The Belgian market for mixed odoriferous substances for industrial use was valued at 91.012 million USD in 2023, representing a minor decrease of 1.27% from the previous year. Over the last decade, the market has shown volatility, peaking in 2014 and experiencing significant declines in 2016, 2017, and particularly in 2020 with an 18.08% drop. However, slight recovery phases have occurred, as seen by the positive year-on-year growth in 2021 and 2022. The compound annual growth rate (CAGR) over the past five years stood at -1.05%, indicating a gradual decline trend.
Future trends to watch for include:
- Technological advancements in scented product formulation may drive growth.
- A shift towards sustainable and environmentally friendly materials could influence market dynamics.
- Economic factors and regulatory changes may impact market size and growth avenues.
- Potential new applications in industrial sectors could open new markets for odoriferous substances.
