Hungary: Odoriferous Substance Mixture Market 2024

Odoriferous Substance Mixture Market Size in Hungary

In 2022, the Hungarian odoriferous substance mixture market decreased by -7.6% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, consumption, however, recorded resilient growth. Odoriferous substance mixture consumption peaked at $X in 2021, and then reduced in the following year.

Odoriferous Substance Mixture Production in Hungary

In value terms, odoriferous substance mixture production fell to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a buoyant increase. The growth pace was the most rapid in 2021 with an increase of 278% against the previous year. As a result, production reached the peak level of $X, and then shrank in the following year.

Odoriferous Substance Mixture Exports

Exports from Hungary

In 2022, exports of mixtures of odoriferous substances and their preparations from Hungary reached X tons, increasing by 4.3% against the year before. Over the period under review, exports recorded a significant expansion. The pace of growth appeared the most rapid in 2013 with an increase of 298% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, odoriferous substance mixture exports declined to $X in 2022. Overall, exports continue to indicate a significant expansion. The pace of growth was the most pronounced in 2013 when exports increased by 710%. Over the period under review, the exports reached the peak figure at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The UK (X tons), Poland (X tons) and Germany (X tons) were the main destinations of odoriferous substance mixture exports from Hungary, with a combined 37% share of total exports. Russia, Austria, Italy, the Netherlands, Turkey, France, Romania, Spain, Belgium and Ukraine lagged somewhat behind, together accounting for a further 37%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Turkey (with a CAGR of +142.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for odoriferous substance mixture exported from Hungary were Germany ($X), Russia ($X) and the Netherlands ($X), together accounting for 30% of total exports. Poland, Spain, Italy, the UK, France, Belgium, Turkey, Austria, Romania and Ukraine lagged somewhat behind, together comprising a further 37%.

In terms of the main countries of destination, Spain, with a CAGR of +162.7%, recorded 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

The average odoriferous substance mixture export price stood at $X per ton in 2022, declining by -9.1% against the previous year. In general, the export price, however, recorded buoyant growth. The most prominent rate of growth was recorded in 2016 an increase of 128% against the previous year. The export price peaked 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 Spain ($X per ton), while the average price for exports to the UK ($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 Germany (+16.3%), while the prices for the other major destinations experienced more modest paces of growth.

Odoriferous Substance Mixture Imports

Imports into Hungary

In 2022, supplies from abroad of mixtures of odoriferous substances and their preparations decreased by -12.7% to X tons, falling for the fourth consecutive year after three years of growth. In general, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 when imports increased by 26%. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, odoriferous substance mixture imports reduced to $X in 2022. Overall, total imports indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -28.1% against 2018 indices. The growth pace was the most rapid in 2014 when imports increased by 31%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Germany (X tons), France (X tons) and the Netherlands (X tons) were the main suppliers of odoriferous substance mixture imports to Hungary, together comprising 71% of total imports. Ireland, Slovenia, Austria, Spain, the United States and the UK lagged somewhat behind, together comprising a further 23%.

From 2012 to 2022, the biggest increases were recorded for Austria (with a CAGR of +8.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Ireland ($X) and France ($X) appeared to be the largest odoriferous substance mixture suppliers to Hungary, together accounting for 79% of total imports. The Netherlands, Austria, Slovenia, the United States, Spain and the UK lagged somewhat behind, together accounting for a further 17%.

Austria, with a CAGR of +8.0%, saw the highest rates of growth with regard to the value of imports, in terms of 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, approximately mirroring the previous year. Over the last decade, it increased at an average annual rate of +3.9%. The pace of growth was the most pronounced in 2013 an increase of 12%. Over the period under review, average import prices reached the peak figure in 2022 and is likely to see steady growth in years to come.

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 Ireland ($X per ton), while the price for Spain ($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 (+15.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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