Eastern Asia: Essential Oils Market 2024

Essential Oils Market Size in Eastern Asia

The East Asian essential oils market reduced slightly to $X in 2022, declining by -2.9% against the previous year. The market value increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2016 to 2022, the growth of the market failed to regain momentum.

Essential Oils Production in Eastern Asia

In value terms, essential oils production fell modestly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a pronounced increase. The growth pace was the most rapid in 2014 with an increase of 94%. Over the period under review, production hit record highs at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Essential Oils Exports

Exports in Eastern Asia

In 2022, after two years of growth, there was significant decline in shipments abroad of essential oils, when their volume decreased by -8.1% to X tons. Overall, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 when exports increased by 87% against the previous year. The volume of export peaked at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, essential oils exports shrank to $X in 2022. Over the period under review, exports, however, posted tangible growth. The pace of growth appeared the most rapid in 2014 when exports increased by 92% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, China (X tons) represented the major exporter of essential oils in Eastern Asia, committing 97% of total export.

China was also the fastest-growing in terms of the essential oils exports, with a CAGR of +1.5% from 2012 to 2022. While the share of China (+6.3 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) also remains the largest essential oils supplier in Eastern Asia.

In China, essential oils exports expanded at an average annual rate of +3.3% over the period from 2012-2022.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, therefore, remained relatively stable against the previous year. Export price indicated a mild increase 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 +8.4% against 2020 indices. The pace of growth was the most pronounced in 2018 when the export price increased by 42%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for China amounted to +1.8% per year.

Essential Oils Imports

Imports in Eastern Asia

In 2022, overseas purchases of essential oils decreased by -16.7% to X tons, falling for the second consecutive year after three years of growth. Overall, imports continue to indicate a mild slump. The growth pace was the most rapid in 2020 with an increase of 32%. The volume of import peaked at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, essential oils imports fell to $X in 2022. Over the period under review, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when imports increased by 19%. The level of import peaked at $X in 2021, and then reduced in the following year.

Imports by Country

China was the major importing country with an import of around X tons, which accounted for 56% of total imports. It was distantly followed by Japan (X tons), South Korea (X tons), Hong Kong SAR (X tons) and Taiwan (Chinese) (X tons), together generating a 44% share of total imports.

China experienced a relatively flat trend pattern with regard to volume of imports of essential oils. At the same time, South Korea (+7.3%) and Taiwan (Chinese) (+1.8%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +7.3% from 2012-2022. By contrast, Japan (-4.1%) and Hong Kong SAR (-6.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China and South Korea increased by +7.5 and +3.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest essential oils importing markets in Eastern Asia were China ($X), Japan ($X) and South Korea ($X), together accounting for 88% of total imports.

Among the main importing countries, South Korea, with a CAGR of +10.3%, recorded 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 import price in Eastern Asia amounted to $X per ton, increasing by 11% against the previous year. Import price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of +2.0% 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 +40.5% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 26%. The level of import peaked at $X per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Japan ($X per ton) and South Korea ($X per ton), while China ($X per ton) and Taiwan (Chinese) ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+7.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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