Spain: Odoriferous Substance Mixture Market 2024

Odoriferous Substance Mixture Market Size in Spain

In 2022, the Spanish odoriferous substance mixture market increased by 9% to $X, rising for the third consecutive year after two years of decline. Overall, the total consumption indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +2.6% 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 +80.0% against 2019 indices. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the immediate term.

Odoriferous Substance Mixture Production in Spain

In value terms, odoriferous substance mixture production reached $X in 2022 estimated in export price. Over the period under review, the total production indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +56.0% against 2015 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 18%. Over the period under review, production reached the maximum level in 2022 and is likely to see steady growth in years to come.

Odoriferous Substance Mixture Exports

Exports from Spain

In 2022, overseas shipments of mixtures of odoriferous substances and their preparations decreased by -7.5% to X tons, falling for the third consecutive year after two years of growth. Over the period under review, total exports indicated a pronounced increase from 2012 to 2022: its volume increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -20.8% against 2019 indices. The most prominent rate of growth was recorded in 2013 with an increase of 35%. Over the period under review, the exports reached the peak figure at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, odoriferous substance mixture exports reduced slightly to $X in 2022. The total export value increased at an average annual rate of +4.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when exports increased by 13%. The exports peaked at $X in 2021, and then shrank in the following year.

Exports by Country

France (X tons) was the main destination for odoriferous substance mixture exports from Spain, with a 24% share of total exports. Moreover, odoriferous substance mixture exports to France exceeded the volume sent to the second major destination, Poland (X tons), fourfold. Portugal (X tons) ranked third in terms of total exports with a 5.6% share.

From 2012 to 2022, the average annual growth rate of volume to France totaled +5.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+19.8% per year) and Portugal (+7.9% per year).

In value terms, France ($X) remains the key foreign market for mixtures of odoriferous substances and their preparations exports from Spain, comprising 22% of total exports. The second position in the ranking was held by Italy ($X), with an 8.2% share of total exports. It was followed by the United Arab Emirates, with a 4.9% share.

From 2012 to 2022, the average annual growth rate of value to France amounted to +4.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+3.1% per year) and the United Arab Emirates (+5.2% per year).

Export Prices by Country

In 2022, the average odoriferous substance mixture export price amounted to $X per ton, with an increase of 6.3% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 an increase of 19%. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to Algeria ($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 (+10.7%), while the prices for the other major destinations experienced more modest paces of growth.

Odoriferous Substance Mixture Imports

Imports into Spain

In 2022, supplies from abroad of mixtures of odoriferous substances and their preparations increased by 3.1% to X tons, rising for the fourth consecutive year after two years of decline. Overall, total imports indicated tangible growth from 2012 to 2022: its volume increased at an average annual rate of +2.6% 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 +30.0% against 2018 indices. The pace of growth appeared the most rapid in 2014 when imports increased by 31% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports remained at a lower figure.

In value terms, odoriferous substance mixture imports rose sharply to $X in 2022. The total import value increased at an average annual rate of +3.8% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of 22%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Germany (X tons), France (X tons) and the Netherlands (X tons) were the main suppliers of odoriferous substance mixture imports to Spain, with a combined 60% share of total imports. Ireland, Switzerland, Belgium, Hungary, the UK and Portugal lagged somewhat behind, together accounting for a further 31%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Hungary (with a CAGR of +156.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Ireland ($X) constituted the largest supplier of mixtures of odoriferous substances and their preparations to Spain, comprising 39% of total imports. The second position in the ranking was taken by France ($X), with a 19% share of total imports. It was followed by Germany, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Ireland amounted to +2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+6.5% per year) and Germany (+4.0% per year).

Import Prices by Country

In 2022, the average odoriferous substance mixture import price amounted to $X per ton, increasing by 2.5% against the previous year. In general, import price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, odoriferous substance mixture import price increased by +13.1% against 2020 indices. The most prominent rate of growth was recorded in 2015 when the average import price increased by 62% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2018; however, from 2019 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 Ireland ($X per ton), while the price for Belgium ($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 (+8.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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