Greece: Essential Oils Market 2024

Essential Oils Market Size in Greece

In 2022, the Greek essential oils market was finally on the rise to reach $X after five years of decline. Overall, the total consumption indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Essential oils consumption peaked at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Essential Oils Production in Greece

In value terms, essential oils production rose to $X in 2022 estimated in export price. In general, production showed prominent growth. The pace of growth was the most pronounced in 2018 when the production volume increased by 101% against the previous year. Essential oils production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Essential Oils Exports

Exports from Greece

In 2022, overseas shipments of essential oils decreased by -61.1% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports showed a abrupt decline. The most prominent rate of growth was recorded in 2020 when exports increased by 130% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, essential oils exports shrank rapidly to $X in 2022. In general, exports, however, recorded resilient growth. The most prominent rate of growth was recorded in 2020 when exports increased by 121%. Over the period under review, the exports hit record highs at $X in 2021, and then fell sharply in the following year.

Exports by Country

Canada (X tons), Germany (X tons) and the Netherlands (X tons) were the main destinations of essential oils exports from Greece, together accounting for 61% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Netherlands (with a CAGR of +112.7%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Bulgaria ($X) and Germany ($X) constituted the largest markets for essential oils exported from Greece worldwide, with a combined 57% share of total exports. Canada, the Netherlands, Cyprus, Turkey and the Czech Republic lagged somewhat behind, together comprising a further 28%.

The Netherlands, with a CAGR of +117.2%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average essential oils export price amounted to $X per ton, jumping by 23% against the previous year. In general, the export price recorded a significant expansion. The most prominent rate of growth was recorded in 2016 an increase of 152% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is likely to see gradual growth in years to come.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Bulgaria ($X per ton), while the average price for exports to Turkey ($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 Czech Republic (+36.1%), while the prices for the other major destinations experienced more modest paces of growth.

Essential Oils Imports

Imports into Greece

After two years of growth, purchases abroad of essential oils decreased by -5.6% to X tons in 2022. Over the period under review, imports continue to indicate a slight descent. The growth pace was the most rapid in 2014 when imports increased by 35% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, essential oils imports declined to $X in 2022. In general, total imports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -1.2% against 2018 indices. The most prominent rate of growth was recorded in 2016 with an increase of 35%. Over the period under review, imports attained the maximum at $X in 2021, and then dropped in the following year.

Imports by Country

Italy (X tons), France (X tons) and Spain (X tons) were the main suppliers of essential oils imports to Greece, together accounting for 72% of total imports. Germany, the Netherlands, the UK and the United States lagged somewhat behind, together comprising a further 22%.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +29.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, France ($X) constituted the largest supplier of essential oils to Greece, comprising 41% of total imports. The second position in the ranking was taken by Spain ($X), with a 12% share of total imports. It was followed by Italy, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value from France amounted to +21.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (-1.0% per year) and Italy (-0.5% per year).

Import Prices by Country

The average essential oils import price stood at $X per ton in 2022, falling by -2.3% against the previous year. In general, import price indicated prominent growth from 2012 to 2022: its price increased at an average annual rate of +6.1% 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 decreased by -3.3% against 2020 indices. The pace of growth appeared the most rapid in 2017 when the average import price increased by 33% against the previous year. The import price peaked at $X per ton in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+14.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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