Colombia: Odoriferous Substance Mixture Market 2024

Odoriferous Substance Mixture Market Size in Colombia

The Colombian odoriferous substance mixture market shrank slightly to $X in 2022, with a decrease of -4.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +5.1% against 2020 indices. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Odoriferous Substance Mixture Exports

Exports from Colombia

In 2022, after three years of growth, there was significant decline in overseas shipments of mixtures of odoriferous substances and their preparations, when their volume decreased by -6.1% to X tons. The total export volume increased at an average annual rate of +2.1% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 when exports increased by 15% against the previous year. The exports peaked at X tons in 2021, and then shrank in the following year.

In value terms, odoriferous substance mixture exports reduced to $X in 2022. The total export value increased at an average annual rate of +2.9% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when exports increased by 29%. As a result, the exports reached the peak of $X, and then dropped in the following year.

Exports by Country

The Dominican Republic (X tons), Ecuador (X tons) and Peru (X tons) were the main destinations of odoriferous substance mixture exports from Colombia, together comprising 72% of total exports. Venezuela, Panama, Spain, Chile, Guatemala and Costa Rica lagged somewhat behind, together comprising a further 19%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Spain (with a CAGR of +47.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for odoriferous substance mixture exported from Colombia were Peru ($X), Ecuador ($X) and the Dominican Republic ($X), together comprising 74% of total exports. Venezuela, Panama, Guatemala, Spain, Chile and Costa Rica lagged somewhat behind, together comprising a further 15%.

In terms of the main countries of destination, Spain, with a CAGR of +48.3%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average odoriferous substance mixture export price amounted to $X per ton, shrinking by -5.4% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 13%. Over the period under review, the average export prices reached the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Guatemala ($X per ton), while the average price for exports to Venezuela ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Guatemala (+4.0%), while the prices for the other major destinations experienced more modest paces of growth.

Odoriferous Substance Mixture Imports

Imports into Colombia

In 2022, odoriferous substance mixture imports into Colombia dropped modestly to X tons, which is down by -3.7% against 2021. The total import volume increased at an average annual rate of +3.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2015 with an increase of 17%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, odoriferous substance mixture imports declined to $X in 2022. Overall, total imports indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +7.6% against 2020 indices. The pace of growth appeared the most rapid in 2016 with an increase of 32%. As a result, imports attained the peak of $X. From 2017 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Mexico (X tons), the United States (X tons) and Switzerland (X tons) were the main suppliers of odoriferous substance mixture imports to Colombia, together comprising 61% of total imports. Uruguay, Spain, Germany, Haiti, the UK and the Dominican Republic lagged somewhat behind, together accounting for a further 29%.

From 2012 to 2022, the biggest increases were recorded for Haiti (with a CAGR of +72.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), the United States ($X) and Spain ($X) appeared to be the largest odoriferous substance mixture suppliers to Colombia, with a combined 52% share of total imports. Switzerland, Uruguay, the Dominican Republic, Germany, Haiti and the UK lagged somewhat behind, together accounting for a further 38%.

Haiti, with a CAGR of +80.4%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average odoriferous substance mixture import price stood at $X per ton in 2022, falling by -3% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 an increase of 26% against the previous year. The import price peaked at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Dominican Republic ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+7.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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