Vietnam: Odoriferous Substance Mixture Market 2024

Odoriferous Substance Mixture Market Size in Vietnam

In 2022, the Vietnamese odoriferous substance mixture market decreased by -4.4% to $X for the first time since 2016, thus ending a five-year rising trend. Overall, the total consumption indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +7.6% 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 +108.4% against 2012 indices. Over the period under review, the market reached the maximum level at $X in 2021, and then shrank slightly in the following year.

Odoriferous Substance Mixture Exports

Exports from Vietnam

After two years of growth, overseas shipments of mixtures of odoriferous substances and their preparations decreased by -31.9% to X tons in 2022. Overall, exports saw a perceptible downturn. The pace of growth appeared the most rapid in 2021 when exports increased by 79% against the previous year. As a result, the exports reached the peak of X tons, and then declined markedly in the following year.

In value terms, odoriferous substance mixture exports reduced dramatically to $X in 2022. Over the period under review, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when exports increased by 77% against the previous year. As a result, the exports reached the peak of $X, and then reduced sharply in the following year.

Exports by Country

Malaysia (X tons), South Korea (X tons) and China (X tons) were the main destinations of odoriferous substance mixture exports from Vietnam, with a combined 42% share of total exports. Zambia, Myanmar, Taiwan (Chinese), the Philippines, the United Arab Emirates, Singapore, Nigeria, the United States, Cambodia and Indonesia lagged somewhat behind, together accounting for a further 44%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Nigeria (with a CAGR of +44.6%), while the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), South Korea ($X) and China ($X) constituted the largest markets for odoriferous substance mixture exported from Vietnam worldwide, together accounting for 49% of total exports. Myanmar, the Philippines, Taiwan (Chinese), the United Arab Emirates, Cambodia, Nigeria, Singapore, Indonesia, the United States and Zambia lagged somewhat behind, together accounting for a further 39%.

Nigeria, with a CAGR of +50.8%, 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, with an increase of 15% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.9%. The most prominent rate of growth was recorded in 2013 an increase of 18% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to Zambia ($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 Myanmar (+7.7%), while the prices for the other major destinations experienced more modest paces of growth.

Odoriferous Substance Mixture Imports

Imports into Vietnam

In 2022, after ten years of growth, there was decline in supplies from abroad of mixtures of odoriferous substances and their preparations, when their volume decreased by -3.6% to X tons. Over the period under review, total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +5.4% 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 +69.2% against 2012 indices. The most prominent rate of growth was recorded in 2014 with an increase of 13%. Over the period under review, imports attained the maximum at X tons in 2021, and then shrank in the following year.

In value terms, odoriferous substance mixture imports declined modestly to $X in 2022. Overall, total imports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +7.6% 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 +108.5% against 2012 indices. The most prominent rate of growth was recorded in 2013 with an increase of 18% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then reduced slightly in the following year.

Imports by Country

In 2022, Singapore (X tons) constituted the largest odoriferous substance mixture supplier to Vietnam, with a 60% share of total imports. Moreover, odoriferous substance mixture imports from Singapore exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), sevenfold. The third position in this ranking was taken by the United States (X tons), with an 8.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Singapore stood at +5.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+6.1% per year) and the United States (+20.0% per year).

In value terms, Singapore ($X) constituted the largest supplier of mixtures of odoriferous substances and their preparations to Vietnam, comprising 67% of total imports. The second position in the ranking was taken by Indonesia ($X), with an 8.4% share of total imports. It was followed by the United States, with a 6.5% share.

From 2012 to 2022, the average annual growth rate of value from Singapore stood at +9.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+7.7% per year) and the United States (+10.6% per year).

Import Prices by Country

The average odoriferous substance mixture import price stood at $X per ton in 2022, leveling off at the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.1%. The pace of growth was the most pronounced in 2013 when the average import price increased by 9.7%. The import price peaked at $X per ton in 2021, and then declined modestly in the following year.

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 Singapore ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+3.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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