Encapsulated fragrances manufacturers worldwide invest significantly in strategic development initiatives such as product launched, merger and acquisition, and business expansion to attract consumers and enhance their product position. Local and international players are advancing and launching new products to cater to the rising demand for encapsulated fragrances in various applications. For instance, in December 2021, Givaudan SA announced the launch of PlanetCaps, a fragrance encapsulated innovation which ensures long lasting fragrance experience in a bio-sourced and biodegradable delivery system for fabric softeners. The launch was aimed to expand its product portfolio and boost the sustainability. Thus, such strategic initiatives by key market players drive the growth of the encapsulated fragrances market.
The South & Central America encapsulated fragrances market is segmented into Brazil, Argentina, and the Rest of South & Central America. The encapsulated fragrances industry is one of the significant revenue-generating industries across the region, as encapsulated fragrances are widely utilized in personal care products, including cosmetics, skincare, and hair care products. It is projected that technological advancements boost the growth of the encapsulated fragrances industry. In July 2022, International Flavors & Fragrances Inc (IFF) announced an investment of US$ 15.8 million in three innovation centers in Brazil, Colombia, and Chile. These three new application laboratories have increased production and product development co-creation in food & beverage, home & personal care, and health & wellness segments. Hence, the expansion of encapsulated fragrance production in the region has created massive opportunities for many industries such as personal care, food & beverages, and homecare to incorporate these fragrances in their respective products.
Furthermore, the growing relevance of naturally sourced ingredients has always been strongly well-entrenched in the mind of South & Central American beauty and personal care consumers. The rising grooming trend among men has been linked to self-expression and shifting masculinity paradigms. Men in the region have seen a growing beauty consciousness which has uplifted the sales of personal care products among men. Thus, the growth of personal care industry results to higher demand for encapsulated fragrances in the end use industry. Also, the growth of food and beverages industry drives the South & Central America encapsulated fragrances market growth.
South & Central America Encapsulated Fragrances Market Segmentation
The South & Central America encapsulated fragrances market is segmented into product type, application, and country.
Based on product type, the South & Central America encapsulated fragrances market is segmented into fragrance blends, aroma chemicals, and others. In 2022, the others segment registered the largest share in the South & Central America encapsulated fragrances market.
Based on application, the South & Central America encapsulated fragrances market is segmented into perfumes and fragrances, cleaning products, cosmetics, personal hygiene products, food and beverages, and others. In 2022, the cleaning products segment registered the largest share in the South & Central America encapsulated fragrances market.
Based on country, the South & Central America encapsulated fragrances market is segmented into Brazil, Argentina, and the Rest of South & Central America. In 2022, Brazil segment registered the largest share in the South & Central America encapsulated fragrances market.
Ashland Inc; Firmenich SA; Givaudan SA; Glatt GmbH; Ingredion Inc; International Flavors & Fragrances Inc; and Symrise AG are some of the leading companies operating in the South & Central America encapsulated fragrances market.