Estonia: Essential Oils Market 2024

Essential Oils Market Size in Estonia

The Estonian essential oils market fell markedly to $X in 2022, with a decrease of -17.9% against the previous year. In general, consumption continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Essential Oils Production in Estonia

In value terms, essential oils production totaled $X in 2022 estimated in export price. Overall, production, however, enjoyed a remarkable increase. The growth pace was the most rapid in 2018 when the production volume increased by 24%. Essential oils production peaked in 2022 and is likely to see gradual growth in years to come.

Essential Oils Exports

Exports from Estonia

After two years of growth, shipments abroad of essential oils decreased by -59.2% to X tons in 2022. Over the period under review, exports, however, continue to indicate a prominent expansion. The pace of growth was the most pronounced in 2013 with an increase of 947% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, essential oils exports shrank remarkably to $X in 2022. In general, exports, however, posted a resilient increase. The pace of growth was the most pronounced in 2013 with an increase of 1,284%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Lithuania (X tons) was the main destination for essential oils exports from Estonia, with a 47% share of total exports. Moreover, essential oils exports to Lithuania exceeded the volume sent to the second major destination, Russia (X tons), threefold. The third position in this ranking was held by Finland (X tons), with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Lithuania amounted to +21.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+14.1% per year) and Finland (+39.7% per year).

In value terms, Lithuania ($X), Finland ($X) and Russia ($X) constituted the largest markets for essential oils exported from Estonia worldwide, with a combined 76% share of total exports.

Among the main countries of destination, Finland, with a CAGR of +47.3%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average essential oils export price stood at $X per ton in 2022, picking up by 61% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the average export price increased by 71%. The export price peaked 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 for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Finland ($X per ton), while the average price for exports to Poland ($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 Finland (+5.4%), while the prices for the other major destinations experienced more modest paces of growth.

Essential Oils Imports

Imports into Estonia

Essential oils imports into Estonia totaled X tons in 2022, picking up by 2% on the previous year. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when imports increased by 139% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, essential oils imports declined to $X in 2022. Overall, imports posted a strong expansion. The most prominent rate of growth was recorded in 2018 with an increase of 283%. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Finland (X tons), Russia (X tons) and China (X tons) were the main suppliers of essential oils imports to Estonia, with a combined 53% share of total imports. Germany, the Netherlands, Lithuania, Ukraine, Latvia and Denmark lagged somewhat behind, together accounting for a further 35%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +84.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Russia ($X) constituted the largest supplier of essential oils to Estonia, comprising 20% of total imports. The second position in the ranking was held by Lithuania ($X), with an 8.5% share of total imports. It was followed by Germany, with an 8.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Russia totaled +23.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (-4.0% per year) and Germany (+0.2% per year).

Import Prices by Country

In 2022, the average essential oils import price amounted to $X per ton, waning by -7.5% against the previous year. Over the period under review, the import price, however, posted a temperate increase. The pace of growth was the most pronounced in 2018 an increase of 275% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the average import prices remained at a 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 Denmark ($X per ton), while the price for Finland ($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 Arab Emirates (+364.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform