Finland: Essential Oils Market 2024

Essential Oils Market Size in Finland

The Finnish essential oils market declined dramatically to $X in 2022, shrinking by -19.6% against the previous year. In general, consumption, however, saw tangible growth. Essential oils consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Essential Oils Production in Finland

In value terms, essential oils production dropped sharply to $X in 2022 estimated in export price. Overall, production, however, posted a strong expansion. The growth pace was the most rapid in 2019 with an increase of 107%. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Essential Oils Exports

Exports from Finland

In 2022, the amount of essential oils exported from Finland surged to X tons, with an increase of 27% against the year before. Overall, exports enjoyed a buoyant increase. The pace of growth was the most pronounced in 2013 with an increase of 59% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the near future.

In value terms, essential oils exports skyrocketed to $X in 2022. In general, exports recorded buoyant growth. The growth pace was the most rapid in 2018 with an increase of 65% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in years to come.

Exports by Country

The Netherlands (X tons), Germany (X tons) and the United States (X tons) were the main destinations of essential oils exports from Finland, with a combined 57% share of total exports. Australia, Canada, Switzerland, Hungary and Austria lagged somewhat behind, together comprising a further 28%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Australia (with a CAGR of +171.0%), while the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) remains the key foreign market for essential oils exports from Finland, comprising 24% of total exports. The second position in the ranking was taken by the United States ($X), with a 12% share of total exports. It was followed by the Netherlands, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to Germany totaled +15.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+239.9% per year) and the Netherlands (+0.7% per year).

Export Prices by Country

The average essential oils export price stood at $X per ton in 2022, waning by -2.5% against the previous year. Overall, export price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of +1.3% 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 +2.6% against 2020 indices. The pace of growth appeared the most rapid in 2015 an increase of 79%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to the Netherlands ($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 the United States (+44.8%), while the prices for the other major destinations experienced more modest paces of growth.

Essential Oils Imports

Imports into Finland

In 2022, approx. X tons of essential oils were imported into Finland; reducing by -9.5% against the year before. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 32%. 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 declined to $X in 2022. In general, total imports indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +4.5% 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 +95.2% against 2015 indices. The most prominent rate of growth was recorded in 2021 with an increase of 45%. As a result, imports attained the peak of $X, and then fell in the following year.

Imports by Country

In 2022, Germany (X tons) constituted the largest supplier of essential oils to Finland, accounting for a 49% share of total imports. Moreover, essential oils imports from Germany exceeded the figures recorded by the second-largest supplier, China (X tons), fourfold. The UK (X tons) ranked third in terms of total imports with a 6.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany totaled +3.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-5.0% per year) and the UK (+0.5% per year).

In value terms, Germany ($X) constituted the largest supplier of essential oils to Finland, comprising 27% of total imports. The second position in the ranking was taken by the UK ($X), with a 12% share of total imports. It was followed by China, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany stood at +8.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+7.0% per year) and China (+1.9% per year).

Import Prices by Country

In 2022, the average essential oils import price amounted to $X per ton, dropping by -3.7% against the previous year. Over the period under review, import price indicated buoyant growth from 2012 to 2022: its price 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, essential oils import price increased by +85.6% against 2016 indices. The growth pace was the most rapid in 2021 an increase of 55%. As a result, import price attained the peak level of $X per ton, and then dropped in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Brazil ($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 Netherlands (+18.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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