In 2023, the market size for odoriferous substances in Spain, excluding those used for the food or drink industries, stood at €630.82 million. Over the past decade, the market exhibited growth with noteworthy volatility. The growth rate peaked in 2018 with a year-on-year increase of 16.6%, but slumped by 4.5% in 2020, likely due to market disruptions. In recent years, the market recorded modest growth, with a year-on-year increase of 1.97% in 2023. The compound annual growth rate (CAGR) over the last five years was 2.1%.
Future trends to watch include:
- Increasing demand for niche and natural products.
- Rising consumer awareness towards sustainable and eco-friendly products.
- Potential regulation changes impacting chemical compositions.
How does Spain rank in Odoriferous Substances (Excluding Those Used for the Food or Drink Industries) Market Size Value?
| # | 10 Countries | Euros | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 France | 874,910,000 | 2023 | +2.13% | +1.94% | View data |
| 2 | 2 Spain | 630,820,000 | 2023 | +1.97% | +2.1% | |
| 3 | 3 Germany | 403,770,000 | 2023 | +4.78% | +3.71% | View data |
| 4 | 4 Italy | 402,790,000 | 2023 | +0.28% | +0.79% | View data |
| 5 | 5 Poland | 300,010,000 | 2023 | +3.8% | +4.66% | View data |
