Bangladesh: Essential Oils Market 2024

Essential Oils Market Size in Bangladesh

The Bangladeshi essential oils market shrank to $X in 2022, with a decrease of -7.1% against the previous year. Overall, consumption, however, enjoyed a tangible increase. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Essential Oils Production in Bangladesh

In value terms, essential oils production declined to $X in 2022 estimated in export price. In general, production, however, recorded a temperate increase. The pace of growth appeared the most rapid in 2013 when the production volume increased by 41% against the previous year. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Essential Oils Exports

Exports from Bangladesh

In 2022, overseas shipments of essential oils decreased by -5.1% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports, however, saw a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of 165% against the previous year. The exports peaked at X tons in 2021, and then reduced in the following year.

In value terms, essential oils exports contracted to $X in 2022. In general, exports, however, enjoyed a significant expansion. The pace of growth appeared the most rapid in 2021 with an increase of 197% against the previous year. As a result, the exports reached the peak of $X, and then shrank in the following year.

Exports by Country

The United States (X tons) was the main destination for essential oils exports from Bangladesh, with a 80% share of total exports. Moreover, essential oils exports to the United States exceeded the volume sent to the second major destination, France (X tons), sixfold.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled +19.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+56.5% per year) and the UK (+26.5% per year).

In value terms, France ($X), the United States ($X) and the UK ($X) appeared to be the largest markets for essential oils exported from Bangladesh worldwide, together accounting for 63% of total exports.

France, with a CAGR of +56.3%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average essential oils export price amounted to $X per ton, dropping by -7.6% against the previous year. Overall, the export price, however, saw a buoyant expansion. The growth pace was the most rapid in 2019 an increase of 71% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to France (-0.1%), while the prices for the other major destinations experienced a decline.

Essential Oils Imports

Imports into Bangladesh

In 2022, imports of essential oils into Bangladesh contracted significantly to X tons, reducing by -20.8% against the previous year. In general, imports, however, enjoyed a pronounced expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 195% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports remained at a lower figure.

In value terms, essential oils imports declined to $X in 2022. Overall, imports, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 136%. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, India (X tons) constituted the largest essential oils supplier to Bangladesh, with a 56% share of total imports. Moreover, essential oils imports from India exceeded the figures recorded by the second-largest supplier, Singapore (X tons), fourfold. Brazil (X tons) ranked third in terms of total imports with a 6.7% share.

From 2012 to 2022, the average annual growth rate of volume from India amounted to +13.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+17.4% per year) and Brazil (-12.6% per year).

In value terms, India ($X) constituted the largest supplier of essential oils to Bangladesh, comprising 41% of total imports. The second position in the ranking was held by Singapore ($X), with an 18% share of total imports. It was followed by China, with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from India totaled +11.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+7.3% per year) and China (+10.5% per year).

Import Prices by Country

The average essential oils import price stood at $X per ton in 2022, rising by 11% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. The most prominent rate of growth was recorded in 2013 an increase of 56%. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+14.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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