Asia-Pacific: Essential Oils Market 2024

Essential Oils Market Size in Asia-Pacific

The Asia-Pacific essential oils market dropped to $X in 2022, which is down by -5% against the previous year. The total consumption indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +2.7% 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 -28.0% against 2018 indices. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Essential Oils Production in Asia-Pacific

In value terms, essential oils production dropped to $X in 2022 estimated in export price. The total production indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +3.7% 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 +4.5% against 2020 indices. The most prominent rate of growth was recorded in 2014 with an increase of 40%. Over the period under review, production attained the maximum level at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Essential Oils Exports

Exports in Asia-Pacific

In 2022, overseas shipments of essential oils decreased by -0.5% to X tons, falling for the third consecutive year after two years of growth. Total exports indicated perceptible 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, exports decreased by -17.1% against 2019 indices. The pace of growth appeared the most rapid in 2013 with an increase of 42%. The volume of export peaked at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, essential oils exports declined slightly to $X in 2022. Total exports indicated noticeable 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 +1.3% against 2020 indices. The growth pace was the most rapid in 2018 when exports increased by 24% against the previous year. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

India (X tons) and China (X tons) were the largest exporters of essential oils in 2022, recording approx. 38% and 34% of total exports, respectively. It was distantly followed by Indonesia (X tons), comprising a 17% share of total exports. The following exporters - Singapore (X tons) and Australia (X tons) - together made up 5.8% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading 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-Pacific were India ($X), China ($X) and Indonesia ($X), together comprising 85% of total exports.

Among the main exporting countries, Indonesia, with a CAGR of +12.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2022, declining by -1.9% against the previous year. In general, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the export price increased by 24%. Over the period under review, the export prices attained the peak figure 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 Australia ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+4.6%), while the other leaders experienced more modest paces of growth.

Essential Oils Imports

Imports in Asia-Pacific

In 2022, supplies from abroad of essential oils decreased by -16.3% to X tons, falling for the third year in a row after two years of growth. The total import volume increased at an average annual rate of +1.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2019 when imports increased by 23%. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, essential oils imports declined to $X in 2022. Total imports indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of +1.9% 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 pace of growth was the most pronounced in 2018 with an increase of 30%. Over the period under review, imports attained the maximum at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

The purchases of the five major importers of essential oils, namely China, Indonesia, India, Singapore and Japan, represented more than two-thirds of total import. It was distantly followed by Australia (X tons), constituting a 4.5% share of total imports. Malaysia (X tons), Thailand (X tons), South Korea (X tons), Hong Kong SAR (X tons), the Philippines (X tons) and Taiwan (Chinese) (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +10.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), India ($X) and Japan ($X) constituted the countries with the highest levels of imports in 2022, together comprising 54% of total imports. Singapore, Indonesia, Australia, South Korea, Hong Kong SAR, Malaysia, Thailand, Taiwan (Chinese) and the Philippines lagged somewhat behind, together accounting for a further 42%.

Among the main importing countries, Malaysia, with a CAGR of +10.8%, recorded the highest growth rate of 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

The import price in Asia-Pacific stood at $X per ton in 2022, increasing by 8.2% against the previous year. Overall, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the import price increased by 20% against the previous year. The level of import peaked 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 importing countries. In 2022, 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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