Dominican Republic: Essential Oils Market 2024

Essential Oils Market Size in the Dominican Republic

In 2022, the Dominican essential oils market increased by less than 0.1% to $X, rising for the second consecutive year after five years of decline. Overall, consumption saw a pronounced shrinkage. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Essential Oils Production in the Dominican Republic

In value terms, essential oils production fell modestly to $X in 2022 estimated in export price. In general, production continues to indicate temperate growth. The most prominent rate of growth was recorded in 2015 when the production volume increased by 88%. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Essential Oils Exports

Exports from the Dominican Republic

In 2022, essential oils exports from the Dominican Republic declined significantly to X tons, falling by -24.8% on the year before. Over the period under review, exports, however, continue to indicate a buoyant increase. The growth pace was the most rapid in 2020 with an increase of 439%. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, essential oils exports totaled $X in 2022. In general, exports, however, recorded a prominent expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 129%. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for essential oils exports from the Dominican Republic, with a 68% share of total exports. Moreover, essential oils exports to the United States exceeded the volume sent to the second major destination, Turks and Caicos Islands (X tons), fourfold. Trinidad and Tobago (X tons) ranked third in terms of total exports with a 15% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to +4.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turks and Caicos Islands (+187.2% per year) and Trinidad and Tobago (0.0% per year).

In value terms, the United States ($X) remains the key foreign market for essential oils exports from the Dominican Republic, comprising 96% of total exports. The second position in the ranking was held by Trinidad and Tobago ($X), with a 2.4% share of total exports. It was followed by Turks and Caicos Islands, with a 0.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +11.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Trinidad and Tobago (0.0% per year) and Turks and Caicos Islands (+159.7% per year).

Export Prices by Country

In 2022, the average essential oils export price amounted to $X per ton, rising by 41% against the previous year. Over the period under review, the export price enjoyed a measured expansion. The pace of growth was the most pronounced in 2017 an increase of 220% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

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 United States ($X per ton), while the average price for exports to Turks and Caicos Islands ($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 Costa Rica (+22.1%), while the prices for the other major destinations experienced more modest paces of growth.

Essential Oils Imports

Imports into the Dominican Republic

After two years of growth, supplies from abroad of essential oils decreased by -37.3% to X tons in 2022. In general, imports, however, recorded a buoyant increase. The pace of growth appeared the most rapid in 2014 when imports increased by 65%. Over the period under review, imports attained the maximum at X tons in 2021, and then declined markedly in the following year.

In value terms, essential oils imports shrank sharply to $X in 2022. Overall, imports, however, showed a measured expansion. The most prominent rate of growth was recorded in 2014 with an increase of 124% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

The United States (X tons), Indonesia (X tons) and Spain (X tons) were the main suppliers of essential oils imports to the Dominican Republic, with a combined 83% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +41.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest essential oils suppliers to the Dominican Republic were the United States ($X), Indonesia ($X) and China ($X), with a combined 84% share of total imports.

In terms of the main suppliers, China, with a CAGR of +24.0%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average essential oils import price amounted to $X per ton, surging by 8.4% against the previous year. In general, the import price, however, continues to indicate a deep slump. The pace of growth appeared the most rapid in 2014 an increase of 36% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the average import prices remained at a somewhat lower figure.

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 ($X per ton), while the price for Belgium ($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 (-3.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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