EU: Essential Oils Market 2024

Essential Oils Market Size in the EU

The EU essential oils market contracted to $X in 2022, dropping by -9.3% against the previous year. The market value increased at an average annual rate of +3.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X, and then contracted in the following year.

Essential Oils Production in the EU

In value terms, essential oils production skyrocketed to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +4.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 with an increase of 27% against the previous year. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Essential Oils Exports

Exports in the EU

After two years of growth, shipments abroad of essential oils decreased by -19.7% to X tons in 2022. Total exports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when exports increased by 36% against the previous year. The volume of export peaked at X tons in 2021, and then reduced rapidly in the following year.

In value terms, essential oils exports shrank markedly to $X in 2022. Total exports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +6.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 with an increase of 21% against the previous year. The level of export peaked at $X in 2021, and then contracted dramatically in the following year.

Exports by Country

Germany (X tons), Italy (X tons), France (X tons), Spain (X tons) and the Netherlands (X tons) represented roughly 85% of total exports in 2022. It was distantly followed by Poland (X tons), committing a 5.4% share of total exports. Ireland (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +50.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, France ($X), Germany ($X) and Italy ($X) were the countries with the highest levels of exports in 2022, with a combined 61% share of total exports. The Netherlands, Spain, Ireland and Poland lagged somewhat behind, together comprising a further 25%.

Poland, with a CAGR of +41.3%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in the European Union amounted to $X per ton, growing by 1.8% against the previous year. Over the last decade, it increased at an average annual rate of +1.6%. The most prominent rate of growth was recorded in 2014 an increase of 14%. Over the period under review, the export prices attained the peak figure at $X per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

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 France ($X per ton), while Poland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ireland (+11.0%), while the other leaders experienced more modest paces of growth.

Essential Oils Imports

Imports in the EU

After eight years of growth, overseas purchases of essential oils decreased by -11.5% to X tons in 2022. The total import volume increased at an average annual rate of +3.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 with an increase of 24% against the previous year. The volume of import peaked at X tons in 2021, and then contracted in the following year.

In value terms, essential oils imports fell to $X in 2022. Total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +70.7% against 2012 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 16% against the previous year. Over the period under review, imports attained the peak figure at $X in 2021, and then declined in the following year.

Imports by Country

Germany was the main importing country with an import of around X tons, which resulted at 38% of total imports. France (X tons) took a 16% share (based on physical terms) of total imports, which put it in second place, followed by Ireland (11%), the Netherlands (9.9%), Spain (8.9%) and Italy (8.4%). Austria (X tons) took a relatively small share of total imports.

Imports into Germany increased at an average annual rate of +2.1% from 2012 to 2022. At the same time, the Netherlands (+11.8%), Italy (+9.7%), France (+3.4%), Austria (+2.1%) and Spain (+1.4%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing importer imported in the European Union, with a CAGR of +11.8% from 2012-2022. Ireland experienced a relatively flat trend pattern. From 2012 to 2022, the share of the Netherlands and Italy increased by +5.5 and +3.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, France ($X), Germany ($X) and Ireland ($X) constituted the countries with the highest levels of imports in 2022, with a combined 68% share of total imports. The Netherlands, Spain, Italy and Austria lagged somewhat behind, together comprising a further 26%.

In terms of the main importing countries, the Netherlands, with a CAGR of +11.3%, recorded the highest rates of growth with regard to 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 the European Union stood at $X per ton in 2022, remaining constant against the previous year. Over the last decade, it increased at an average annual rate of +2.3%. The most prominent rate of growth was recorded in 2017 an increase of 16% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was France ($X per ton), while Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ireland (+5.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :