From 2013 to 2023, the market size value per capita for mixed odoriferous substances in Sweden's food and drink industries grew significantly, rising from $24.45 to $49.30. Notable increases are observed between 2014 and 2016, and from 2020 onwards, with the most substantial gains occurring from 2020 to 2023. The year-on-year growth for 2022 to 2023 was approximately 4.9%, indicating a slightly faster growth than the previous year. The compound annual growth rate (CAGR) from 2019 to 2023 was about 6.4%, reflecting steady growth over the last five years.
Future trends to watch for include:
- Potential impacts of changing consumer preferences towards natural and sustainable products.
- Regulatory developments impacting food safety and odoriferous substance inclusions.
- Advancements in technology leading to innovation in aroma compound formulations.
- Global supply chain dynamics affecting raw material availability and cost.
