The odoriferous substances (excluding those used for the food or drink industries) market in Spain showed a fluctuating trend from 2013 to 2023, peaking at 36.251 million kilograms in 2013 and declining to 23.151 million kilograms by 2023. The most significant drop occurred between 2015 and 2016, witnessing a decrease of over 21%. The market has faced a consistent downtrend over the last five years with a compound annual growth rate (CAGR) of -3.23%. Year-on-year declines have been visible, with a 4.52% reduction from 2022 to 2023.
Future trends to watch for:
- Innovations in product formulations could mitigate volume decline.
- Sustainability and eco-friendliness driving product development and market demand.
- Potential external factors such as regulatory changes and economic conditions may impact market dynamics.
- Growing demand in emerging markets could alter production and sales strategies in Spain.
How does Spain rank in Odoriferous Substances (Excluding Those Used for the Food or Drink Industries) Market Size Volume?
| # | 8 Countries | Kilograms | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Germany | 79,315,000 | 2023 | +6.5% | +3.24% | View data |
| 2 | 2 Italy | 26,199,000 | 2023 | +2.98% | +2.81% | View data |
| 3 | 3 Spain | 23,151,000 | 2023 | -4.52% | -3.23% | |
| 4 | 4 Poland | 9,999,800 | 2023 | +1.83% | +0.6% | View data |
| 5 | 5 Hungary | 5,397,400 | 2023 | +4.84% | +4.73% | View data |
