Demand for natural beauty products drives growth in fragrance sector
Consumer demand for natural beauty products has caused unprecedented growth in the fragrances sector, according to new research by The Freedonia Group.
The World Flavors & Fragrances report discovered that global demand for flavours and fragrances, which relates to blends, essential oils and aroma chemicals, is set to rise 4.4% per annum to $26.5 billion (£18.3bn) in 2016.
Growth in the cosmetics and toiletries market is making the most rapid advances, with increased consumer interest in natural products and transparency fuelling demand.
“Growth in essential oils and natural extracts will outpace the other major flavour and fragrance segments as consumers around the world increasingly demand products with natural and organic ingredients,” said analyst Christine O’Keefe.
The full report can be downloaded here.