Costa Rica: Essential Oils Market 2024

Essential Oils Market Size in Costa Rica

The Costa Rican essential oils market totaled $X in 2022, standing approx. at the previous year. Over the period under review, the total consumption indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +5.1% 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 +19.2% against 2018 indices. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market failed to regain momentum.

Essential Oils Production in Costa Rica

In value terms, essential oils production shrank to $X in 2022 estimated in export price. In general, production posted a pronounced increase. The pace of growth was the most pronounced in 2016 with an increase of 62%. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Essential Oils Exports

Exports from Costa Rica

In 2022, overseas shipments of essential oils increased by 35% to X tons, rising for the second year in a row after two years of decline. Overall, exports continue to indicate a buoyant increase. The growth pace was the most rapid in 2014 when exports increased by 57%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, essential oils exports soared to $X in 2022. In general, exports continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2016 with an increase of 62%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for essential oils exports from Costa Rica, with a 85% share of total exports. Moreover, essential oils exports to the United States exceeded the volume sent to the second major destination, the Netherlands (X tons), ninefold.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +11.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+18.7% per year) and Canada (+3.8% per year).

In value terms, the United States ($X) remains the key foreign market for essential oils exports from Costa Rica, comprising 75% of total exports. The second position in the ranking was held by the Netherlands ($X), with a 14% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +8.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+14.6% per year) and Canada (+15.1% per year).

Export Prices by Country

The average essential oils export price stood at $X per ton in 2022, shrinking by -3.3% against the previous year. Overall, the export price continues to indicate a noticeable decline. The pace of growth appeared the most rapid in 2017 an increase of 72%. As a result, the export price attained the peak level of $X per ton. From 2018 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to the United States ($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 Canada (+10.9%), while the prices for the other major destinations experienced a decline.

Essential Oils Imports

Imports into Costa Rica

In 2022, overseas purchases of essential oils decreased by -60.8% to X tons, falling for the third year in a row after two years of growth. Over the period under review, imports saw a pronounced downturn. The most prominent rate of growth was recorded in 2014 when imports increased by 72% against the previous year. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, essential oils imports declined remarkably to $X in 2022. In general, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when imports increased by 80%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of essential oils to Costa Rica, with a 69% share of total imports. Moreover, essential oils imports from the United States exceeded the figures recorded by the second-largest supplier, Argentina (X tons), eightfold. Mexico (X tons) ranked third in terms of total imports with a 5.4% share.

From 2012 to 2022, the average annual growth rate of volume from the United States totaled -2.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (+43.2% per year) and Mexico (+10.4% per year).

In value terms, the United States ($X) constituted the largest supplier of essential oils to Costa Rica, comprising 60% of total imports. The second position in the ranking was taken by Argentina ($X), with an 18% share of total imports. It was followed by Spain, with a 3.5% share.

From 2012 to 2022, the average annual growth rate of value from the United States amounted to -2.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (+42.1% per year) and Spain (-7.8% per year).

Import Prices by Country

In 2022, the average essential oils import price amounted to $X per ton, with an increase of 3.3% against the previous year. Overall, import price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +2.7% 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 +57.1% against 2016 indices. The pace of growth appeared the most rapid in 2021 when the average import price increased by 40% against the previous year. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Argentina ($X per ton), while the price for Guatemala ($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 UK (+8.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform