China: Essential Oils Market 2024

Essential Oils Market Size in China

The Chinese essential oils market contracted slightly to $X in 2022, waning by -4.2% against the previous year. Overall, the total consumption indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +4.5% 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 +2.2% against 2020 indices. Essential oils consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Essential Oils Production in China

In value terms, essential oils production fell slightly to $X in 2022 estimated in export price. Over the period under review, production, however, saw pronounced growth. The pace of growth was the most pronounced in 2014 with an increase of 91% against the previous year. Essential oils production peaked at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Essential Oils Exports

Exports from China

After two years of growth, overseas shipments of essential oils decreased by -7.7% to X tons in 2022. In general, exports, however, showed slight growth. The most prominent rate of growth was recorded in 2014 when exports increased by 94%. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, essential oils exports contracted to $X in 2022. Overall, exports, however, continue to indicate noticeable growth. The pace of growth appeared the most rapid in 2014 when exports increased by 98%. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Indonesia (X tons), the United States (X tons) and Germany (X tons) were the main destinations of essential oils exports from China, together accounting for 54% of total exports. France, the UK, the Netherlands, Singapore, Spain, Australia, India and Thailand lagged somewhat behind, together accounting for a further 30%.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +9.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for essential oils exported from China were the United States ($X), Indonesia ($X) and France ($X), with a combined 49% share of total exports. The UK, Germany, the Netherlands, Spain, Singapore, India, Australia and Thailand lagged somewhat behind, together accounting for a further 34%.

Thailand, with a CAGR of +11.1%, saw the highest growth rate of the value of exports, among 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

The average essential oils export price stood at $X per ton in 2022, standing approx. at the previous year. Over the period under review, export price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, essential oils export price increased by +7.8% against 2020 indices. The pace of growth was the most pronounced in 2018 an increase of 46% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the average export prices remained at a somewhat lower figure.

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 the UK ($X per ton), while the average price for exports to Indonesia ($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 Singapore (+4.7%), while the prices for the other major destinations experienced more modest paces of growth.

Essential Oils Imports

Imports into China

After four years of growth, overseas purchases of essential oils decreased by -18.4% to X tons in 2022. Over the period under review, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 50%. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, essential oils imports fell notably to $X in 2022. In general, total imports indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 when imports increased by 28% against the previous year. Imports peaked at $X in 2021, and then shrank sharply in the following year.

Imports by Country

India (X tons), Brazil (X tons) and the United States (X tons) were the main suppliers of essential oils imports to China, together accounting for 62% of total imports. Indonesia, the UK, Italy, Vietnam, Ireland, Argentina, France and Singapore lagged somewhat behind, together accounting for a further 27%.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +77.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of essential oils to China, comprising 36% of total imports. The second position in the ranking was taken by India ($X), with a 14% share of total imports. It was followed by Brazil, with a 7.4% share.

From 2012 to 2022, the average annual growth rate of value from the United States amounted to +9.4%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-6.0% per year) and Brazil (+9.3% per year).

Import Prices by Country

The average essential oils import price stood at $X per ton in 2022, remaining constant against the previous year. Over the period under review, import price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +2.5% 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 +10.3% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 23% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was France ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+11.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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