Azerbaijan: Essential Oils Market 2024

Essential Oils Market Size in Azerbaijan

The Azerbaijani essential oils market dropped modestly to $X in 2022, standing approx. at the previous year. Over the period under review, the total consumption indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +11.3% against 2020 indices. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Essential Oils Production in Azerbaijan

In value terms, essential oils production reduced to $X in 2022 estimated in export price. In general, production, however, showed moderate growth. The most prominent rate of growth was recorded in 2015 when the production volume increased by 46%. Essential oils production peaked at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Essential Oils Exports

Exports from Azerbaijan

In 2022, exports of essential oils from Azerbaijan shrank significantly to X kg, declining by -90.6% compared with the previous year. Over the period under review, exports recorded a precipitous decrease. The growth pace was the most rapid in 2019 with an increase of 87,586% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, essential oils exports surged to $X in 2022. Overall, exports, however, continue to indicate a significant increase. The pace of growth appeared the most rapid in 2019 when exports increased by 50,272% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are likely to see gradual growth in years to come.

Exports by Country

Iraq (X kg), Poland (X kg) and Japan (X kg) were the main destinations of essential oils exports from Azerbaijan, with a combined 88% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Japan (with a CAGR of +250.0%), while the other leaders experienced more modest paces of growth.

In value terms, Poland ($X) emerged as the key foreign market for essential oils exports from Azerbaijan, comprising 72% of total exports. The second position in the ranking was held by France ($X), with a 27% share of total exports. It was followed by Germany, with a 0.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Poland was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: France (0.0% per year) and Germany (-18.2% per year).

Export Prices by Country

The average essential oils export price stood at $X per kg in 2022, picking up by 3,498% against the previous year. Overall, the export price posted a significant increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was France ($X per kg), while the average price for exports to Iraq ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Bulgaria (+28,120.5%), while the prices for the other major destinations experienced mixed trend patterns.

Essential Oils Imports

Imports into Azerbaijan

For the fifth year in a row, Azerbaijan recorded growth in purchases abroad of essential oils, which increased by 63% to X tons in 2022. Over the period under review, imports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2021 when imports increased by 78%. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in years to come.

In value terms, essential oils imports skyrocketed to $X in 2022. Overall, imports enjoyed significant growth. The most prominent rate of growth was recorded in 2016 when imports increased by 227%. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Russia (X tons) constituted the largest supplier of essential oils to Azerbaijan, with a 61% share of total imports. Moreover, essential oils imports from Russia exceeded the figures recorded by the second-largest supplier, India (X tons), fourfold. The third position in this ranking was held by Iran (X tons), with a 10% share.

From 2012 to 2022, the average annual growth rate of volume from Russia amounted to +69.4%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+108.2% per year) and Iran (+43.1% per year).

In value terms, Russia ($X) constituted the largest supplier of essential oils to Azerbaijan, comprising 73% of total imports. The second position in the ranking was taken by Switzerland ($X), with a 17% share of total imports. It was followed by Iran, with a 2.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Russia amounted to +111.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (+37.6% per year) and Iran (+57.8% per year).

Import Prices by Country

The average essential oils import price stood at $X per ton in 2022, rising by 3.8% against the previous year. Over the period under review, the import price continues to indicate resilient growth. The pace of growth was the most pronounced in 2016 an increase of 124% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Switzerland ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Switzerland (+35.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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