$4550
[Research Report] The Encapsulated Fragrances Market size is expected to grow from US$ 1,265.06 million in 2022 to US$ 1,670.65 million by 2028; it is estimated to register a CAGR of 4.7% from 2022 to 2028.
MARKET INSIGHTS AND ANALYST VIEW:
Encapsulated fragrances are fragrance microcapsules that are used in applications such as personal care, home care, and industrial products. The encapsulation process helps protect fragrances from degradation and evaporation, ensuring a longer-lasting scent. The demand for encapsulated fragrances is driven by the increasing preference for long-lasting aroma ingredients in personal care and home care products. The rise in disposable income and changing consumer preferences towards premium products are also contributing to the encapsulated fragrances market growth.
GROWTH DRIVERS AND CHALLENGES
Encapsulated fragrances help in minimizing degradation or loss of fragrances during the process of production and storage. They enhance the functional properties of fragrances such as aromatic molecules in the environment. Fragrances are volatile compounds and have a high evaporation tendency. Poor chemical stability leads to the loss of fragrances. Encapsulated fragrance offers various benefits including improved fragrance impression, controlled fragrance release, fragrance stability, and availability in different variants. Thus, they are preferably used in presumes and fragrances, and cosmetic applications. The technology also helps protect active ingredients and masks unpleasant odors, in addition to enabling enables a controlled release, which helps keep the characteristics of cosmetics intact during formulation, storage, and application. Thereby, several benefits of the encapsulated fragrances are expected to drive the encapsulated fragrances market.
However, the high cost associated with the repair and maintenance of encapsulated technology process equipment limits the adoption of this technology. The increasing need for higher manufacturing standards in various applications further leads to additional costs. Thus, the high cost associated with the encapsulation processes and technology may hamper the growth of encapsulated fragrances market to some extent.
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Encapsulated Fragrances Market: Strategic Insights
Market Size Value in US$ 1,265.06 million in 2022 Market Size Value by US$ 1,670.65 million by 2028 Growth rate CAGR of 4.7% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Customize Research To Suit Your Requirement
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Encapsulated Fragrances Market: Strategic Insights
| Market Size Value in | US$ 1,265.06 million in 2022 |
| Market Size Value by | US$ 1,670.65 million by 2028 |
| Growth rate | CAGR of 4.7% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
Shejal
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REPORT SEGMENTATION AND SCOPE
The "Global Encapsulated Fragrances Market Analysis to 2028" is a specialized and in-depth study with a major focus on the global encapsulated fragrances market trends and growth opportunities. The report aims to provide an overview of the market with detailed segmentation based on product type, application, and geography. The global encapsulated fragrances market has been witnessing high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the consumption of encapsulated fragrances worldwide along with their demand in major regions and countries. In addition, the report provides a qualitative assessment of various factors affecting the encapsulated fragrances market performance in major regions and countries. The report also includes a comprehensive analysis of the leading players in the encapsulated fragrances market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative opportunities that would, in turn, aid in identifying the major revenue pockets.
Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global encapsulated fragrances market, which helps understand the entire supply chain and various factors affecting the encapsulated fragrances market growth.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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SEGMENTAL ANALYSIS
The encapsulated fragrances market is segmented based on product type and application. Based on product type, the encapsulated fragrances market is segmented into fragrance blends, aroma chemicals, and others. Based on application, the encapsulated fragrances market is classified into perfumes and fragrances, cleaning products, cosmetics, personal hygiene products, food and beverages, and others.
The aroma chemicals segment accounted for a significant share of the encapsulated fragrances market, based on product type. These chemicals are commonly incorporated in skin and hair care products such as soaps, lotions, shampoos, and perfumes. Moreover, the demand for various fragrance-infused aroma chemicals has surged with the rise in production of personal care, cosmetic, and cleaning products. Fragrance blends are a combination of diverse fragrances to create a unique harmonious scent. Rose and sandalwood, lavender and vanilla, lemon-eucalyptus, and orange-clove are a few of the popular blends used in household care formulations. In terms of application, the cleaning products segment accounted for a major share of the encapsulated fragrances market. Manufacturers are utilizing encapsulated fragrances in cleaning products including toiletries, laundry detergents, and cleaners. The addition of encapsulated shells in softeners and detergent offers long-lasting freshness, controlled release at the required moment, and excellent stability, while also ensuring safer transportation. Besides, growing awareness regarding the benefits of maintaining cleanliness, personal hygiene, and optimal health levels benefits the overall encapsulated fragrances market.
