The market size for mixed odoriferous substances for industrial use in Vietnam showed fluctuations over the past decade, with significant growth of 14.66% in 2014 and a drop in 2016 and 2020 with year-on-year variations of -3.34% and -16.06% respectively. In the most recent years, the market demonstrated resilience with a recovery in 2021 and 2022, growing by 15.72% and 6.39% year-on-year. As of 2023, the market stood at USD 457.76 million, reflecting a modest annual growth rate of 1.04% compared to 2022. The five-year CAGR from 2018 to 2023 was relatively stable at 1.1%.

Future trends to watch for:

Forecasted continuous but modest growth with a five-year CAGR of 0.84% from 2024 to 2028.
A potential overall increase of 4.25% in market value over the next five years.
Technological advancements and increasing demand in industrial sectors to potentially bolster growth.