Essential Oils Market Size
In 2021, after two years of decline, there was significant growth in the global essential oils market, when its value increased by 5.1% to $X. The market value increased at an average annual rate of +4.1% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2016 to 2021, the growth of the global market remained at a somewhat lower figure.
Essential Oils Production In value terms, essential oils production expanded remarkably to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when the production volume increased by 37% against the previous year. As a result, production reached the peak level of $X. From 2016 to 2021, global production growth remained at a somewhat lower figure.
Essential Oils Exports
Exports In 2021, approx. X tons of essential oils were exported worldwide; picking up by 2.1% against the year before. The total export volume increased at an average annual rate of +3.9% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 with an increase of 19% against the previous year. The global exports peaked in 2021 and are likely to see gradual growth in the near future. In value terms, essential oils exports rose notably to $X in 2021. Overall, total exports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +6.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -4.2% against 2018 indices. The pace of growth was the most pronounced in 2017 with an increase of 17%. Over the period under review, the global exports reached the peak figure at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum. Exports by Country Brazil (X tons) and the United States (X tons) were the key exporters of essential oils in 2021, finishing at approx. 15% and 14% of total exports, respectively. It was followed by China (X tons), India (X tons), the Netherlands (X tons) and the United Arab Emirates (X tons), together comprising a 31% share of total exports.
The following exporters – Mexico (X tons), France (X tons), Germany (X tons), Spain (X tons), Indonesia (X tons), Italy (X tons) and the UK (X tons) – each resulted at a 21% share of total exports. From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by the Netherlands (with a CAGR of +46.2%), while the other global leaders experienced more modest paces of growth. In value terms, the United States ($X), France ($X) and India ($X) were the countries with the highest levels of exports in 2021, with a combined 34% share of global exports.
These countries were followed by China, the Netherlands, Brazil, Germany, Indonesia, Italy, the United Arab Emirates, the UK, Spain and Mexico, which together accounted for a further 41%. The Netherlands, with a CAGR of +38.8%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.
Export Prices by Country
In 2021, the average essential oils export price amounted to $X per ton, picking up by 2.9% against the previous year. Over the last nine years, it increased at an average annual rate of +2.0%. The pace of growth appeared the most rapid in 2017 when the average export price increased by 16%. As a result, the export price attained the peak level of $X per ton. From 2018 to 2021, the average export prices remained at a lower figure. Prices varied noticeably country of origin: the country with the highest price was France ($X per ton), while Brazil ($X per ton) was amongst the lowest. From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+5.4%), while the other global leaders experienced more modest paces of growth.
Essential Oils Imports
Imports In 2021, purchases abroad of essential oils increased by 2.6% to X tons, rising for the fourth consecutive year after two years of decline. The total import volume increased at an average annual rate of +3.0% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when imports increased by 10% against the previous year.
Global imports peaked in 2021 and are expected to retain growth in the immediate term. In value terms, essential oils imports expanded remarkably to $X in 2021. Over the period under review, total imports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +5.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -6.3% against 2018 indices.
The most prominent rate of growth was recorded in 2017 with an increase of 15% against the previous year. Global imports peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.
Imports by Country
In 2021, the United States (X tons), distantly followed by Germany (X tons), the Netherlands (X tons), the UK (X tons), China (X tons), Indonesia (X tons) and France (X tons) were the major importers of essential oils, together committing 58% of total imports. Japan (X tons), India (X tons), Ireland (X tons), Singapore (X tons), Malaysia (X tons) and Canada (X tons) held a little share of total imports. Imports into the United States increased at an average annual rate of +4.0% from 2012 to 2021. At the same time, the Netherlands (+27.3%), Malaysia (+26.2%), Indonesia (+7.9%), Canada (+7.1%), France (+4.4%), India (+4.1%), China (+2.2%), Germany (+2.2%) and Ireland (+1.1%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing importer imported in the world, with a CAGR of +27.3% from 2012-2021. The UK and Singapore experienced a relatively flat trend pattern. By contrast, Japan (-7.4%) illustrated a downward trend over the same period. The Netherlands (+6.2 p.p.), Malaysia (+2.5 p.p.), the United States (+1.8 p.p.) and Indonesia (+1.6 p.p.) significantly strengthened its position in terms of the global imports, while the UK and Japan saw its share reduced by -1.6% and -6.7% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period. In value terms, the United States ($X) constitutes the largest market for imported essential oils worldwide, comprising 21% of global imports. The second position in the ranking was held by France ($X), with an 8.6% share of global imports. It was followed by Germany, with a 7.5% share. From 2012 to 2021, the average annual growth rate of value in the United States stood at +6.4%. The remaining importing countries recorded the following average annual rates of imports growth: France (+5.5% per year) and Germany (+4.3% per year).
Import Prices by Country
In 2021, the average essential oils import price amounted to $X per ton, increasing by 6.4% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.3%. The growth pace was the most rapid in 2017 an increase of 19% against the previous year. Global import price peaked at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum. There were significant differences in the average prices amongst the major importing countries.
In 2021, the country with the highest price was Ireland ($X per ton), while Malaysia ($X per ton) was amongst the lowest. From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ireland (+8.3%), while the other global leaders experienced more modest paces of growth.
