Mexico: Odoriferous Substance Mixture Market 2024

Odoriferous Substance Mixture Market Size in Mexico

The Mexican odoriferous substance mixture market surged to $X in 2022, growing by 21% against the previous year. Overall, the total consumption indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +6.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level in 2022 and is likely to continue growth in years to come.

Odoriferous Substance Mixture Production in Mexico

In value terms, odoriferous substance mixture production amounted to $X in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the production volume increased by 8.1% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Odoriferous Substance Mixture Exports

Exports from Mexico

In 2022, the amount of mixtures of odoriferous substances and their preparations exported from Mexico surged to X tons, increasing by 15% compared with the previous year. Overall, exports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of 37% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, odoriferous substance mixture exports rose notably to $X in 2022. The total export value increased at an average annual rate of +3.2% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations in certain years. The pace of growth was the most pronounced in 2019 when exports increased by 14% against the previous year. The exports peaked in 2022 and are likely to see steady growth in years to come.

Exports by Country

Colombia (X tons), Guatemala (X tons) and the United States (X tons) were the main destinations of odoriferous substance mixture exports from Mexico, together accounting for 56% of total exports. Peru, Uruguay, Brazil, Ecuador, Costa Rica, Honduras, the Dominican Republic, El Salvador, Venezuela and Chile lagged somewhat behind, together comprising a further 39%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Uruguay (with a CAGR of +34.1%), while the other leaders experienced more modest paces of growth.

In value terms, Colombia ($X), Guatemala ($X) and the United States ($X) appeared to be the largest markets for odoriferous substance mixture exported from Mexico worldwide, together accounting for 53% of total exports. Peru, Uruguay, Brazil, Costa Rica, Ecuador, the Dominican Republic, Honduras, Venezuela, El Salvador and Chile lagged somewhat behind, together comprising a further 42%.

Uruguay, with a CAGR of +22.9%, recorded the highest growth rate of the value of exports, among 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 -4% against the previous year. Overall, the export price, however, enjoyed a moderate expansion. The pace of growth appeared the most rapid in 2016 when the average export price increased by 69%. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to the Dominican Republic ($X per ton) and Chile ($X per ton), while the average price for exports to Colombia ($X per ton) and El Salvador ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Chile (+7.9%), while the prices for the other major destinations experienced more modest paces of growth.

Odoriferous Substance Mixture Imports

Imports into Mexico

In 2022, the amount of mixtures of odoriferous substances and their preparations imported into Mexico skyrocketed to X tons, jumping by 47% against the previous year. In general, imports continue to indicate a resilient expansion. The growth pace was the most rapid in 2019 when imports increased by 69%. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, odoriferous substance mixture imports expanded significantly to $X in 2022. Overall, total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +8.5% 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 +125.8% against 2012 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 43%. Over the period under review, imports attained the maximum in 2022 and are likely to see steady growth in years to come.

Imports by Country

In 2022, Ireland (X tons) constituted the largest supplier of odoriferous substance mixture to Mexico, accounting for a 73% share of total imports. Moreover, odoriferous substance mixture imports from Ireland exceeded the figures recorded by the second-largest supplier, the United States (X tons), fivefold. The third position in this ranking was taken by Switzerland (X tons), with a 3.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Ireland totaled +15.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-2.8% per year) and Switzerland (+8.4% per year).

In value terms, Ireland ($X) constituted the largest supplier of mixtures of odoriferous substances and their preparations to Mexico, comprising 67% of total imports. The second position in the ranking was held by the United States ($X), with a 22% share of total imports. It was followed by Colombia, with a 2.5% share.

From 2012 to 2022, the average annual growth rate of value from Ireland totaled +12.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+3.9% per year) and Colombia (+74.8% per year).

Import Prices by Country

The average odoriferous substance mixture import price stood at $X per ton in 2022, falling by -23.4% against the previous year. In general, the import price, however, continues to indicate slight growth. The most prominent rate of growth was recorded in 2015 an increase of 100%. As a result, import price attained the peak level of $X per ton. From 2016 to 2022, the average import prices remained at a 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 United States ($X per ton), while the price for Switzerland ($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 United States (+6.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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