The Global Musk Aroma Chemicals Market is anticipated to reach a valuation of USD 217.23 Mn by 2023, as per a new report by Market Research Future (MRFR). It is expected to exhibit a phenomenal CAGR from 2016 to 2023 (assessment period). Natural musk scents are obtained from plants and animals. Increasing awareness of fragrances and rise of the middle-class populace are anticipated to drive market growth during the forecast period.
Drivers and Restraints
Emphasis on grooming and external appearances among adults and teenagers is the primary factor driving the musk aroma chemicals market. Celebrity endorsements and availability of various fragrances are anticipated to propel market demand during the forecast period. Demand for fragrances in soaps and detergents coupled with the expanding laundry sector is expected to induce market volume in the coming years. Scaling of end-use industries in developing economies is estimated to boost market demand. Stringent policies regarding killing of animals can predicted to impede market growth.
Recently, Givaudan, a Swiss firm, has invested nearly USD 100 million in China to commence its production facility. The facility can provide the firm with greater access to Asian consumers and expand its consumer base.
International Flavors and Fragrances has developed an ingredient, Galaxolide, which can emulate the odor of nitro-musks. This will give the company an edge over its competitors. The ingredient has multiple applications including personal care, detergents, fabric conditioner, and others.
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Prominent market players include The Good Scents Company; Takasago; Bell Flavors & Fragrances; Guangzhou Flower Flavours & Fragrances Co., Ltd.; and International Flavors & Fragrances. Expansion in terms of production facilities and launch of new products are expected to be witnessed in the market. Players are experimenting with new flavors to increase their consumer base.
The Musk Aroma Chemicals Market is segmented by type, application, and region. Types of musk aroma chemicals are segmented into natural and synthetic. The natural segment is anticipated to garner a large following owing to use of organic ingredients and awareness among consumers. The synthetic segment can maintain its share due to its low production cost as compared to its counterpart.
Major market applications soap & detergent, cosmetics & personal care, household products, food, and others. The cosmetics & personal care segment is anticipated to perform well during the forecast period due to consumer preference for organic scents and fragrances.
The worldwide market covers regions such as Latin America (LATAM), North America, Middle East & Africa (MEA), Asia Pacific, and Europe.
The Europe market is anticipated to account for nearly 33% market demand in 2016. It is expected to scale during the forecast period due to growth witnesses in personal care and cosmetic sectors. Countries such as Germany, Russia, and France are expected to contribute to market revenue.
North America is touted to experience a moderate growth rate till 2023 owing to a large consumer base for various end-use industries. Heavy influx of capital to revive the household products sector is expected to boost regional market demand from 2017 to 2023. Countries such as Canada and the U.S. are predicted to augment market size in the coming years, with the U.S. registering impressive returns.
The APAC market is expected to generate significant revenue from 2017 to 2023 due to an uptick in demand for musk aromas in Thailand, Japan, China, and India. Increased purchasing parity of consumers, lax regulations, and cheap labor force are factors expected to benefit the regional market till 2023.
MEA and LATAM markets are anticipated to expand in size due to rise in consumer spending on beauty and personal care products.
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