Industry Needs and Stakeholder Collaborations Driving Innovations in Natural Fragrances
The fragrance technology segment is at present in the cusp of change with the ever rising need for developing new fragrance molecules that can cater diverse consumer segments across the globe. The segment has been characterized by significant innovations in natural fragrance and renewable ingredient development over the past three years. Increasing interest for vegan perfumes, animal-testing free fragrances, and organically certified personal and beauty care products are some of the major factors driving the growth of natural fragrances in personal care industry. In addition to this, increasing awareness regarding health hazards of synthetic ingredients have raised the demand for natural ingredients including botanical extracts, bio-based chemicals, marine extracts, and essential oils among end-consumers.
The fragrance technology segment is highly consolidated and is led by few major global F&F (flavor and fragrance houses) who drive the innovation landscape based on needs of brands and end consumers. The technology segment has seen a number of initiatives including new product developments, partnerships, and use of digital tools to gain product differentiation and consolidate market position.
