The essential oils market in Spain experienced a fluctuating trend from 2013 to 2023, starting at 68.644 million kilograms in 2013 and decreasing to 52.433 million kilograms in 2023. The market has been gradually shrinking, most notably in recent years. Year-on-year decreases were particularly significant from 2021 to 2023, with percentages of -4.64%, -4.79%, and -4.98%, respectively. Analyzing the Compound Annual Growth Rate (CAGR) over the last five years, the average annual decrease stood at -2.58%. Future forecasts indicate a continuing decline, with the market expected to reduce to 39.105 million kilograms by 2028, reflecting a forecasted CAGR of -4.69% and an overall reduction of -21.34% over these five years.
Future trends to watch for include changes in consumer preferences towards natural health products, potential regulatory impacts, and innovations in production techniques which may affect market dynamics. Additionally, the influence of global economic factors and environmental sustainability concerns could play significant roles in shaping the essential oils market in Spain.
Key points:
- The market stood at 52.433 million kilograms in 2023.
- Substantial year-on-year declines in recent years.
- Forecasted continued decline, with a projected CAGR of -4.69% over the next five years.
