The market size for mixed odoriferous substances for industrial use in Brazil displayed fluctuations over the years, standing in 2023 at USD 486.7 million. From 2013 to 2023, the market experienced moderate growth, with significant dips in 2018 and 2020. The year-on-year variation from 2022 to 2023 was minimal at 0.56%, while the CAGR for the last five years (2019-2023) averaged 1.21%. Forecasts predict a gradual increase, with the market expected to reach USD 499.46 million by 2028, indicating a modest forecasted 5-year CAGR of 0.47%.
Future trends to watch for include:
- Advancements in fragrance technology and product formulations.
- Increased demand for natural and eco-friendly odoriferous substances.
- Expansion of industrial applications leveraging odoriferous substances.
- Regulatory changes impacting ingredient compositions and usage.
