Synthetic Musk Market By Type (Nitro-Musk, Polycyclic Musk, Macro-Cylic Musk, Aclicylic Musk, Others), By End Use Industry (Cosmetics and Personal Care, Homecare, Food and Beverages, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global synthetic musk market was valued at $134.9 million in 2021, and is projected to reach $187.4 million by 2031, growing at a CAGR of 3.4% from 2022 to 2031.
Synthetic musks are a class of synthetic aroma compounds used primarily in different consumer products, scents, and in perfumes to replicate the smell of deer musk and other animals such as castoreum, louisianan musk rat and civet cat. It has a wide range of applications in various end use industries such as cosmetics, toiletries, soaps & detergent, and many others.
The rapid shift in the consumer lifestyle, growing trends for personal grooming products, increase in the demand for luxurious, exotic, and premium fragrances, and rise in the demand for home fragrances and home décor products has escalated the overall growth of the synthetic musk market. For instance, according to an article published by India Brand Equity Foundation in June 2019, the global home fragrance industry was estimated at around USD 7.2 billion in 2018 and expected to grow at a CAGR of 4.0% during the forecast period. Synthetic musk is extensively used in household dust-cleaning products owing to its ubiquity and attractive fragrance. These factors may act as one of the key drivers responsible for the growth of synthetic musk in the market.
Synthetic musk is used primarily in different perfumes to replicate the smell of deer musk. However, synthetic fragrances are manufactured using petroleum-based chemicals which includes aldehyde, phthalate, benzene, and others using such synthetic fragrances may have an adverse effect on human such as it may cause, allergic reactions, asthma, headache, and others. These factors are expected to restrain the overall market growth. In addition, high R&D costs and stringent government regulations imposed on the manufacturing of synthetic musk-based products are anticipated to hamper the growth of the market during the forecast period.
Natural musk is obtained from plants and animals, particularly from male deer and from a cat with a musk civet. To get a natural musk, the manufacturer must kill the deer. Since the deer musk is forbidden to obtain and kill owing to which several leading key players have increased their production capacities for synthetic musk. In addition, the Indian government has set up an act and regulation in 1972 under the federal Wildlife (Protection) Act which states that hunting deer for natural musk is illegal. Furthermore, high prices associated with the extraction process of natural musk from animals are expected to create new opportunities for synthetic musk markets. Synthetic musk is being used as an alternative to natural musk. This factor is anticipated to fuel market growth; thus, offering the most lucrative opportunities.
Key Findings:
The nitro musk type segment is estimated to display the second largest growth rate, in terms of revenue, registering a CAGR of 3.2% from 2022 to 2031.
The homecare end use industry segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 2.5% from 2022 to 2031.
Europe garnered the second highest share of 32% in 2021, in terms of revenue, growing at a CAGR of 2.9%
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the synthetic musk market analysis from 2021 to 2031 to identify the prevailing synthetic musk market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the synthetic musk market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global synthetic musk market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
Nitro-Musk
Polycyclic Musk
Macro-Cylic Musk
Aclicylic Musk
Others
By End Use Industry
Cosmetics and Personal Care
Homecare
Food and Beverages
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
BARUTI PERFUMES
BMV Fragrances Pvt. Ltd
Firmenich SA.
S.C. Johnson and Son Inc.
NOMAD NOE
Zanos Limited
The Brooklyn Perfume Company
Dllberg Konzentra GmbH and Co. KG
A M Aromatic and Essential Oils
The Good Scents Company
Please Note: It will take 7-10 business days to complete the report upon order confirmation.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook