The market size value per capita for mixed odoriferous substances used in industries in New Zealand decreased from 2013 to 2020, dropping from $4.24 to $3.03. However, a recovery phase began in 2021, with values reaching $3.6 in 2023. The year-on-year variations were positive in the last two years: a 5.3% increase from 2021 to 2022, followed by a slight decline of 0.5% in 2023. The CAGR over the last five years was relatively flat, indicating a stable market with recovery potential post-2020 disruptions.
Looking forward, the market is poised for moderate growth, driven by rising demand in fragrance and flavor enhancements across various industrial applications. Monitoring environmental regulations, consumer preferences, and technological advancements will be crucial to anticipate further market shifts.
