Cote d'Ivoire: Essential Oils Market 2024

Essential Oils Market Size in Cote d'Ivoire

The Cote d'Ivoire's essential oils market fell dramatically to $X in 2022, waning by -40.5% against the previous year. Over the period under review, consumption showed a pronounced downturn. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Essential Oils Production in Cote d'Ivoire

In value terms, essential oils production reduced to $X in 2022 estimated in export price. Overall, production continues to indicate a abrupt shrinkage. The growth pace was the most rapid in 2016 with an increase of 21%. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a somewhat lower figure.

Essential Oils Exports

Exports from Cote d'Ivoire

In 2022, the amount of essential oils exported from Cote d'Ivoire contracted significantly to X tons, which is down by -40.3% against the previous year. Over the period under review, exports, however, enjoyed resilient growth. The growth pace was the most rapid in 2015 with an increase of 136%. Over the period under review, the exports reached the maximum at X tons in 2021, and then reduced sharply in the following year.

In value terms, essential oils exports shrank significantly to $X in 2022. In general, exports, however, posted a slight expansion. The most prominent rate of growth was recorded in 2021 with an increase of 157%. As a result, the exports reached the peak of $X, and then reduced rapidly in the following year.

Exports by Country

Burkina Faso (X tons) was the main destination for essential oils exports from Cote d'Ivoire, accounting for a 51% share of total exports. Moreover, essential oils exports to Burkina Faso exceeded the volume sent to the second major destination, France (X tons), threefold. Angola (X tons) ranked third in terms of total exports with a 6.1% share.

From 2012 to 2022, the average annual growth rate of volume to Burkina Faso totaled +93.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+0.9% per year) and Angola (+28.7% per year).

In value terms, France ($X) remains the key foreign market for essential oils exports from Cote d'Ivoire, comprising 51% of total exports. The second position in the ranking was held by the United States ($X), with a 16% share of total exports. It was followed by Burkina Faso, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to France amounted to -2.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+15.2% per year) and Burkina Faso (+68.8% per year).

Export Prices by Country

In 2022, the average essential oils export price amounted to $X per ton, declining by -19% against the previous year. Overall, the export price faced a abrupt decrease. The growth pace was the most rapid in 2017 an increase of 66% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Togo ($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 South Africa (+36.0%), while the prices for the other major destinations experienced a decline.

Essential Oils Imports

Imports into Cote d'Ivoire

In 2022, supplies from abroad of essential oils decreased by -87.9% to X tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, imports, however, continue to indicate resilient growth. The most prominent rate of growth was recorded in 2021 when imports increased by 590% against the previous year. As a result, imports attained the peak of X tons, and then fell sharply in the following year.

In value terms, essential oils imports shrank to $X in 2022. In general, imports, however, showed buoyant growth. The most prominent rate of growth was recorded in 2017 with an increase of 155% against the previous year. Imports peaked at $X in 2021, and then declined in the following year.

Imports by Country

Italy (X tons), France (X tons) and China (X tons) were the main suppliers of essential oils imports to Cote d'Ivoire, together accounting for 80% of total imports. The United Arab Emirates, Germany, the UK, the Netherlands, India, Tunisia and Ghana lagged somewhat behind, together comprising a further 14%.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +37.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, France ($X) constituted the largest supplier of essential oils to Cote d'Ivoire, comprising 47% of total imports. The second position in the ranking was held by Italy ($X), with a 14% share of total imports. It was followed by China, with a 9.2% share.

From 2012 to 2022, the average annual growth rate of value from France stood at +24.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+7.6% per year) and China (-2.3% per year).

Import Prices by Country

The average essential oils import price stood at $X per ton in 2022, surging by 630% against the previous year. In general, the import price showed prominent growth. Over the period under review, average import prices attained the maximum at $X per ton in 2017; however, from 2018 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 Germany ($X per ton), while the price for Ghana ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+18.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform