Australia and Oceania: Essential Oils Market 2024

Essential Oils Market Size in Australia and Oceania

The essential oils market in Australia and Oceania dropped slightly to $X in 2022, remaining relatively unchanged against the previous year. In general, consumption recorded a buoyant expansion. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Essential Oils Production in Australia and Oceania

In value terms, essential oils production amounted to $X in 2022 estimated in export price. In general, production recorded buoyant growth. The pace of growth was the most pronounced in 2013 when the production volume increased by 149% against the previous year. The level of production peaked at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Essential Oils Exports

Exports in Australia and Oceania

In 2022, approx. X tons of essential oils were exported in Australia and Oceania; with a decrease of -18.9% on 2021. Total exports indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of +2.3% 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 -31.7% against 2020 indices. The growth pace was the most rapid in 2020 when exports increased by 39% against the previous year. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, essential oils exports shrank significantly to $X in 2022. Total exports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 with an increase of 27%. The level of export peaked at $X in 2021, and then dropped notably in the following year.

Exports by Country

Australia dominates exports structure, reaching X tons, which was near 89% of total exports in 2022. It was distantly followed by Fiji (X tons), achieving a 7.4% share of total exports. New Zealand (X tons) held a little share of total exports.

Exports from Australia increased at an average annual rate of +1.5% from 2012 to 2022. At the same time, Fiji (+46.3%) displayed positive paces of growth. Moreover, Fiji emerged as the fastest-growing exporter exported in Australia and Oceania, with a CAGR of +46.3% from 2012-2022. New Zealand experienced a relatively flat trend pattern. While the share of Fiji (+7.2 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Australia (-7.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) remains the largest essential oils supplier in Australia and Oceania, comprising 92% of total exports. The second position in the ranking was taken by New Zealand ($X), with a 6.4% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Australia stood at +6.2%. The remaining exporting countries recorded the following average annual rates of exports growth: New Zealand (+3.2% per year) and Fiji (+30.7% per year).

Export Prices by Country

In 2022, the export price in Australia and Oceania amounted to $X per ton, dropping by -1.8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.7%. The most prominent rate of growth was recorded in 2021 an increase of 21% against the previous year. As a result, the export price attained the peak level of $X per ton, and then reduced in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was New Zealand ($X per ton), while Fiji ($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 mixed trends in the export price figures.

Essential Oils Imports

Imports in Australia and Oceania

In 2022, overseas purchases of essential oils decreased by -10.8% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when imports increased by 13% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, essential oils imports declined markedly to $X in 2022. Overall, imports, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2017 with an increase of 51% against the previous year. The level of import peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Australia was the key importing country with an import of around X tons, which accounted for 71% of total imports. It was distantly followed by New Zealand (X tons), mixing up a 23% share of total imports. Fiji (X tons) held a little share of total imports.

Imports into Australia decreased at an average annual rate of -1.5% from 2012 to 2022. At the same time, Fiji (+12.2%) and New Zealand (+10.4%) displayed positive paces of growth. Moreover, Fiji emerged as the fastest-growing importer imported in Australia and Oceania, with a CAGR of +12.2% from 2012-2022. While the share of New Zealand (+14 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Australia (-17.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) constitutes the largest market for imported essential oils in Australia and Oceania, comprising 81% of total imports. The second position in the ranking was held by New Zealand ($X), with a 15% share of total imports.

In Australia, essential oils imports expanded at an average annual rate of +5.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: New Zealand (+8.5% per year) and Fiji (+10.0% per year).

Import Prices by Country

In 2022, the import price in Australia and Oceania amounted to $X per ton, waning by -5.6% against the previous year. Over the period under review, the import price, however, posted a buoyant increase. The pace of growth appeared the most rapid in 2018 an increase of 54% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the import prices remained 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 Australia ($X per ton), while Fiji ($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 (+6.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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