Belgium: Essential Oils Market 2024

Essential Oils Market Size in Belgium

The Belgian essential oils market fell dramatically to $X in 2022, with a decrease of -23.7% against the previous year. Overall, consumption saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Essential Oils Production in Belgium

In value terms, essential oils production shrank markedly to $X in 2022 estimated in export price. In general, production saw a sharp reduction. The growth pace was the most rapid in 2013 with an increase of 1,036%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Essential Oils Exports

Exports from Belgium

In 2022, shipments abroad of essential oils decreased by -76.3% to X tons, falling for the second year in a row after four years of growth. Overall, exports showed a deep setback. The pace of growth was the most pronounced in 2018 when exports increased by 122%. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, essential oils exports shrank sharply to $X in 2022. Over the period under review, exports continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2013 with an increase of 53%. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

France (X tons) was the main destination for essential oils exports from Belgium, with a 39% share of total exports. Moreover, essential oils exports to France exceeded the volume sent to the second major destination, the United States (X tons), twofold. The third position in this ranking was held by Germany (X tons), with an 8.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to France stood at -18.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+20.1% per year) and Germany (-25.1% per year).

In value terms, the United States ($X), France ($X) and Germany ($X) constituted the largest markets for essential oils exported from Belgium worldwide, together accounting for 60% of total exports. The UK, the Netherlands, Switzerland, Italy, Indonesia and Spain lagged somewhat behind, together accounting for a further 26%.

In terms of the main countries of destination, Indonesia, with a CAGR of +26.7%, recorded 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 average essential oils export price stood at $X per ton in 2022, increasing by 38% against the previous year. Over the period under review, the export price saw a prominent increase. The growth pace was the most rapid in 2014 when the average export price increased by 89% against the previous year. The export price peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to France ($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 the Netherlands (+22.0%), while the prices for the other major destinations experienced more modest paces of growth.

Essential Oils Imports

Imports into Belgium

After two years of growth, supplies from abroad of essential oils decreased by -55.5% to X tons in 2022. Over the period under review, imports showed a abrupt contraction. The pace of growth appeared the most rapid in 2020 when imports increased by 115% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then shrank remarkably in the following year.

In value terms, essential oils imports fell sharply to $X in 2022. In general, imports continue to indicate a abrupt setback. The pace of growth was the most pronounced in 2020 when imports increased by 80% against the previous year. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

The Netherlands (X tons), France (X tons) and China (X tons) were the main suppliers of essential oils imports to Belgium, with a combined 56% share of total imports. Germany, India, the UK, Madagascar, the United States, Italy, South Africa, Kenya and Brazil lagged somewhat behind, together comprising a further 34%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Africa (with a CAGR of +61.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, France ($X) constituted the largest supplier of essential oils to Belgium, comprising 21% of total imports. The second position in the ranking was held by the United States ($X), with a 9.4% share of total imports. It was followed by Madagascar, with an 8.1% share.

From 2012 to 2022, the average annual growth rate of value from France amounted to -6.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-21.3% per year) and Madagascar (+6.5% per year).

Import Prices by Country

The average essential oils import price stood at $X per ton in 2022, increasing by 17% against the previous year. Overall, the import price, however, showed a slight contraction. The pace of growth appeared the most rapid in 2015 an increase of 28%. As a result, import price reached the peak level of $X per ton. From 2016 to 2022, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was South Africa ($X per ton), while the price for the Netherlands ($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 (+15.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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