Key Market Indicators
Spanish demand for aromatics is on an upward trajectory, with imports projected to hit approximately $14.6 million by 2028. This marks an increase from around $12.7 million in 2023, with an average annual growth rate of 2.2%. Historical data shows that since 1994, the demand has been climbing at an average rate of 2.8% per year. On the export front, Spain's aromatic exports are expected to reach about $7.4 million by 2028, up from nearly $6.9 million in 2023. This indicates a modest annual growth rate of 1.2%. Since 1994, the supply of Spanish aromatics has risen by an average of 1.6% each year. In 2023, Spain ranked eighth globally in aromatic exports. Switzerland led the ranking with nearly $6.9 million. China, India, and Japan followed in the second, third, and fourth positions, respectively.
