Bolivia: Essential Oils Market 2024

Essential Oils Market Size in Bolivia

The Bolivian essential oils market surged to $X in 2022, with an increase of 47% against the previous year. In general, consumption showed a resilient increase. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Essential Oils Production in Bolivia

In value terms, essential oils production expanded significantly to $X in 2022 estimated in export price. In general, production enjoyed a buoyant expansion. The growth pace was the most rapid in 2015 with an increase of 83%. Essential oils production peaked at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Essential Oils Exports

Exports from Bolivia

In 2022, approx. X tons of essential oils were exported from Bolivia; which is down by -83.7% compared with the year before. Over the period under review, exports saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2020 with an increase of 259%. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, essential oils exports shrank dramatically to $X in 2022. Overall, exports continue to indicate a deep slump. The pace of growth appeared the most rapid in 2013 when exports increased by 167% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Spain (X tons) was the main destination for essential oils exports from Bolivia, with a 76% share of total exports. Moreover, essential oils exports to Spain exceeded the volume sent to the second major destination, France (X tons), threefold.

From 2012 to 2022, the average annual growth rate of volume to Spain was relatively modest.

In value terms, France ($X) emerged as the key foreign market for essential oils exports from Bolivia, comprising 67% of total exports. The second position in the ranking was held by Spain ($X), with a 33% share of total exports.

From 2012 to 2022, the average annual growth rate of value to France stood at +29.4%.

Export Prices by Country

The average essential oils export price stood at $X per ton in 2022, with an increase of 123% against the previous year. Overall, the export price continues to indicate tangible growth. Over the period under review, the average export prices reached the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

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 Spain totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ireland (+0.2%), while the prices for the other major destinations experienced a decline.

Essential Oils Imports

Imports into Bolivia

Essential oils imports into Bolivia dropped dramatically to X kg in 2022, which is down by -61.9% on the previous year. In general, imports recorded a deep reduction. The most prominent rate of growth was recorded in 2018 when imports increased by 67% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, essential oils imports declined rapidly to $X in 2022. Overall, imports recorded a abrupt decline. The most prominent rate of growth was recorded in 2015 with an increase of 73% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Brazil (X kg) constituted the largest essential oils supplier to Bolivia, accounting for a 67% share of total imports. Moreover, essential oils imports from Brazil exceeded the figures recorded by the second-largest supplier, India (X kg), sixfold. The third position in this ranking was taken by Germany (X kg), with a 5.2% share.

From 2012 to 2022, the average annual growth rate of volume from Brazil amounted to +30.0%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+19.0% per year) and Germany (-18.6% per year).

In value terms, Brazil ($X) constituted the largest supplier of essential oils to Bolivia, comprising 75% of total imports. The second position in the ranking was held by Germany ($X), with a 5.6% share of total imports. It was followed by Peru, with a 5.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Brazil totaled +20.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-13.8% per year) and Peru (+2.7% per year).

Import Prices by Country

In 2022, the average essential oils import price amounted to $X per ton, jumping by 24% against the previous year. Overall, import price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, essential oils import price increased by +45.6% against 2020 indices. The growth pace was the most rapid in 2017 an increase of 30% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+9.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform