Greece: Odoriferous Substance Mixture Market 2024

Odoriferous Substance Mixture Market Size in Greece

For the fifth consecutive year, the Greek odoriferous substance mixture market recorded growth in sales value, which increased by 1.7% to $X in 2022. Overall, consumption recorded a resilient expansion. Odoriferous substance mixture consumption peaked in 2022 and is likely to see steady growth in the immediate term.

Odoriferous Substance Mixture Production in Greece

In value terms, odoriferous substance mixture production surged to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a resilient expansion. The pace of growth was the most pronounced in 2018 when the production volume increased by 132% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Odoriferous Substance Mixture Exports

Exports from Greece

In 2022, odoriferous substance mixture exports from Greece reduced modestly to X tons, remaining stable against 2021 figures. Over the period under review, exports, however, continue to indicate a tangible increase. The most prominent rate of growth was recorded in 2020 with an increase of 46% against the previous year. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, odoriferous substance mixture exports fell to $X in 2022. In general, exports showed a noticeable decrease. The pace of growth appeared the most rapid in 2018 with an increase of 32% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Cyprus (X tons) was the main destination for odoriferous substance mixture exports from Greece, accounting for a 29% share of total exports. Moreover, odoriferous substance mixture exports to Cyprus exceeded the volume sent to the second major destination, Vietnam (X tons), twofold. The third position in this ranking was taken by Romania (X tons), with a 7.3% share.

From 2012 to 2022, the average annual growth rate of volume to Cyprus was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+68.5% per year) and Romania (+4.6% per year).

In value terms, Nigeria ($X), Cyprus ($X) and Romania ($X) were the largest markets for odoriferous substance mixture exported from Greece worldwide, together comprising 45% of total exports. Albania, Poland, Turkey, Bulgaria, Spain, Serbia, Vietnam, Thailand, Israel and Jordan lagged somewhat behind, together accounting for a further 35%.

Jordan, with a CAGR of +39.0%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination 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 -12.1% against the previous year. Over the period under review, the export price continues to indicate a deep setback. The pace of growth appeared the most rapid in 2013 an increase of 21% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while the average price for exports to Vietnam ($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 Serbia (+3.0%), while the prices for the other major destinations experienced mixed trend patterns.

Odoriferous Substance Mixture Imports

Imports into Greece

In 2022, supplies from abroad of mixtures of odoriferous substances and their preparations increased by 8.4% to X tons, rising for the fifth consecutive year after three years of decline. In general, imports continue to indicate prominent growth. The most prominent rate of growth was recorded in 2020 when imports increased by 68%. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in years to come.

In value terms, odoriferous substance mixture imports declined to $X in 2022. Over the period under review, total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.0% 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 +10.4% against 2020 indices. The pace of growth appeared the most rapid in 2018 with an increase of 22% against the previous year. Imports peaked at $X in 2021, and then dropped in the following year.

Imports by Country

France (X tons), Ireland (X tons) and Germany (X tons) were the main suppliers of odoriferous substance mixture imports to Greece, with a combined 79% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by France (with a CAGR of +23.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Ireland ($X) constituted the largest supplier of mixtures of odoriferous substances and their preparations to Greece, comprising 59% of total imports. The second position in the ranking was held by France ($X), with a 15% share of total imports. It was followed by Germany, with an 8.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Ireland stood at +4.1%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+10.0% per year) and Germany (+2.8% per year).

Import Prices by Country

The average odoriferous substance mixture import price stood at $X per ton in 2022, waning by -12.8% against the previous year. In general, the import price saw a pronounced decline. The growth pace was the most rapid in 2016 when the average import price increased by 25%. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

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 UK ($X per ton), while the price for France ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+10.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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