Eastern Europe: Essential Oils Market 2024

Essential Oils Market Size in Eastern Europe

The East European essential oils market totaled $X in 2022, stabilizing at the previous year. Over the period under review, consumption, however, recorded a drastic downturn. Over the period under review, the market attained the maximum level at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Essential Oils Production in Eastern Europe

In value terms, essential oils production declined to $X in 2022 estimated in export price. The total production indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -6.4% against 2019 indices. The pace of growth was the most pronounced in 2017 with an increase of 39%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Essential Oils Exports

Exports in Eastern Europe

In 2022, shipments abroad of essential oils increased by 47% to X tons, rising for the third consecutive year after three years of decline. Overall, exports posted a strong increase. The growth pace was the most rapid in 2020 when exports increased by 54% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, essential oils exports shrank to $X in 2022. Over the period under review, exports saw strong growth. The most prominent rate of growth was recorded in 2017 with an increase of 30% against the previous year. The level of export peaked at $X in 2021, and then shrank in the following year.

Exports by Country

In 2022, Poland (X tons) was the major exporter of essential oils, committing 49% of total exports. Russia (X tons) took a 15% share (based on physical terms) of total exports, which put it in second place, followed by Bulgaria (15%) and Hungary (11%). The following exporters - Ukraine (X tons), Moldova (X tons) and the Czech Republic (X tons) - each resulted at a 6.1% share of total exports.

Poland was also the fastest-growing in terms of the essential oils exports, with a CAGR of +50.7% from 2012 to 2022. At the same time, the Czech Republic (+18.7%), Moldova (+12.0%), Russia (+10.1%), Bulgaria (+8.2%) and Hungary (+8.1%) displayed positive paces of growth. Ukraine experienced a relatively flat trend pattern. From 2012 to 2022, the share of Poland increased by +46 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Bulgaria ($X) remains the largest essential oils supplier in Eastern Europe, comprising 48% of total exports. The second position in the ranking was taken by Poland ($X), with a 19% share of total exports. It was followed by Russia, with a 13% share.

In Bulgaria, essential oils exports expanded at an average annual rate of +9.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Poland (+41.3% per year) and Russia (+10.8% per year).

Export Prices by Country

In 2022, the export price in Eastern Europe amounted to $X per ton, shrinking by -32.2% against the previous year. Over the period under review, the export price saw a perceptible curtailment. The most prominent rate of growth was recorded in 2017 when the export price increased by 41% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Bulgaria ($X per ton), while Poland ($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 Czech Republic (+4.1%), while the other leaders experienced more modest paces of growth.

Essential Oils Imports

Imports in Eastern Europe

In 2022, supplies from abroad of essential oils decreased by -26.8% to X tons, falling for the second consecutive year after two years of growth. Overall, imports, however, saw a notable increase. The pace of growth was the most pronounced in 2020 with an increase of 83% against the previous year. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, essential oils imports plummeted to $X in 2022. In general, imports, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 83%. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Russia (X tons), Poland (X tons) and Hungary (X tons) was the largest importer of essential oils in Eastern Europe, making up 61% of total import. The Czech Republic (X tons) ranks next in terms of the total imports with a 9.3% share, followed by Romania (7.1%) and Bulgaria (5.5%). Ukraine (X tons) and Lithuania (X tons) held a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Hungary (with a CAGR of +16.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest essential oils importing markets in Eastern Europe were Russia ($X), Poland ($X) and Hungary ($X), with a combined 60% share of total imports. The Czech Republic, Bulgaria, Romania, Ukraine and Lithuania lagged somewhat behind, together comprising a further 30%.

Among the main importing countries, Lithuania, with a CAGR of +14.8%, 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

The import price in Eastern Europe stood at $X per ton in 2022, with a decrease of -12.6% against the previous year. Over the last decade, it increased at an average annual rate of +3.0%. The pace of growth was the most pronounced in 2017 when the import price increased by 16% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Bulgaria ($X per ton), while Hungary ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+6.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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