Asia: Essential Oils Market 2024

Essential Oils Market Size in Asia

The Asian essential oils market shrank to $X in 2022, waning by -6.9% against the previous year. The total consumption indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -26.6% against 2017 indices. Over the period under review, the market attained the maximum level at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Essential Oils Production in Asia

In value terms, essential oils production contracted to $X in 2022 estimated in export price. The total production indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +3.1% 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 +4.3% against 2020 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by 38% against the previous year. The level of production peaked at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Essential Oils Exports

Exports in Asia

In 2022, the amount of essential oils exported in Asia declined slightly to X tons, standing approx. at 2021. Total exports indicated a moderate expansion 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, exports decreased by -27.3% against 2018 indices. The pace of growth was the most pronounced in 2013 with an increase of 42%. The volume of export peaked at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, essential oils exports fell slightly to $X in 2022. Total exports indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +3.1% against 2020 indices. The pace of growth appeared the most rapid in 2018 with an increase of 33%. The level of export peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

India (X tons) and China (X tons) represented roughly 72% of total exports in 2022. It was distantly followed by Indonesia (X tons), committing a 17% share of total exports. Singapore (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Indonesia (with a CAGR of +10.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest essential oils supplying countries in Asia were India ($X), China ($X) and Indonesia ($X), with a combined 85% share of total exports.

Indonesia, with a CAGR of +12.9%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Asia stood at $X per ton in 2022, remaining relatively unchanged against the previous year. In general, the export price saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 19% against the previous year. The level of export peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+2.6%), while the other leaders experienced mixed trends in the export price figures.

Essential Oils Imports

Imports in Asia

In 2022, supplies from abroad of essential oils decreased by -18.1% to X tons, falling for the third year in a row after two years of growth. Overall, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of 28% against the previous year. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, essential oils imports dropped to $X in 2022. Total imports indicated slight growth from 2012 to 2022: its value increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -37.6% against 2019 indices. The growth pace was the most rapid in 2018 when imports increased by 27% against the previous year. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

The countries with the highest levels of essential oils imports in 2022 were China (X tons), Indonesia (X tons), India (X tons), Singapore (X tons) and Japan (X tons), together amounting to 73% of total import. Malaysia (X tons), Thailand (X tons), Turkey (X tons), South Korea (X tons), Hong Kong SAR (X tons), the Philippines (X tons) and Taiwan (Chinese) (X tons) held a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Malaysia (with a CAGR of +10.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), India ($X) and Japan ($X) were the countries with the highest levels of imports in 2022, with a combined 53% share of total imports. Singapore, Indonesia, South Korea, Turkey, Hong Kong SAR, Malaysia, Thailand, Taiwan (Chinese) and the Philippines lagged somewhat behind, together accounting for a further 40%.

In terms of the main importing countries, Malaysia, with a CAGR of +10.8%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, growing by 8.2% against the previous year. In general, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the import price increased by 18%. Over the period under review, 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.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+7.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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