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REGIONAL ANALYSIS
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The report provides a detailed overview of the global encapsulated fragrances market with respect to five major regions, namely, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
North America encapsulated fragrances market accounted for revenue, above ~US$ 377 million in 2022. The dominance is attributed to the presence of a large personal care sector and the wiliness of consumers to spend more on high-quality, premium, luxury fragrance products.
Europe is also expected to witness considerable growth in the encapsulated fragrances market. The market in this region is expected to reach more than ~US$ 480 million in 2028. The encapsulated fragrances market growth in the region is ascribed to the growing adoption of encapsulation technology in fabric softeners and skin care formulations.
The encapsulated fragrances market in Asia Pacific is expected to grow considerable at a CAGR above then 5%. The presence of large personal care and cosmetics industry along with surging investments in R&D by leading players bolsters the regional market growth. Moreover, technological advancements by the key industry participants in the region have led to the expansion of application areas and attracted consumers seeking innovative and long-lasting scents and aromas.
INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES
- In 2022, Givaudan announced the acquisition of a 48% stake in Nanovetores Group. This strategy will strengthen the company’s encapsulation capabilities for active cosmetic ingredients and help in the development of sustainable skin care, hair care, personal care, and makeup formulations.
- In 2022, CPL Aromas launched AromaCore Bio, its patented biodegradable encapsulation technology for laundry and fabric care applications. This strategy will help the company to better serve its consumers and enhance its overall share.
IMPACT OF COVID/IMPACT OF GEOPOLITICAL SCENARIO/IMPACT OF RECESSION
The report provides a detailed overview of the global encapsulated fragrances market with respect to five major regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South & Central America. Industries such as cleaning products, cosmetics, personal hygiene products, and food & beverages have been the major consumers of encapsulated fragrances. In 2020, these industries had to slow down their operations due to disruptions in the value chain caused by the shutdown of national and international boundaries. Moreover, lockdowns imposed by different countries hampered the ability of industries to maintain inventory levels in the same year. The COVID-19 pandemic hampered the sales of cosmetics, personal care products, perfumes, and scents. Besides, the shortage of raw materials caused by supply chain disruptions hampered the production and distribution of encapsulated fragrances, leading to price hikes for a few months in 2020.
In 2021, the global marketplace began recovering from the losses incurred in 2020 as governments of different countries announced relaxations in social restrictions. Further, consumers became more conscious of personal and home cleanliness during the pandemic, resulting in an increased need for personal care, home care, and laundry products, propelling the encapsulated fragrances market.
COMPETITIVE LANDSCAPE AND KEY COMPANIES
Some of the key players operating in the encapsulated fragrances market include Firmenich SA.; Givaudan SA; Ingredion Inc; International Flavors & Fragrances Inc; MikroCaps doo; Symrise AG; Glatt GmbH; Insilico Medicine Inc; Follmann GmbH and Co KG, Inc.; and Ashland Inc, among others.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, ASEAN, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, UAE, UK, United States
Frequently Asked Questions
Asia Pacific region is estimated to register the highest CAGR in the global encapsulated fragrances market over the forecast period. The presence of large personal care and cosmetics industry along with surging investments on R&D by leading players bolsters the regional growth.
The projected growth of the market is attributed to the benefits offered by encapsulated fragrances and strategic initiatives by key market players.
Based on application, cleaning products segment accounted dominated the market in 2022. Manufacturers are utilizing encapsulated fragrances in cleaning products including toiletries, laundry detergents, and cleaners. The addition of encapsulated shells in softeners and detergent offers long-lasting freshness, controlled release at the required moment, and excellent stability, while also ensuring safer transportation.
The key players operating in the global encapsulated fragrances market include Firmenich SA.; Givaudan SA; Ingredion Inc; International Flavors & Fragrances Inc; MikroCaps doo; Symrise AG; Glatt GmbH; Insilico Medicine Inc; Follmann GmbH and Co KG, Inc.; and Ashland Inc.
In 2022, North America held the largest share of the global encapsulated fragrances market. The US is a major contributor to the market growth in North America. The dominance is attributed to presence of large personal care sector and wiliness of consumers to spend more on high-quality, premium, luxury fragrance products.
Based on product type, the aroma chemicals accounted for the largest share in 2022. The aroma chemicals are commonly incorporated in skin and hair care products such as soaps, lotions, shampoos, and perfumes. Moreover, the demand for various fragrance-infused aroma chemicals has upsurged owing to rising demand for various personal care, cosmetics, and cleaning products.
The List of Companies - Encapsulated Fragrances Market
- Ashland Inc
- Firmenich SA.
- Follmann GmbH and Co KG, Inc.
- Givaudan SA
- Glatt GmbH
- Ingredion Inc
- Insilico Medicine Inc
- International Flavors & Fragrances Inc
- MikroCaps doo
- Symrise AG
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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