fixatives market. This fragrance fixative offers an excellent sweet floral musk fragrance which makes it a desirable choice in the formulation of various skincare and home care products.

The skincare sector will drive the growth of the fragrance fixatives market in the forecast period. As per the data by India Brand Equity Foundation, the skincare sector is projected to grow at an annual average growth rate of 10.4% through 2022. Which will influence the market growth.

The Asia Pacific region will witness the highest demand for fragrance fixatives in the forecast period owing to the increasing demand for skincare products. According to the 2020 annual report by Loreal, skincare witnessed steady growth quarter on quarter compared to other cosmetic segments.

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