According to the latest report published by Allied Market Research, “Taiwan Fragrance Ingredients Market by Type (Natural Ingredients and Synthetic Ingredients) and Application (Hair Care, Personal Care, Fabric Care, and Others): Opportunity Analysis and Industry Forecast 2021–2030”, the Taiwan fragrance ingredients industry was estimated at $5.9 million in 2020, and is anticipated to hit $7.7 million by 2030, registering a CAGR of 2.74% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
The expansion of the Taiwan fragrance ingredients market is fueled by an increase in the use of personal care products, a rise in the consumption of eco-friendly, natural, and custom-made scents, and government-supported R&D activities. In addition, aromatherapy is becoming more popular as people’s living standards improve, which is another element fueling the expansion of the fragrance components chemicals industry. However, the market’s expansion is hampered by rising manufacturing costs and the negative side effects of chemical components in perfumes, such as skin disorders and allergies. In the next years, however, continued product advancements and an increase in product ads across multiple social media platforms will generate new opportunities.
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The Taiwan fragrance ingredients market is analyzed across type and application. Based on type, the report bifurcates the market into natural ingredients and synthetic ingredients. The synthetic ingredients segment held the major share in 2020, accounting for more than four-fifths of the total market share. Furthermore, the segment is also expected to dominate by 2030. The natural ingredients segment, on the other hand, would cite the fastest CAGR of 3.34% from 2021 to 2030.
The Taiwan fragrance ingredients market has been analyzed on the basis of type, which includes natural ingredients and synthetic ingredients. The synthetic ingredients segment garnered highest growth rate 87.5% in the Taiwan fragrance ingredients market during 2021-2030. This is attributed to increase in demand for hair care, fabric care, and personal care products from developing economies along with increase in purchasing power of consumers.
Based on application, the personal care segment contributed to nearly three-fifths of the total market share in 2020 and is anticipated to lead the trail by the end of 2030. Simultaneously, the hair care segment would manifest the fastest CAGR of 3.04% throughout the forecast period. The fabric care segment is also studied in the report.
- Hair care
- Personal Care
- Fabric care
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Major key players operating in the Taiwan fragrance ingredients market are Arkema, BASF SE, Dow, Eastman Chemical Company, Firmenich International SA, Fine Fragrances Private Limited., Givaudan, International flavor & fragrances Inc., LG Chem Ltd., Mane SA, Morimura Bros. Inc., Soda Aromatics Co. Ltd., Symrise, Taiwan Tekho Fine-Chem Co. Ltd., and Takasago International Corporation.
Analysis of COVID-19 impact
The outbreak of the pandemic has had a massive impact on the majority of industries and the Taiwan fragrance ingredients market was also not an exception in this regard. The report provides a detailed study on the micro- and macro-economic impact during the pandemic. Additionally, it emphasizes the direct impact of the COVID-19 pandemic on the Taiwan fragrance ingredients market in the form of qualitative study. The report offers explicit details regarding the market extent and shares during this unprecedented time. At the same time, the major strategies adopted by the market players to combat the global crisis is also covered under the report. Last but not the least, the report highlights how the pandemic has distorted the supply chain of the market and takes in a post-COVID-19 analysis too.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.