In the past few years, the olfactory technology product is expected to grow at a CAGR of 38.05% from 74.02 million USD in 2017 to reach 97.67 million USD by 2025 in global market. The olfactory technology product market is a promising market; the revenue of top ten manufacturers accounts about 38.78% of the total revenue in 2017. The high-end products mainly come from USA and Europe.
The product average price declined in the past few years due to the technology development, the average price will keep the trend in the few future years due to increasing mature manufacturing technology and lowing cost of raw materials.
With emerging economies growing faster, a strategy has been adopted by most leading vendors in the olfactory technology product market to approach these areas. QYR analysis of the olfactory technology product market indicated that Europe and North America would account for the highest sales in 2025 with close to 76 percent of global sales coming from this region, but Asia has the highest growth rate. Vendors recognize the importance of this region, particularly in China and Japan, and are working towards penetrating this market by strengthening their sales and distribution networks.
Olfactory technology product has a wide potential application, there are many enterprises can obtain considerable profit form the manufacturing and marketing of olfactory technology product and that is the reason that we believe there will also be enterprises enter this market. But it is suggested that enterprises those have plans to enter this industry have careful analysis of this market and the advantages or disadvantages of themselves.
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