In addition, Latin America is expected to witness swift demand growth over the next six years on account of increasing demand for soaps, cosmetics and toiletries and increasing disposable income of consumers, mainly in Brazil, Chile and Argentina. However, high cost of R&D program and increasing production cost due to quality compliances is expected to restrain market growth over the next six years.

Growing demand for skin care and hair care products as a result of product innovation strategies and rising consumer demand is further expected to augment market growth. Key players in global fragrance ingredients market include BASF SE, International Flavors & Fragrances Inc., Firmenich, Frutarom Industries Ltd., Takasago International Corp., Symrise AG, Mane SA and Givaudan SA. BASF SE manufactures products for application in cosmetics and detergents. International Flavors & Fragrances Inc. uses proprietary encapsulation technology which consists of individual fragrance droplets coated with a protective polymeric shell thereby delivering superior fragrance performance throughout the product lifestyle in beauty care, home care, fabric care and detergents. Firmenich products cope with the stringent environmental, technological, economical and regulatory constraints.

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